News

• North Texas Tornadoes Could Cost Insurers $250M

  By Chad Hemenway, PropertyCasualty360.com  |  May 24, 2013

  The estimate will likely change since the storm affected seven or eight counties and insurers continue to count claims.

• House Introduces Third TRIA-Extension Bill

  By Arthur D. Postal, PropertyCasualty360.com  |  May 24, 2013

  A new bill extending the Terrorism Risk Insurance Act for 10 years has been introduced in the House.

• Chubb Takes Advantage of Recent Law; Will Write Surplus-Lines Business in Home State

  By Arthur D. Postal, PropertyCasualty360.com  |  May 24, 2013

  Chubb has gained authority to write surplus-lines-insurance business in New Jersey, its own state--an apparent new trend.

• Heard at AAMGA: Rates Firming, but Slowly; Risks Returning to E&S

  By Mark E. Ruquet, PropertyCasualty360.com  |  May 24, 2013

  Burns & Wilcox CEO Alan Kaufman says the wholesale broker is writing more business, and insurance pricing is increasing, but market capacity and the economy are impeding the rate of incline.

• House Enters NFIP Rate-Hike Battle with Bill to Delay Some Reforms

  By Arthur D. Postal, PropertyCasualty360.com  |  May 24, 2013

  Before going home for Memorial Day, Louisiana House members Thursday introduced legislation aimed at forestalling major increases in flood program rates starting next year.

• Ohio Psychotherapist Bilked Workers’ Comp of $74,700; Settles Out of Court

  By Christina Bramlet, PropertyCasualty360.com  |  May 24, 2013

  When a psychiatrist billed for a suspiciously high volume of counseling sessions, the Ohio BWC took a closer look.

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  Texas Commissioner Kitzman Tells Staff Her Last Day is May 27

  By Chad Hemenway, PropertyCasualty360.com  |  May 24, 2013

  This month it had become increasingly clear the commissioner appointed by Gov. Rick Perry in 2011 would not receive a confirmation nod from the state Senate.

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  Eqecat: Up to $5B in Insured Losses from Recent Tornado Activity

  By Phil Gusman, PropertyCasualty360.com  |  May 24, 2013

  The storm system that produced deadly tornadoes this past week, including the one that leveled Moore, Okla., is expected to cause between $2 billion and $5 billion in insured property losses, according to catastrophe modeler Eqecat.

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  Insurance IT Conferences: Diamond Sponsors and Swag

  By George Grieve  |  May 24, 2013

  It is also conference season, when insurance professionals shake off the long cold nights and head somewhere (often south) for their annual IT and business get-together.

• Mitchell Aims to Ease Medical Bill Review Processing for Adjusters

  By Staff Writer  |  May 24, 2013

  Mitchell announces the release of Decision Point 7.4, an automated medical bill review and workflow solution for first- and third-party liability adjusters.

• Hires and Promotions at Sparta, Fireman's Fund and AmWINS - Around the Industry

  By Staff Writer  |  May 23, 2013

  New programs at Travelers, Privilege Underwriters Reciprocal Exchange, NIA, Endurance Specialty Holdings and Victor O. Schinnerer. Honors received by Vertifore. Education Foundation of the American Assn. of Managing General Agents recognizes CIWs and CMGAs. Target Markets Program Administrator Assn. awards CPL designation.

• NRDC: Insurers Running from Climate-Change Risks; Insurer Group Disputes Figures

  By Anya Khalamayzer, PropertyCasualty360  |  May 23, 2013

  The National Resources Defense Council says private insurers are turning away from climate-change risks, sending an “unmistakeable signal” that such risks are increasing and that costs to society are climbing, but an insurance industry association disputed some of the figures used to arrive at that assumption.

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  Oklahoma Tornado Preparedness Lauded by Some, Questioned by Others

  By Anya Khalamayzer, PropertyCasualty360  |  May 23, 2013

  As news reports question the lack of shelters in Oklahoma, insurance experts say that Tornado Alley residents are more prepared than ever to handle tornado damage.

• Heritage to Assume More Policies from Fla. Citizens

  By Staff Writer  |  May 23, 2013

  The Citizens Property Insurance Corporation Board of Governors has approved Florida-based Heritage Property and Casualty Insurance Co. to remove approximately 60,000 mulitperil properties from the state's insurer of last resort’s personal lines and coastal accounts.

• Travelers Awards $175,000 Educational Grant to NAF

  By Staff Writer  |  May 23, 2013

  As part of a two-year grant to support NAF's educational mission to prepare students for college and careers, Travelers donates $175,000.

• Agents Must Develop Sales Teams to Grow, but Who to Hire?

  By Mark E. Ruquet, PropertyCasualty360.com  |  May 23, 2013

  To grow and improve revenue, producers cannot depend on renewals and price changes in the insurance marketplace, but rather must proactively recruit the best sales force and pursue business, the president of agency-consulting firm Marsh, Berry & Co. Inc. says.