PropertyCasualty360: Property & Casualty Insurance News & Tips

Risks, Risks Everywhere

Bryant Rousseau

Im approaching my one-year anniversary as editor of NU, and the job, without question, has affected the way I see the world.
Bullying: Who’s Covered for the Loss?

Diana B. Reitz, CPCU

Hardly a day goes by without a news story of someone being bulliedchildren, teenagers and even adults at the workplace.
Loss-Cost Impact of Aging U.S. Workforce May Not Be as Severe as Once Thought

Phil Gusman

The American workforce is aging, but the impact that having more employees in their 50s and 60s will have on workers compensation loss costs may not be as negative as originally thought, according to new research from the National Council on Compensation Insurance Inc. (NCCI).
Improved Employment Figures to Help Broker Earnings

Mark E. Ruquet

The drop in unemployment numbers for December could translate into improved earnings for insurance brokers as increased employment means growth in employee-related premiums, one financial analyst notes.
Celent: Telematics-Based Auto Insurance Could Improve Claims Handling, Pricing

Phil Gusman

The benefits of telematics-based auto-insurance products could go beyond better risk selection and pricingand could include better fraud detection and the ability to provide feedback to consumers on CO2 emissions, fuel consumption and other factors that may lower the cost of driving, a new Celent report says.
Media Companies, Like Much of Corporate America, See Increasing Need for Cyber Coverage

James Murdock

As traditional media companies adapt and attempt to thrive within the rapidly changing digital space, they are discoveringsometimes painfullythat their insurance coverage also must evolve.
Emerging Markets Create Marine Opportunities

Chad Hemenway

Emerging markets in Brazil, Columbia India and East Asia are creating opportunities for Ocean Marine underwriters.
Engineering Perspective Can Provide Clarity Around Likelihood, Extent of Property Losses

Caroline McDonald

Corporate risk managers looking to protect their propertyand by extension, their organizations overall financial stabilityshould consider looking at their facility risks through an engineering perspective, according to one catastrophe-risk expert.
Louisiana Citizens Asks State High Court to Reconsider $100M Award

Chad Hemenway

Louisiana Citizens Property Insurance Corp. doesnt think the state Supreme Court addressed all the issues it should have before reinstating what has become a judgment of more than $100 million for policyholders.
2012 Will See Well-Capitalized Industry Face Down Several Challenges

Mark E. Ruquet, Phil Gusman

While three separate analyses of the insurance and reinsurance markets in 2012 were unable to determine whether the industry will be able to sustain recent rate increases, all agree that the industry will face challenges this year ranging from the economy to the implementation of new regulations.
Super-Sized Risk Sets Sail

Chad Hemenway

The worlds largest shipping company is adding to its fleet by having built 20 of the worlds largest shipseach with the ability to haul 18,000 containers. With that many containers making the trek aboard the same vessel, insurers will bear the brunt of a vast array lossesfrom potentially multiple clients.
Underwriting Undertakers

Shawn Moynihan

Given the myriad problems that can arise in the handling and preparation of a dead persons body, funeral homes face a number of unique risks that must be addressed by their insurance policies.
IIABA Asks Treasury to Throw Weight Behind NARAB

Arthur D. Postal

Independent Insurance Agents and Brokers of America (IIABA) is trying to enlist the Treasury Department to support targeted legislation that would create true agent-licensing reciprocity across the country.
Aviation Market Flies Under Radar of ‘Hardening’ Market

Mark E. Ruquet

The start of 2011 found aviation insurance brokers expecting a hard market for the year, instead, the year witnessed decreases and that track is expected to continue into the 2012, baring an unforeseen development.
Silver Hearse & Purple Nails Distinguish Brooklyn Undertaker

Shawn Moynihan

Doris Amen, funeral director and proprietor of the Jurek Park Slope Funeral Home in Brooklyn, N.Y., sends her clients out in style in a 1978 silver hearse, for which she carries commercial insurance. The vehicle is anything but subtle. People know Im coming, says Amen, who also favors a purple...
Not All Carriers Worry About Replacing Core Systems

Robert Regis Hyle

Policy-administration system replacement remains a top priority for insurers in 2012, particularly for large and midsize carriers, according to Matt Josefowicz. However, it is less of a priority for smaller carriers.
Rates Are Flat Across General Aviation—Except for Helicopters

Mark E. Ruquet

Brokers say that pricing conditions in the General Aviation market, which covers everything from propeller-driven planes to corporate fleets, range from flat to some buyers seeing some rate reductions.
Ryan Specialty Acquires Willis’ Global Special Risk

Chad Hemenway

Ryan Specialty Group says it has acquired Global Special Risks, a provider of product offerings for the Energy and Marine markets in London and North America.
With Rise of Social Web, Almost Every Company Must Now Consider Itself a Media Player

James Murdock

One of the fundamental business changes wrought by the Web and the explosion of digital commerce and social networking is that essentially every large company is now a major creator of content.
Large-Scale Media Layoffs Lead to Coverage Questions Regarding Freelancers, Syndicators

James Murdock

Laying off full-time journalists in favor of relying on freelancers and syndicated content providers has become an increasingly common strategy for media companies seeking to maintain their profits.
With Regulatory Nod, XL to Start Insurance Operations in Brazil

Chad Hemenway

XL Group says it now has final approval from Brazilian regulators to start insurance operations in the South American country.
State of Ocean Marine Market: Flat to ‘Slightly Off’

Chad Hemenway

The U.S. Ocean-Marine insurance market is certainly not hard, says Bob Gallagher, president of International Marine Underwriters, part of the OneBeacon Insurance Group. He says the market is flat to slightly off.
Cringe or Cry: Recent Results for P&C Insurers Are Full of Bad News

Sam J. Friedman

Read em and weep, folks! I couldnt help but cringe a bit as I reviewed the P&C industrys consolidated results for the first three quarters of 2011. It was bad news galore. Even the few bits of good news had a negative tinge.
Oracle Releases New Versions of Revenue Management, Billing Solutions

staff Writer

Oracle Insurance has introduced the latest version of its revenue-management and billing solution, a rules-based system that enables insurers to manage billing, payments and collections using a single solution.

National Underwriter Property & Casualty-January 16, 2012

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