Most Clicked PCI SmartBrief Stories
1. Mounting damage claims stem from Chinese drywall
PCI SmartBrief | Nov 02, 2009
Property/casualty insurers are studying how they could address the increasing number of home damage claims caused by Chinese drywall, which federal investigators said has high concentration levels of sulfur and strontium. But a report from the Consumer Product Safety Commission shows the chemical levels found in the building material do not pose safety risk as scientists could not establish a direct link between the chemicals and homeowners' health problems. Business Insurance (11/02) National Underwriter (free registration) (10/30) Business Insurance (10/30)
2. Analyst: P/C insurers face bleak prospects ahead
PCI SmartBrief | Nov 06, 2009
Despite its hefty earnings in the third quarter, the property/casualty insurance industry is facing a number of challenges ahead, according to an analyst with Barclays Capital. P/C insurers' premiums, policy volumes as well as underwriting gains have been on a decline in recent years, while their investment performance lags behind other financial services sectors despite a steep recovery from the economic downturn. Forbes (11/05)
3. Green-building construction poses new liability risk
PCI SmartBrief | Nov 02, 2009
Property/casualty insurers are refusing to cover a potential liability that may arise from constructing new buildings and other properties that do not comply with environmental efficiency standards. "There is certainly going to be litigation coming out soon around this issue, and insurance companies are waiting to see" the outcome before offering any coverage, an industry executive said. Business Insurance (11/02)
4. Study: Insurers may not recover losses caused by climate change
PCI SmartBrief | Nov 05, 2009
The growing number and intensity of storms and floods caused by climate change each year could have a severe impact on the global insurance industry, according to a study from the Association of British Insurers. Property/casualty insurers might not be able to meet capital requirements as they struggle to recover from massive catastrophe losses, the group said. Reuters (11/04) Business Insurance (11/04)
5. Researchers think bad driving could be hardwired
PCI SmartBrief | Nov 03, 2009
Researchers believe that a single gene found in a third of Americans could cause sloppy driving. Undergraduates who possessed the gene, which affects the brain's ability to rewire itself and thus its ability to learn new skills, made 20% more mistakes during a driving simulation than their more genetically fortunate peers. "The people who had this genetic variation performed more poorly from the get-go," says neurologist Steven Cramer. "It's up to society to say, how do we deal with that fact?" Wired.com (10/29)
6. Taxes, premiums for rental-car companies on the rise
PCI SmartBrief | Nov 04, 2009
Rental-car companies are disgruntled over the increase in taxes imposed by some state and local governments in an attempt to narrow widening budget gaps caused by the economic downturn. State lawmakers say raising taxes will not affect local consumers -- a view refuted by the insurance industry. PCI Senior Director Robert Passmore sided with rental-car companies, saying the tax increases also boost auto insurance premiums. USA TODAY (11/02)
7. Photos, videos used as proof to fight workers' comp fraud
PCI SmartBrief | Nov 03, 2009
State regulators are using videos and photos of employees doing physically demanding tasks to prove they committed workers' compensation insurance fraud. "Desperate workers can be very imaginative when they smell workers' comp money," said James Quiggle from the Coalition Against Insurance Fraud. ABC News (11/02)
8. Wisconsin lawmakers seek to rescind new auto insurance standards
PCI SmartBrief | Nov 05, 2009
Insurance Journal (11/04)
9. PCI releases video on credit-based insurance scoring
PCI SmartBrief | Nov 05, 2009
Deirde Manna, PCI vice president of industry, regulatory and political affairs, and Alex Hageli, PCI director of personal lines policy, discuss the importance of credit-based insurance scoring and how the use of credit information helps consumers save money in PCI's latest video, "What Consumers Should Know about Credit-Based Insurance Scoring." Blank (11/05)
10. New York law spurs 56% rise in no-fault injury costs
PCI SmartBrief | Nov 06, 2009
New York needs to revamp its no-fault auto insurance policy that caused a 56% increase in accident victims' claims costs in the second quarter this year, according to the Insurance Information Institute. "The costs of fraud and abuse of the state's no-fault system ultimately are borne by New York's honest policyholders," III President Robert Hartwig said. National Underwriter (free registration) (11/05)
Sign up for PCI SmartBrief
Companies in the news
- Alfa Corp
- Catlin Group Ltd.
- FSA
- Lancashire Holdings Ltd
- Markel Corp
- Max Capital Group Ltd.
- Munich Re
- RSA Insurance Group PLC
- Scor
- Swiss Reinsurance Co.
- T&D Holdings Inc
- The Allstate Corporation
- The Hartford Financial Services Group
- W.R. Berkley Corp.
- Wayne Mutual Insurance Company