Most Clicked PCI SmartBrief Stories
1. Bill could have unexpected negative impact on insurance
PCI SmartBrief | Nov 16, 2009
While lauding the inclusion of surplus lines reform measures in the financial-services legislation, property/casualty insurers are concerned about other provisions in the bill that could have unintended consequences for the industry. But lawmakers will be able to figure these effects as they debate on the draft legislation, PCI Senior Vice President Ben McKay said. Business Insurance (11/16)
2. Bill seeks to stop policy cancellations due to Chinese drywall
PCI SmartBrief | Nov 19, 2009
Rep. Charlie Melancon, D-La., introduced legislation that aims to prevent the cancellation and nonrenewal of homeowners' coverage for properties containing Chinese drywall, which is being linked to structural damage and health-related problems. Although the bill means well, it "creates questions about the costs to the affected states and most importantly to consumers," PCI Assistant Vice President Greg LaCost said. Business Insurance (11/18) National Underwriter (free registration) (11/18)
3. Tougher tests lead to fewer IIHS safety picks among 2010 model cars
PCI SmartBrief | Nov 18, 2009
The Insurance Institute for Highway Safety has upgraded its car-safety tests and included a new roof-strength requirement for the 2010 model year, resulting in fewer vehicles receiving passing scores. Only 19 cars and eight sport utility vehicles got top safety ratings compared with 94 vehicles in the 2009 model year. Wall Street Journal, The (11/18)
4. Groups hit NAIC's inaction on credit-based insurance scoring
PCI SmartBrief | Nov 17, 2009
The Consumer Federation of America and other advocacy groups rebuked the National Association of Insurance Commissioners for failing to act promptly on credit-based insurance scoring, which adversely affects recession-hit consumers. But PCI's Jeffrey Brewer said the recession makes consumers handle their finances wisely. "Because they are making greater strides to pay off their debts, the major consumer reporting agencies ... have determined that the average credit scores have actually remained steady or improved in certain states," he said. National Underwriter (free registration) (11/16)
5. Study: Insurers' mounting problems lead to more competitive market
PCI SmartBrief | Nov 17, 2009
Competition in the insurance industry is increasing as insurers face more problems, such as dwindling investments and new regulatory proposals, according to a study by Deloitte. Insurance companies will only succeed if they use technology and social media effectively to improve communication with more client groups, the consulting firm said. National Underwriter (free registration) (11/16)
6. New technology from Volvo can stop a car from hitting pedestrians
PCI SmartBrief | Nov 16, 2009
Volvo has developed a safety feature to help reduce collisions with pedestrians and bicyclists. Dubbed the Pedestrian Safety System, the technology detects street users in the car's path and stops the vehicle automatically before it can hit a pedestrian. New York Times, The (11/13)
7. Appeals court sides with Florida auto insurer on PIP case
PCI SmartBrief | Nov 16, 2009
A District Court of Appeal in Florida decided in favor of an auto insurance company when it overturned a lower court's decision on a personal-injury protection claim. The court ruled auto-accident victims cannot sue an insurer if they fail to explain the benefits from denied claims. The ruling would lead to "a decrease in frivolous lawsuits filed solely for the purpose of obtaining attorney's fees from the insurance company," the insurer's attorney said. National Underwriter (free registration) (11/13)
8. Don't subject P/C insurers to prudential supervision, groups say
PCI SmartBrief | Nov 18, 2009
PCI and four other insurance industry associations voiced opposition to provisions in the proposed Financial Stability Improvement Act that would subject property/casualty insurers to increased prudential supervision. In a letter to House Financial Services Committee Chairman Rep. Barney Frank, D-Mass., the groups also sought to expand the exemption of insurance-subsidiary firms from the enhanced-resolution authority to the rest of the legislation. Business Insurance (11/17)
9. Expert: Predictive models could aid carriers in underwriting, costs reduction
PCI SmartBrief | Nov 16, 2009
National Underwriter (free registration) (11/16)
10. P/C insurers face buyers' market as recession continues, survey finds
PCI SmartBrief | Nov 16, 2009
The property/casualty insurance industry could expect renewal rates to weaken as the economic downturn continues to dampen the demand for capacity, according to a survey by Advisen for the Risk and Insurance Management Society. Although the soft market is bottoming out, "it just hasn't started to rebound yet," an executive from Advisen said. Risk managers in a buyers' market still need to take time to place commercial accounts and pursue the best deal on price as well as on policy terms and conditions, experts said. National Underwriter (free registration) (11/16) National Underwriter (free registration) (11/16) National Underwriter (free registration) (11/16)
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Companies in the news
- Ambac Financial Group
- Assured Guaranty Ltd.
- CNA Financial Corp.
- Chaucer Holdings PLC
- Citizens Property Insurance Corp.
- Crawford
- FPIC Insurance Group
- FSA
- HCC Insurance Holdings Inc
- Jiffy
- Munich Re
- SNS Reaal
- The Hartford Financial Services Group
- Tokio Marine Holdings Inc.
- XL Capital