National Underwriter P&C October-05, 2009
Cover Story
Warning: Tough Economy Heightens Risk Of Uncovered Business Exposures
While recent comments by Federal Reserve Chairman Ben Bernanke suggest the nearly two-year-long recession may be nearing an end, the economic downturn is likely to remain a force behind additional and potentially uninsured risks for a long time.
Opinion
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NAIC Eyes Rating Risks
Rating agencies took a well-deserved beating last week when they were called on the carpet by state regulators wary of trusting their assessments going forward.
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Insurers, Agents Need Social Media Strategy
Consumer use of social media sites such as LinkedIn, Facebook and Twitter grows unabated, yet insurers and producers have been slow to embrace them as communications tools.
News
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P&C Industry First-Half Net Income Falls Over 50%, But Some Positive Signs Seen
Although P&C insurer net income fell 59.3 percent in the first half, reflecting weakness in the economy and plummeting investment gains, industry leaders saw positive signs in terms of lower underwriting losses and rising policyholders' surplus.
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NAIC Ponders Rating Agency Alternatives
State insurance regulators, after a hearing examining the flawed performance of top rating agencies in assessing the risk of complex securities held by carriers, left unresolved what their next move will be.
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Rating Agencies 'Betray Public Trust,' Rep. Kanjorski Charges
Rating agencies betrayed not only the public trust "but also their special status under our laws," the chair of a House Financial Services Subcommittee charged last week.
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NAIC Proposes Federal Countermeasure To Reform U.S. Reinsurance Regulation
Insurance regulators are proposing their own draft measure to Congress modernizing state oversight of reinsurance.
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Agents Wary Of Public Option Despite Senate Committee Vote
Health care reform legislation that the insurance industry can support took a giant step forward last week when the U.S. Senate Finance Committee rejected two amendments that would create a "public option" to compete with private carriers.
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Nationwide Suggests Wind-Water Policy
Nationwide Insurance Company is proposing the creation of a government backstop for insurers willing to offer a homeowners policy for both wind and flood coverage.
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Senate Votes To Extend NFIP, While GAO Cites Lax Oversight
The U.S. Senate passed legislation last week extending the controversial NFIP until Oct. 31 while talks continue on a more permanent reauthorization.
Market Report
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Lexington Still Number-One E&S Insurer; Diversity Is Key, Senior Executive Says
Lexington Insurance Company has retained its dominant position among U.S. excess and surplus lines insurers going into this year's biggest meeting of E&S insurance market participants.
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Spotlight On Lexington's Pandemic Rx
In July, Tracey Sharis, who manages health care, higher education and financial institution businesses for Lexington Insurance, provided some details of Pandemic Rx.
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From Peanuts To Pet Food: Coverage Available For Rising Recall Exposures
In the United States, the numbers of voluntary and involuntary recalls continue to hit higher levels than in the past--or at least they have played out more dramatically in the media.
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Providing Green Umbrellas: Insurers Out In Front Of Environmental Trends
The insurance industry has traditionally been ahead of the curve when it comes to anticipating important trends, getting out in front of large-scale behavioral shifts and rapidly adapting to evolving societal realities.
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Specialty Broker Expertise Valuable To Ensure Main Streets Are Properly Covered
Main Streets can be a boon of opportunities to savvy retail agents.
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Underwrite, Don't Undervalue Property
It is hurricane season, and there is no better time for our industry to rededicate itself to the basic underwriting principle of Insurance to Value.
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CNA Executives Explain Expanding E&S Appetite
Putting a new label on CNA's excess-and-surplus lines business is just one small step in a building process being led by industry veteran John Angerami, the new head of CNA Select Risk.
Technology Trends
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24x7 Demand Driving Self-Service Need
Consumers today--especially those buying personal auto insurance, for example--expect to purchase new policies, pay bills or change coverage parameters at any time, day or night, via the Web.
