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| News for property casualty insurers |
 | Passing the Professional Liability Underwriting Audit
An article by William Redington, SVP, Munich Re America, was recently published in the PLUS Journal. The article describes what reinsurers look for in a professional liability audit, including good underwriting practices.
For a PDF copy of the article, click here. To learn more about Munich Reinsurance America, click here. |
- Fire chief: San Diego County needs own fire department
The city of San Diego's Fire-Rescue Department could be ill-equipped to handle the next major brush fire in surrounding communities due to a need to keep firefighters closer to home, the department's chief, Tracy Jarman, told a congressional subcommittee on Monday. San Diego County is the only county in California of its size that doesn't have its own fire department, and Jarman said the county needs to have its own. Los Angeles Times
(12/11)       
- Plans to demolish asbestos-contaminated buildings gain support
At least one environmentalist supports plans to demolish asbestos-contaminated buildings even if the asbestos hasn't been removed. Thousands of contaminated buildings around the country are still standing because demolition standards are too expensive, and Neil Carman, director of the clean air program of the Sierra Club's Lone Star chapter in Austin, Texas, said that's more dangerous than simply demolishing the buildings and that alternative demolition methods could reduce the risk. Star-Telegram (Fort Worth, Texas)
(12/11)
- Massachusetts AG says auto insurance rates overcharge drivers
Massachusetts Attorney General Martha Coakley says proposals for annual rates from three major auto insurance companies would collectively overcharge drivers in that state more than $100 million. Coakley has ordered the three companies, Commerce Insurance, Premier Insurance and Safety Insurance, to defend their rates at public hearings. Boston Herald
(12/11)
 | Insurance 2020: Now What? Exploring initiatives for innovation. New IBM study explains why the power of innovation does not come simply from the use of a specific technology to overcome a problem, but from a willingness to try something different. |
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| The Buzz(CORPORATE ANNOUNCEMENTS)
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Interested in learning more about advertising in PCI SmartBrief? Contact Abiy Bekele at 212-450-7919 or abekele@smartbrief.com.
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- Occupational illness could affect workers' comp
Occupational disease studies could have a big impact on insurer results in the future, said Robert P. Hartwig, president of the Insurance Information Institute, at a recent meeting. While underwriting profitability for the property-casualty industry has a generally upbeat forecast, Hartwig said the workers' compensation line is worrisome. PropertyCasualty360.com
(12/10)
| Policy and Law | | |
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- Governor falling short of tax-cut promises
Texas Gov. Rick Perry is having trouble living up to tax-cut promises made in TV and radio commercials. For the average homeowner in the Houston Independent School District, a new school-funding system approved by state leaders 18 months ago has saved him about $310, significantly less than the $2,000 Perry had promised. A Perry spokesman blamed increases in property appraisals for lowering the promised tax cuts. Houston Chronicle
(12/10)
- Commentary: Tapping into 401(k) not the best bet
Nearly 20% of companies reported an upswing in fourth-quarter loans and emergency withdrawals from 401(k) plans in a survey of corporate executives and chief financial officers by Duke University and CFO magazine. But writing in USA Today, financial columnist Sandra Block said "raiding your 401(k) is almost always a bad idea." Income taxes and penalties almost always erase any short-term financial cushion. USA TODAY
(12/10)
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 | To succeed in life in today's world, you must have the will and tenacity to finish the job."
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