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| News for property casualty insurers |
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 | Nat Cat Frequency Cover
With the escalation in frequency of large natural catastrophes, traditional Cat covers are not providing protection for the frequency of losses. Munich Re America's new Nat Cat Frequency Cover protects against the accumulation of losses and complements an insurer's existing property cat cover. Click here to learn more about this new product. |
| Industry Trends |  | |
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- Green-building construction poses new liability risk
Property/casualty insurers are refusing to cover a potential liability that may arise from constructing new buildings and other properties that do not comply with environmental efficiency standards. "There is certainly going to be litigation coming out soon around this issue, and insurance companies are waiting to see" the outcome before offering any coverage, an industry executive said. Business Insurance
(11/2)
     
- Mounting damage claims stem from Chinese drywall
Property/casualty insurers are studying how they could address the increasing number of home damage claims caused by Chinese drywall, which federal investigators said has high concentration levels of sulfur and strontium. But a report from the Consumer Product Safety Commission shows the chemical levels found in the building material do not pose safety risk as scientists could not establish a direct link between the chemicals and homeowners' health problems. Business Insurance
(11/2)
, National Underwriter (free registration)
(10/30)
, Business Insurance
(10/30)
- Competition for business causes spike in risk
The recession has caused a decrease in business, forcing contractors to compete for a limited pool of available projects. With construction spending declining, contractors are looking to new industries and new streams income, resulting in little room for error. "All of these things have the potential to increase risk," said Rick Ciullo, chief operating officer of Chubb Surety, a unit of Chubb Corp. Business Insurance
(11/2)
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- Research efforts help make roads safer, IIHS head says
Since its inception 50 years ago, the Insurance Institute for Highway Safety has helped to significantly reduce traffic deaths, injuries and property damages -- an achievement not many people recognize, institute President Robert P. Hartwig said. Records show the number of highway fatalities was lower by 6% in 2008 compared with 1960 even as the number of licensed drivers, cars and miles driven last year were many times higher than in 1960. National Underwriter (free registration)
(11/2)
| Commercial Lines | | |
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- Economy forces foreclosure lenders to reassess construction risks
Commercial developers are suspending construction projects as a result of the failing economy, urging foreclosure lenders to re-examine the associated risks. Abandonment of construction projects has hit a 30-year high, according to Reed Construction Data, causing a dramatic shift in options for lenders. "In the old days, banks that foreclosed sold the property to another developer and would make OK money," said George Dale of Aon Risk Services. "Now, banks are seriously considering going into the land development business." Business Insurance
(11/2)
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Ensuring site protection for stalled commercial property projects: If a commercial development project is put on hold, employing loss mitigation can promote proper site protection. Establishing the structural integrity of walls, implementing measures for safety against fire and adding security and surveillance can aid in the protecting the site against damage. Business Insurance
(11/2)
| Policy and Law | | |
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- Michigan state senators drop auto insurance reform bill
The Michigan Senate voted against legislation aimed at prohibiting auto insurance providers from setting coverage rates based on the driver's residence. Opposing lawmakers said banning the practice would prompt insurers to increase rates in areas with low car theft incidence. But the practice leads to higher premiums for drivers with good records, said the senators who supported the bill. Insurance Journal/The Associated Press
(10/30)
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| The Buzz(CORPORATE ANNOUNCEMENTS)
See the future of the commercial lines market through actuarial eyes. The soft market for commercial lines continued in 2008 with very good news for some lines, adverse news for others and unsteady news for a few particular lines. Join Pinnacle's Managing Principal, Joe Herbers, for a webinar on Thurs., Nov. 19th at 2 p.m. EST. Learn more or register.
Interested in learning more about advertising in PCI SmartBrief? Contact Corey Thibodeau at 202.737.5500 ext. 267 or cthibodeau@smartbrief.com.
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| Catastrophic Risk | | |
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- Industry leaders confident global leaders will forge climate change pact
As the prospects of forging an international treaty on climate change at the global meeting in Copenhagen next month become bleak, insurance and reinsurance companies remain optimistic that world leaders will work out an agreement that would replace the Kyoto protocol and increase greenhouse gas emission targets. "We should have high expectations, but we shouldn't try to overload the boat," an insurance executive said. Business Insurance
(11/2)
| Association News | | |
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| Editor's Note | | |
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In 2010, how could the property/casualty insurance industry better tell their good story of financial stability and delivering on commitments to policyholders?
Look out for the PCI SmartBrief Year-End Report on Dec. 8 and 15. The results of this poll will appear in Part 2 on Dec. 15.
 | Through increased use of paid media. |
| Through increased use of social media. |
| Through increased communication from property/casualty companies directly to policyholders. |
| SmartQuote | | |
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