National Underwriter P&C February-22, 2010
Cover Story
Are Insurers Too Dependent On Catastrophe Modeling?
Are insurance carriers putting too much weight on the results of catastrophe models in underwriting risks and managing their concentration of exposures?
Opinion
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Why Not Go Undercover?
Did you catch the premiere of "Undercover Boss" on CBS after the Super Bowl? It's a reality show about CEOs taking on lower-level jobs in their companies, where they get their hands dirty and see how the operation really functions.
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Questions Remain About What Went Wrong At AIG
E-mails have become the Holy Grail for investigators and prosecutors working to unearth criminal culpability in questionable financial behavior, providing smoking gun evidence of possible wrongdoing.
News
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Big Brokerages Strike Deal To Allow Contingency Fee Payments By Carriers
The door is open to once again allow the nation's three biggest insurance brokerages to accept contingent commissions after an agreement was reached by the trio with New York, Illinois and Connecticut officials.
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Soft Market Extends Into 2010 As Commercial Rates Keep Falling
The year got off to another slow start for property and casualty carriers, as MarketScout's monthly "Barometer" survey found U.S. commercial insurance pricing still soft, with premiums down an average of 4 percent in January.
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Toyota Recall May Drive D&O Claims, But Light Impact Seen For Other Insurers
Toyota's recalls will have little impact on the ratings of auto and commercial lines insurers, according to Moody's, but a law firm said directors and officers carriers could face major exposure.
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Congress Seeks Auto Insurer Data On Claims Involving Toyota
Only State Farm has unearthed data linking auto accident claims to problems involving cars and trucks manufactured by Toyota, but industry statistics are still likely to be aired during two House hearings on the issue this week.
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Snowstorm Losses Could Top $2 Billion
Two snowstorms that hit the United States this month will cause insured damages in excess of $2 billion, according to a catastrophe risk modeling firm.
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Flood Insurance Extension Likely, But Only For A Few More Months
Congress will act to extend the National Flood Insurance Program before its current authorization expires on Feb. 28, but such reauthorization will not be included in jobs legislation as originally planned, industry lobbyists said late last week.
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Karen Cutts, NU Columnist, Passes Away
Karen Cutts, managing editor of the Risk Retention Reporter and a longtime columnist at National Underwriter, died earlier this month at her home in Pasadena, Calif. She was 69.
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Medicare Secondary Payer Deadline Delayed
The federal government has pushed back the deadline for reporting requirements under the Medicare Secondary Payer Act until next January, a decision greeted with relief by workers' compensation providers and self-insured risk managers.
Market Report
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Cat Models Only As Good As Given Data
Insurance companies rely on catastrophe models to provide reliable estimates of loss, whether for managing risk over the long term or for understanding their loss potential in real time as an actual event unfolds.
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Is The Grass Greener For Insurers On The Sustainable Side Of The Fence?
As investment in green construction grows, insurers are increasingly being called upon to create coverage enhancements to address the new range of underwriting and risk management exposures in climate-friendly buildings.
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Copenhagen Climate Accord Failure Leaves Insurers Guessing On Risks
Failure to achieve a binding agreement at the United Nations Framework Convention on Climate Change held in Copenhagen, Denmark last December has left insurers with no clear direction to address the growing risk from global warming...
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'Underwriting Green' Tames Climate Risks
Whether it's the economy, health care reform or steroid scandals, there are many controversies grabbing attention these days.
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Insurers Already Have Tools On The Shelf To Cover Emerging Carbon Storage Risks
The insurance industry has the tools and experience to provide needed coverage when the storage of carbon emissions becomes the primary method to prevent build-up of gases in the atmosphere, a leading brokerage contends.
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Aging Population Makes Eldercare Cover A Growing Niche, But Market Gets Softer
The insurance market for social service facilities on both ends of the age spectrum is experiencing the same soft market conditions already dominating most lines of commercial coverage.
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IIABA Agents Set To Storm Capitol Hill
The Independent Insurance Agents and Brokers of America Annual Legislative Conference and Convention will be missing one familiar element--for the first time, there will be no accompanying trade show.
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