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November 4, 2009 News for property casualty insurers   Top Story    Taxes, premiums for rental-car companies on the rise Rental-car companies are disgruntled over the increase in taxes imposed by some state and local governments in an attempt to narrow widening budget gaps caused by the economic downturn. State lawmakers say raising taxes will not affect local consumers -- a view refuted by the insurance industry. PCI Senior Director Robert Passmore sided with rental-car companies, saying the tax increases also boost auto insurance premiums. USA TODAY (11/2)   Industry Trends  Report: P/C insurers still have enough risk capital despite decline The property/casualty insurance industry continues to have enough capital for its asset, credit and underwriting risks despite a slump in its risk-adjusted capitalization by 17 percentage points last year, according to a report from A.M. Best. The capital decline could be attributed to tough market conditions, record-high catastrophe losses and the financial meltdown, the firm said. Business Insurance (11/3) P/C industry closed 2008 with adequate reserves, Fitch finds: The property/casualty insurance industry's reserves were sufficient by the end of 2008, but several statistical factors suggest a possible future reserve deficiency, according to a report from Fitch Ratings. Unstable financial markets and a deepening economic crisis could adversely affect the industry, creating "tremendous challenges in estimating loss reserves going forward," the rating agency said. National Underwriter (free registration) (11/3)   Personal Lines  Delaware sees increase in deaths caused by single-car collisions Most of the traffic fatalities in Delaware could be attributed to single-car crashes and distracted driving, according to AAA Mid-Atlantic. Government data show a "troubling" increase in the number of deaths caused by single-vehicle crashes in the state every year, an official from the group said. The News Journal (Wilmington, Del.) (11/3) Other News Iowa's road fatalities could hit record low this year The Des Moines Register (Iowa) (11/3)   Commercial Lines  Workers' comp rates to drop in 3 states next year Three states are scheduled next year to implement reduced workers' compensation rates. Colorado regulators approved a 9.7% cut, while North Carolina Insurance Commissioner Wayne Goodwin cleared a 9.6% rate reduction. Maine also will see an average rate cut of 7%, state Insurance Superintendent Mila Kofman said. Business Insurance (11/3)   Featured Content    Cardmember Profile: Consultants 2 Go OPEN Forum Connectodex 4 Easy Low Budget Ideas to Market Your Small Business Ivana Taylor 13 Ways to Network Beyond Facebook and LinkedIn John Jantsch 'Eco-Angst' Joins 'Buyer's Remorse' in Consumer Regrets Jill Fehrenbacher Tapping Your Way Into a Loan Julia Rogers from Wise Bread   Policy and Law  House to defer debate on financial reform legislation, lawmaker says House Financial Services Committee Chairman Rep. Barney Frank, D-Mass., said the House likely would defer until December its debate on legislation aimed at reforming the financial services regulations. Frank plans to introduce a revision that would impose levy on large insurers and other financial firms to create a cash pool for liquidating troubled institutions. National Underwriter (free registration) (11/3) Only deserving older drivers should enjoy Massachusetts discount Massachusetts lawmakers should pass legislation that would set more stringent testing standards for older drivers who pose great risk to road safety, writes the editorial board of a state newspaper. Tougher driving tests would ensure only those who still are competent to drive would receive an auto insurance discount imposed by the state, which the PCI's Bob Passmore said is the highest in the country. The Patriot Ledger (Quincy, Mass.) (11/3) Other News New York enforces law prohibiting motorists from texting while driving Insurance Journal/The Associated Press (11/3) Indiana lawmaker to seek texting ban for all drivers The Journal Gazette (Fort Wayne, Ind.) (11/3) Missouri transportation department bans employees from texting while driving KOMU-TV (University of Missouri) (11/3) The Buzz(CORPORATE ANNOUNCEMENTS) SERVPRO's Award-Winning Training. When it comes to cleanup and restoration, it takes true expertise to return your property to its preloss condition. That's why the SERVPRO System features award-winning, IICRC-approved training. So no matter your location in the U.S., you can trust the SERVPRO Brand to help make it "Like it never even happened." Interested in learning more about advertising in PCI SmartBrief? Contact Corey Thibodeau at 202.737.5500 ext. 267 or cthibodeau@smartbrief.com.     Catastrophic Risk  National Hurricane Center to improve storm advisories The National Hurricane Center is planning to change its public advisories on tropical storms to make them easier to understand. Some people have complained about the difficulty of finding the information they need on the advisories, an agency spokesman said. The Miami Herald/The Associated Press (11/3) $1 billion New Orleans flood-protection project is underway The Army Corps of Engineers has begun work on a $1 billion project in New Orleans that aims to protect the city's western section from flooding during a powerful hurricane. Many residents have returned since Hurricane Katrina, but the area remains to be highly prone to flooding, experts warn. MSNBC/The Associated Press (11/3) Other News Army Corps of Engineers to use $90 million in stimulus funds for river-levee inspections WDAF-TV (Kansas City, Mo.)/The Associated Press (11/3)   SmartQuote  If you smile when no one else is around, you really mean it." --Andy Rooney, American journalist and commentator     Subscriber Tools       Print friendly format | Web version | Search past news | Archive | Privacy policy Advertise Sales Account Director:  Corey Thibodeau 202-737-5500 x 267 Download Media Kit   Read more at SmartBrief.com A powerful Web site for SmartBrief readers including: Breaking News Industry Home Competitor News Readers' Choice Press Releases Search Archive Grab our News Widget Get this RSS Feed Publish your Press Release       Recent PCI SmartBrief Issues: Tuesday, November 03, 2009 Monday, November 02, 2009 Friday, October 30, 2009 Thursday, October 29, 2009 Wednesday, October 28, 2009     Lead Editor:  Brooke Howell       Mailing Address: SmartBrief, Inc.®, 1100 H ST NW, Suite 1000, Washington, DC 20005     © 1999-2009 SmartBrief, Inc.® Legal Information