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| News for property casualty insurers |
- NAIC reconsiders stance on climate change
Insurance regulators are reconsidering a proposed inclusion of climate change impact data in carriers' annual reports. Industry representatives attending the National Association of Insurance Commissioners' winter meeting said a compromise could be reached for next year. The American Council of Life Insurers, the National Association of Mutual Insurance Companies and the Property Casualty Insurers Association of America said a new position could be reached during the Climate Change and Global Warming Task Force on Dec. 17. PropertyCasualty360.com
(12/8)       
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| | BillMatrix makes it easy for your policyholders to pay their bill.
Accessed via the telephone (IVR) and Internet, a full complement of automated, real-time payment options are offered including credit cards, ATM debit cards and ACH/electronic checks.
Call 1.800.596.0221 or visit www.BillMatrix.com/InsurancePCI today for more information about our services. | |
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| Industry Trends |  | |
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- India overhauls risk coverage products on heels of terror attacks
Deadly terrorism attacks this year are spurring India's rapid development and improvement of terrorism insurance products and augmenting of the country's terrorism risk pool. The attacks have raised concern about the adequacy of life and property protection for individuals and corporations. Improved insurance products are being developed to serve more complex risk demands in the industry. InsuranceNewsNet/BestWire Services
(12/9)
- Captive insurers facing financial challenges
Captive insurers, along with most of the property and casualty industry, face more financial challenges from the ongoing economic crisis, says Matthew Hamer, a Towers Perrin senior consultant in Weatogue, Conn. The company foresees the property and casualty industry could lose about 15%, or $80 billion, of its surplus by the end of 2008 because of unrealized losses partly due to falling equity prices and credit-related losses. Business Insurance
(12/1)
- Canada's insurers support avoiding conflicts of interest
The Canadian insurance industry is showing broad support for the management of conflicts of interest proposed by the country's insurance market conduct regulator in 2006. Foundation principles underpinning the movement are: the priority of a client's interest; disclosure of conflicts or potential conflicts of interest; and product suitability. A Canadian Centre for Investigative Reporting survey of property and casualty and life insurers and intermediaries found 85% of them responded "Always or most of the time" when asked if they had implemented activities and practices in support of the practices. canadianunderwriter.ca
(12/8)
| Federal Advocacy | | |
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- Treasury considers ways to improve management of TARP
Before the Treasury Department hands off the $700 billion economic-rescue program to President-elect Barack Obama's team in January, the department is weighing steps it can take to improve management of the program. Treasury Assistant Secretary Neel Kashkari said officials want to ensure that financial institutions that receive funds through the Troubled Asset Relief Program comply with the program's terms, including restrictions on dividend payments and executive pay. The Wall Street Journal (tiered subscription model)
(12/9)
| Personal Lines | | |
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- R.I. homeowner job losses raise foreclosures
Job losses and financial strain caused by the deteriorating economy now are driving up mortgage default rates even more than are risky mortgages and threaten to bring another deluge of foreclosures, say economists. Rhode Island ranks sixth nationwide in the percentage of foreclosures initiated in the third quarter. About one in 14 homeowners with a mortgage in the state were at least three months behind on their payments at the end of September, according to the Mortgage Bankers Association. The Providence Journal (R.I.) (free registration)
(12/9)
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- Workers' comp rates could decrease in Vermont
NCCI Holdings Inc. has recommended an average workers' compensation rate reduction of 13% for Vermont employers effective April 1 if approved by the Vermont Insurance Division.
The rating agency also suggested a 9.6% rate reduction for the state's assigned-risk market. A decline in claims frequency and continued improvement in underwriting results were cited as reasons for the recommendations. Business Insurance
(12/8)
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