Insurers To IT Units:
Show Us The Dollars
Insurers, pressed by a tough economy, are examining automation projects with a “show me the money” attitude, asking information technology departments to quantify the return on such investments, tech industry leaders advised at ACORDs annual conference in Orlando, Fla.
S&P: European Insurers
Face More Downgrades
Standard & Poors Ratings Services said the European insurance sector is still reeling from financial flexibility and capital adequacy problems, which would lead to ratings downgrades in the coming months. The forecast came in a report based on 34 debt-issuing European insurers.
No Comp Cost Magic Bullet
WCRI Director Tells NCCI
Techniques to stop the escalating medical costs of the nations workers compensation systems must vary by locality, a research expert told the annual seminar of the National Council on Compensation Insurance. The advice came from Richard Victor, executive director of Workers Compensation Research Institute.
N.J. Assembly OKs
Auto Reform Measure
New Jerseys top insurance regulator said a recently voted auto insurance measure should push prices down. “We want to develop a competitive, vital marketplace,” Commissioner Holly C. Bakke, told NU, adding that the bill gives consumers choices, which will put downward pressure on rates.
Claims At $1.55 Billion
For Tornadoes ISO Says
Insurance Services Office Inc. said its estimates of insured property-loss claims from thunderstorms and tornadoes that touched down across the country earlier this month would reach $1.55 billion and that insurers will receive more than 429,000 claims.
Support State Rule
Pickens Urges NCCI
Mike Pickens, the president of the National Association of Insurance Commissioners, said that if the federal government were to regulate insurance, the industry would face a remote, politicized, unresponsive system, during a speech at the National Council on Compensation Insurances annual symposium.
Reproduced from National Underwriter Property & Casualty/Risk & Benefits Management Edition, May 26, 2003. Copyright 2003 by The National Underwriter Company in the serial publication. All rights reserved.Copyright in this article as an independent work may be held by the author.