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| Industry Trends |  |  |
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- P&C insurers want rivals reined in for bailout funds
Property-casualty insurers are asking legislators to rein in rival financial companies that could use federal aid to for a competitive advantage. The P&C insurers, with Travelers Cos. and Ace Ltd. at the forefront, are strengthening efforts to minimize government involvement as their life insurance counterparts maneuver for some of the funds. The $700 billion Treasury Department financial industry bailout package could mean "a substantial risk of market distortion," according to Marc Racicot, president of the Washington-based American Insurance Association, in a letter to the House Financial Services Committee. The Hartford Courant (Conn.)
(12/3)      
- U.S. must be set to insure for all disasters
Experts in natural-disaster response and planning said the U.S. will continue to face losses and urged the incoming Congress to quickly approve national catastrophe insurance. James Lee Witt, FEMA director during the Clinton administration, said passing a House bill already in place in the current session of Congress would be a proactive move when the new session begins in January. "We are facing events more frequent and much more devastating than in the past," Witt said. The Sun Herald (Biloxi-Gulfport, Miss.)
(12/3)
- Three Fla. cities have most teen-related holiday traffic fatalities
Allstate Insurance Co. has released the results of a study identifying three Florida metro areas as having the most fatal car crashes involving teen drivers during the holidays. The Tampa Bay area, Jacksonville and Orlando rank first, second and third in the nation, respectively. Allstate examined federal crash statistics and claims in major metro areas over the past eight years to arrive at the rankings. Orlando Sentinel (Fla.)
(12/3)
- Coalition survey finds toxic chemicals in 33% of toys
Researchers for the JustGreen Partnership have found about a third of popular toys on sale this holiday season have significant levels of toxic chemicals. The coalition of children's safety, public health and environmental groups tested more than 1,500 toys and found medium or high levels of chemicals such as lead, cadmium and arsenic in about a third of them. Insurance Journal/The Associated Press
(12/4)
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- Rebuilding of Rita-damaged Houston homes lagging badly
Contractors rebuilt three of thousands of Southeast Texas homes damaged by Hurricane Rita in 2005, said Mike Gerber, executive director of the Texas Department of Housing and Community Affairs, raising questions on the aftermath of Ike. Gerber said a contracting consortium, led by ACS Inc. of Dallas, spent much of the past year complying with federal rules surrounding the $210 million in Community Development Block Grant funds allocated in April 2007. Gerber said the agency and its contracting team intend to increase the pace of their work, with a goal of rebuilding 2,400 homes by October 2010. Houston Chronicle
(12/3)
- Insurers, officials say surcharges, reforms needed in N.C. Beach Plan
North Carolina's incoming insurance commissioner Wayne Goodwin and other state officials are concerned with the rapid growth of the Beach Plan (also known as the North Carolina Insurance Underwriting Association), which is growing at a rate of about $1 billion in insured properties per month. Actuaries say the state lacks funding to cover an estimated $7 billion in claims if the state is hit by another major storm. Property and casualty insurers are pushing to have surcharges put in place on policies in the residual market property insurer, the Beach Plan, and to take additional steps toward stabilizing the property insurance sector. Insurance Journal
(12/3)
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- Washington state workers' comp rates to rise 3%
Washington's Department of Labor and Industries said premiums for workers' compensation insurance will increase approximately 3% in 2009. Individual employers could see rate fluctuations according to their recent claims history and changes in the frequency and cost of claims in their specific industries. L&I Director Judy Schurke said: "We recognize the difficult economic environment for business and workers and wanted to limit the increase as much as possible." Insurance Journal
(12/4)
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