 |  |
| News for property casualty insurers |
| Top Story |  |  |
|
- Piracy risk could impact cruise insurance rates
The failed attack last week on the luxury American cruise liner MS Nautica has shown the possible impact piracy presents to cruise insurance costs. "I don't know where the rates are going to go, but they're not going to go down," Rich DeSimone, president of Travelers Ocean Marine insurance. "...If you have increased exposure to something like piracy, it's going to result in higher costs." The Guardian (London)
(12/8)      
| Industry Trends | | |
|
- Property and casualty rates looking better for 2009
Commercial property and casualty insurers may see overall rates firming up next year after a bumpy ride in 2008, according to insurance industry analysts. The market stabilization is likely to be moderate without dramatic upward swings in rates. According to a Business Insurance survey, a dozen major U.S. commercial property and casualty insurers lost $34.06 billion in the first nine months of 2008. Business Insurance
(12/8)
- Group approves proposals regarding changes for insurers
Technical experts at the National Association of Insurance Commissioners approved several proposals from the life-insurance industry that strive to reduce capital and reserve requirements for insurers. Wall Street, which has been closely watching the proposals, is expected to welcome the development. Individual states do not need to adopt all changes the NAIC makes, and they can adjust their guidelines without a change from NAIC. However, "it is recognized that these types of solvency requirements should be somewhat uniform, so most states will want to follow the will of the NAIC decisions," said Scott Holeman, a representative of NAIC. The Wall Street Journal (tiered subscription model)
(12/8)
- 2008 record year for deadly air ambulance crashes
Medical helicopter crashes have claimed 28 lives to date in 2008, making it the deadliest year on record.
Hazardous weather conditions and night flights were common factors in the 65 fatal crashes investigated by the National Transportation and Safety Board since 1989. The Dallas Morning News (free registration)
(12/7)
| Federal Advocacy | | |
|
- Expanded FDIC coverage draws companies
The Bank of New York Mellon will join Goldman Sachs, JPMorgan Chase, Bank of America, and Wells Fargo in continuing to take part in the Federal Deposit Insurance Corp.'s Temporary Liquidity Guarantee Program. The program provides 100% insurance coverage for domestic non-interest-bearing transaction accounts through the end of 2009. Launched in October, the program automatically enrolled eligible institutions for an introductory period through early December. CFO.com
(12/5)
- Progress made on proposed changes for insurers
The National Association of Insurance Commissioners gave the go-ahead on several proposals aimed at lowering insurers' capital and reserve requirements. The proposals submitted by the life-insurance industry are meant to reassure investors concerned over retirement-income products that carry minimum-return guarantees. Shares of life insurers have taken a beating in recent weeks, raising the alarm over the chance the companies would have to raise capital on unfavorable terms to meet obligations. The Wall Street Journal (tiered subscription model)
(12/8)
| Personal Lines | | |
|
- Unemployment compensation inundated by layoffs
Worker advocates and some economists express concern that the safety net for the unemployed may be inadequate in the face of the current recession. The unemployment compensation system has not tracked work force demographics, leaving too many workers ineligible for benefits. Unemployment compensation insurance covers 37% of jobless U.S. workers, down from 42% during the 1981-1982 recession, and well below the 50% covered during the 1974-75 downturn. Bloomberg Businessweek
(12/7)
| Commercial Lines | | |
|
| SmartQuote | | |
|
 | What great changes have not been ambitious?"
|
| |
| 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:
- Friday, December 05, 2008
- Thursday, December 04, 2008
- Wednesday, December 03, 2008
- Tuesday, December 02, 2008
- Monday, December 01, 2008
| | | Lead Editor: Devlyn Ray
Mailing Address:
SmartBrief, Inc.®, 1100 H ST NW, Suite 1000, Washington, DC 20005 | |
| |
|
| © 1999-2011 SmartBrief, Inc.® Legal Information |
|
A 121-ton girder collapsed last week and killed one worker at a bridge construction site in Oak Island, N.C. A video of the incident captured by the town's public information officer shows that the girder buckled before it collapsed at the second Oak Island bridge. Investigators and officials have not provided further details on the fatal incident. 
