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| News for property casualty insurers |
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- P/C rates will rise by midyear, say analysts
Property and casualty insurers, faced with a 20% loss in investment revenue in the fourth quarter of 2008, will need to raise premiums by the middle of the year to firm up the market. The industry segment was heavily invested in high-quality corporate instruments and municipal bonds, both of which experienced dramatic drops that affected investors, say analysts. National Underwriter (free registration)
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| Industry Trends | | |
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- Report: Losses, financial upheaval mean higher 2009 reinsurance rates
A record-setting Atlantic hurricane season and man-made catastrophes made 2008 one of the costliest years on record, according to a recent report from reinsurance broker Guy Carpenter. However, economic market unrest worked to offset some of the financial damage for reinsurers, raising demand for some products and generating modest rate increases. Still, reinsurers will have to raise their rates this year. National Underwriter (free registration)
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, Business Insurance
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U.N.'s climate talks could be bolstered by 2008 catastrophes: Giant reinsurer Munich Re's report that 2008 was one of the most catastrophic years on record may lend weight to a moribund U.N. initiative to combat climate change. A new U.N. global-warming pact is scheduled to be developed later in 2009. Reuters
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- Report: More than 50% of U.S. cyclists flout helmet safety data
More than half of U.S. bicyclists ride without a helmet, despite data from the Insurance Institute for Highway Safety showing 92% of bicyclists killed in 2007 were not wearing helmets. This was one finding in Consumer Reports National Research Center's report released Monday, which also found Americans neglect to unplug toasters and other appliances even though doing so can lead to fires. Reuters
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Alaska traffic fatalities down due to high gas prices: High gas prices had at least one positive outcome -- they reduced the number of traffic fatalities in Alaska to 63, the fewest since 1994. A reduction in drunk driving and an increased use of seat-belts also contributed to the decrease in road deaths. Fairbanks Daily News-Miner (Alaska)
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| Policy and Law | | |
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| Catastrophic Risk | | |
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- Louisiana not happy with FEMA flood maps
Local officials in Lafourche and Terrebonne are teaming with the Louisiana Recovery Authority, the state Office of Homeland Security and Emergency Preparedness and the Coastal Protection and Restoration Authority to stop the release of amended FEMA flood maps. The agencies say the changes would increase flood-insurance premiums while raising building standards for some residents in the affected area. The accuracy of data and validity of computer models are in question. Daily Comet (Thibodaux, La.)
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- Midweek flood watch for North Georgia
The National Weather Service has posted a flood watch for a large portion of the Atlanta metro area and parts of North Georgia. As much as four inches of rain are predicted by midweek, with flooding possible Tuesday morning through Wednesday morning. The Atlanta Journal-Constitution (free registration)
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| Association News | | |
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- PCI testimony cites downside of Colorado's rate-filing proposal
Changes being proposed to Colorado regulation 5-1-10, Rate and Rule Filing Submission Requirements for Property and Casualty Insurance, would have a negative effect on the state's rate filing process, according to testimony delivered today by PCI to the Colorado Division of Insurance.
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