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| News for property casualty insurers |
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- PCI asks insurance regulator to not draw broad conclusions
PCI has asked the New York state insurance superintendent "to not draw overly broad conclusions based solely on assumptions being drawn by consumer groups regarding the number of miles driven." Last week, Superintendent Eric Dinallo persuaded one insurer to withdraw its rate-increase request because claims costs would be lower as people were driving less. PCI noted that "while the number of claims reflecting vehicle damages has been reduced, it is more costly to repair vehicles today." National Underwriter (free registration)
(8/13)
     
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| | Improving the Quality and Speed of Underwriting Decisions:
Taking Underwriting to the Next Level for Breakthrough Results
Learn how Pitney Bowes Group 1 Software and Accenture are helping insurers utilize new technologies to increase the speed and accuracy of underwriting decisions while revolutionizing the underwriting process to maximize efficiency, increase profitability and fuel growth. Click here to view this webinar. | |
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| Industry Trends |  | |
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- S&P downgrades U.S. commercial P&C lines
The U.S. commercial lines property/casualty insurance sector has been downgraded from stable to negative by Standard & Poor's Ratings Services. S&P said the move came because the industry has seen reduced investment income and a continuing decline in pricing. It also says it sees no improvements in the industry in the next six to 12 months. Forbes/Thompson Financial News
(8/14)
- Albany-area flooding recedes
New York's Albany area experienced flooding caused by rain runoff Monday. Several people were forced from their homes, and cars were submerged. Most of the water has receded. Insurance Journal
(8/13)
- California budget strained by wildfires
California wildfires have cost the state $285 million in the past six weeks. The state, struggling under a $15.2 billion budget deficit, has proposed a surcharge on some homeowners to help pay for firefighting efforts. Legislators have submitted other proposals. Some say any additional fee would be like a double tax because residents already pay for fire protection. Google/Associated Press
(8/13)
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- Ky. volunteer fire departments at risk
Kentucky has more volunteer fire departments than city ones, but a recent court ruling may change that. Previously volunteer firefighters and departments in the state had sovereign immunity and could not be sued, but an appeals court ruled that unconstitutional. A lawyer suggests the U.S. Supreme Court would not overturn the jural rights doctrine, which means there could be no blanket ban on lawsuits. Herald-Leader (Lexington, Ky.)
(8/14)
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| The Buzz(CORPORATE ANNOUNCEMENTS)
TRANSFORM YOUR BUSINESS
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Interested in learning more about advertising in PCI SmartBrief? Contact Corey Thibodeau at 202.737.5500 ext. 267 or cthibodeau@smartbrief.com.
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| Commercial Lines | | |
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- Minnesota may tackle workers' comp reform
Workers' comp claims fell 35% over the past decade in Minnesota, but the cost of claims rose between 32% and 56%, according to Labor and Industry Commissioner Steve Sviggum. He says reform is needed and that although there is no chaos in the system yet, "we want to make changes before that, before we need radical changes like other states have had to make." St. Cloud Times (Minn.)
(8/14)
- City in Oklahoma adopts FEMA maps
Officials in Norman, Okla., have adopted the new FEMA flood maps, the 10th revision to the city's flood zoning in 33 years. They say they'll apply for the FEMA Community Rating System, which could save homeowners 5% to 45% in premium costs. The Norman Transcript (Okla.)
(8/13)
| Association News | | |
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PCI Cautions Higher Gas Prices May Not Lead to Lower Insurance Claims
Based on a new paper released by PCI, public policymakers should be cautious in isolating one factor such as the number of miles driven and then concluding auto insurance premiums should be reduced. "While there is solid evidence the high price of gas has reduced the number of miles driven, it would be a mistake to assume this means there will be lower insurance claims reporting and as a result, lower insurance premiums for consumers," said Paul Magaril, regional manager and counsel for PCI. Click here to read PCI's news release.
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Storm Safety: A Guide to Insurance Coverage
This week, PCI continues its public education campaign on the importance of mitigation, which focuses on awareness and how-to steps for Floridians to strengthen and harden their homes in preparation for a hurricane or high wind event. This week's brochure, "Taking Storm-Proofing Into Your own Hands: A Guide to Insurance Coverage," is the fourth brochure in the "Storm Safety: 6 Steps in 6 Weeks" series.
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