National Underwriter P&C November 19, 2012

Cover Story

Consumers on the Insurance Experience

In the interest of learning from “regular Joe” insureds across America their thoughts and opinions on the insurance experience, NU asked a sample of carrier customers—our friends and families—about the decisions that factor into their purchase decision (price? advertising?); whether a relationship with an insurance agent is important to them;...

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News

XL, Nationwide Execs: Post-Sandy, Insurers Will Reconsider Northeast Exposure

By Chad Hemenway, PropertyCasualty360.com

XL Group CEO Michael S. McGavick believes that Superstorm Sandy will not be a capital event for the insurance industry, but he does think it will change the industry’s perception of risk in the Northeast.
Sandy to Be Largest Cat Event in Tower Group’s History; Fitch Says Industry Can Easily Handle Superstorm’s Losses

By Chad Hemenway, PropertyCasualty360.com, Mark E. Ruquet, PropertyCasualty360.com

Tower Group expects an after-tax net loss of between $55 million and $68 million next quarter due to Superstorm Sandy, while Fitch Ratings says insurers can easily handle the losses—and then some.
J.D. Power Study: Auto Claimant Satisfaction Up, Despite Higher Out-of-Pocket Costs

By Christina Bramlet, PropertyCasualty360.com

Consumers are noticeably happier with their Auto claims experience compared to just a year ago, according to J.D. Power and Associates’ 2012 U.S. Auto Claims Satisfaction Study.
Cyber Coverage: Protecting Against the ‘Hack Attack’

By Anya Khalamayzer, PropertyCasualty360.com

Cybercrime, including identity fraud, is the world’s fastest-proliferating criminal threat. According to Interpol, cybercrime, which used to be committed by expert individuals, is now perpetrated by organized syndicates that target big and small businesses alike. The crime-enforcement association estimates that, to date, such organizations have stolen up to $1 trillion...
To Work Successfully with a TPA, There’s No Such Thing as TMI

By Anya Khalamayzer, PropertyCasualty360

Hiring the right third-party administrator (TPA) to handle an organization’s claims, and then working with the vendor in a productive partnership, are two of the most critical responsibilities many risk managers face.

Special Report

Homeowners’ Rates to Stay on Rising Course; More Risk to Fall to Surplus

By Chad Hemenway, PropertyCasualty360.com

A clear consensus exists among insurance executives and experts when it comes to the Property insurance market: Rates were on the rise before Superstorm Sandy, and there’s certainly no reason the storm will stop that momentum.

Opinion

Scott Bayer: Philadelphia’s New E&S Expert

By Shawn Moynihan, PropertyCasualty360.com

In his new role as Senior Vice President of Excess & Surplus Lines at Philadelphia Insurance Cos., Scott Bayer will be tasked with defining the carrier’s presence in the nonadmitted market, identifying profitable target niches, expanding the insurer’s product offerings to existing agents and expanding its distribution sources.
A National Catastrophe Fund Is Long Overdue

By Jeff Grady

Superstorm Sandy certainly earned its name: The combination hurricane/nor’easter spawned high winds and high water, flooding lower Manhattan, erasing landmarks from the Jersey Shore and dumping three feet of snow in West Virginia.
Ruling by Florida Appeals Court Could Expand Protections for Workers’ Comp Claimants

By Sal Richardson

By Florida law, unsuccessful parties in court cases are held responsible for the litigation and related costs of the prevailing party—and a recent ruling by Florida’s First District Court of Appeals raises questions about whether that statute might deny injured workers their right to bring suit in Workers’ Compensation cases....