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- Experts: Policies affecting insurance to stay on track
Property/casualty insurers can expect the federal government to continue implementing the Dodd-Frank Act and other policies that affect the industry now that President Barack Obama has won another term, industry experts say. Supporters of the federal terrorism insurance backstop also may face challenges in seeking an extension of the program, which will lapse on Dec. 31, 2014. "A lot of work has to be done as soon as the next Congress reconvenes for what, in all likelihood, will be a very challenging uphill battle for reauthorization," PCI chief David Sampson said. PropertyCasualty360
(11/7), Business Insurance (tiered subscription model)
(11/7)      
| Industry News | | |
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- Report: Personal-lines carriers step up investments in technology
Personal-lines insurers are increasing their investments in business intelligence and portal functionality as well as replacing policy-administration and claims systems amid pressure to improve profitability, according to a Novarica report. "As the market continues to be soft, we are seeing personal-lines carriers looking to invest in initiatives that promote growth strategies, expense reduction and improvements in underwriting results," Novarica's Karlyn Carnahan said. PropertyCasualty360
(11/7)
- Analysis: Exposure from Sandy is mostly even among top carriers
Business-interruption claims may contribute significantly to insured losses from Hurricane Sandy and its remnants, according to this article. Commercial exposure from the storm, however, seems to be distributed among top multi-peril insurance carriers without one company having a disproportionate share, according to a PropertyCasualty360 analysis of SNL Financial data. PropertyCasualty360
(11/7)
| Catastrophic Risk | | |
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- P/C carriers to continue Sandy response efforts despite nor'easter
A nor'easter that's expected to hit New Jersey and nearby states is not expected to hinder efforts to respond to claims from Hurricane Sandy and its remnants, according to property/casualty insurers. "The new storm will not affect our current operation. Our adjusters will remain in the field as long as it is safe to do so," said Arlene Lester of State Farm. PropertyCasualty360
(11/7)
- Opinion: U.S. is "long overdue" for a national catastrophe fund
The impact of Hurricane Sandy and its remnants shows that the U.S. needs to create a catastrophe fund to handle losses from major disasters, writes Jeff Grady, CEO of the Florida Association of Insurance Agents. Such a backstop for private carriers would promote a more stable and competitive market and reduce insurers' insolvency risk, Grady writes. "A national cat fund is long overdue, and Congress should act now to put it into place," he writes. Sun-Sentinel (Fort Lauderdale, Fla.)
(11/7)
- $5M Iowa levee repair project is completed
Officials of Des Moines, Iowa, and the Army Corps of Engineers recently celebrated the completion of a $5 million levee project to provide flood protection to more than 100 businesses. "This new levee is over a mile long and significantly reduces flood risk for this area," said Gay Meden of the Army Corps of Engineers. WHO-TV (Des Moines, Iowa)
(11/7)
| Policy and Law | | |
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- Insurance commissioners in 5 states succeed in re-election bids
Karen Weldin Stewart, Delaware's insurance commissioner, and Monica Lindeen, Montana's commissioner of securities and insurance, were victorious in their re-election bids. Insurance commissioners Wayne Goodwin of North Carolina, Adam Hamm of North Dakota and Mike Kreidler of Washington also succeeded in winning additional terms in office. PropertyCasualty360
(11/7)
- Ballot initiative on auto insurance fails in Calif.
California's Proposition 33, an auto insurance ballot initiative, was rejected by voters. The proposition, supported by Mercury Insurance Chairman George Joseph, received 45.4% of the vote. Proponents said the measure would enhance competition and help consumers, while opponents said it would endanger consumer protections. Insurance Journal
(11/7)
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- East Coast residents brace for a nor'easter
As the approaching nor'easter draws near, PCI is encouraging residents affected by Sandy to first ensure their safety and if possible document any damage that has already occurred.
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