 |  |
| News for property casualty insurers |
| Top Story |  |  |
|
- PCI's Herlong applauds N.C. Beach Plan
Leaders of North Carolina's Beach Plan showed changes in the plan to a legislative committee determining if the insurance industry will be able to pay for damage from the next huge, multi-billion-dollar storm. Bob Herlong, a regional manager for the Property Casualty Insurers Association of America, said his group sees the Beach Plan's changes as being "a positive step in the right direction. ... We look forward to working with the study committee to address some of the more fundamental problems with the system." WBT (Charlotte, N.C.)
(12/2)      
| Industry Trends | | |
|
- Mumbai attack likely to affect terrorism rates only
Alex Clayton, executive director at Willis Global Markets International in London, believes the Mumbai, India, terrorist attacks will raise terrorism risk coverage rates, but he doesn't see it affecting the entire insurance sector. "In terms of losses, the attacks in Mumbai are not a market-turning event for the insurance industry generally," Clayton said. PropertyCasualty360.com
(12/2)
- AIG's Liddy hopes to renegotiate terms of rescue package
Edward Liddy, CEO of American International Group, wants to sell assets to repay a multibillion-dollar government loan and then renegotiate the terms of the federal rescue package. "As soon as we make good progress on selling assets and paying down that debt, we intend to go down to Washington, D.C., and negotiate with the new Treasury secretary," Liddy said. Another of Liddy's goals is to have the government reduce its nearly 80% stake in the firm in an effort to encourage private investors. The Wall Street Journal (tiered subscription model)
(12/3)
- "Crash taxes" add insult to injury
Several municipalities in at least 24 states have ordinances charging drivers in auto accidents crash response fees that typically add $200 to $300 to the bill, according to insurance industry trade groups. Private vendors promote such programs at city council meetings and police and fire chief conventions through model ordinances and fee schedules, with the vendors taking about 10% of what is recovered. MSN Money
(12/2)
| State Advocacy | | |
|
- Fewer claims mean lower workers' comp rates for Md.
The U.S. Bureau of Labor Statistics reports the injury rate in Maryland dropped to 3.7 injury cases per 100 full-time workers in 2007, a decline from 3.8 in 2006 and 4.2 in 2005. This finding prompted the state's IWIF Workers' Compensation Insurance to approve a 6.8% overall reduction in base rates, starting Jan. 1. IWIF officials said 27 industries will see significant rate drops. IFAWebNews.com
(12/2)
- Miss. insurance chief Chaney sees progress in rebuilding markets
Mississippi Insurance Commissioner Mike Chaney applauds the progress his state has made since 2007 in rebuilding insurance markets devastated by Hurricanes Katrina and Rita in 2005. Mississippi has updated its wind pool, advocated better building codes, deflected unfair rate hikes for consumers, and encouraged insurance carriers rather than castigating them. Insurance Journal
(12/3)
| Personal Lines | | |
|
- New consumer rating product now available in several states
Insurance Technologies Corp. has announced the release of eTurboRater, an online automobile consumer rating product geared toward independent agents, in the states of Colorado, Illinois, Indiana, Missouri, Ohio, Oklahoma, Tennessee, Texas and Virginia. The eTurboRater tool lets agencies provide immediate real-time comparative quotes to customers. Customers can complete an automobile quote at any time of the day and have an agent evaluate their policy needs. IFAWebNews.com
(12/2)
| SmartQuote | | |
|
 | Man becomes man only by his intelligence, but he is man only by his heart."
|
| |
| Advertise |
|
Sales Account Director:
Abiy Bekele (212) 450-7919
|
|
|
| |
|
Read more at SmartBrief.com |
|
A powerful website for SmartBrief readers including:
|
|
|
|
| |
| |
| | Recent PCI SmartBrief Issues:
- Tuesday, December 02, 2008
- Monday, December 01, 2008
- Wednesday, November 26, 2008
- Tuesday, November 25, 2008
- Monday, November 24, 2008
| | | Lead Editor: Devlyn Ray
Mailing Address:
SmartBrief, Inc.®, 1100 H ST NW, Suite 1000, Washington, DC 20005 | |
| |
|
| © 1999-2011 SmartBrief, Inc.® Legal Information |
|
