Industry Could See First Yearly UW Profit Since '09 | Reinsurers Adapt as Rates Fall

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January 2, 2014 PropertyCasualty360.com
First Notice A Few Words of Caution in A.M. Best's Otherwise Positive 9-Month Industry Review By Phil Gusman, PropertyCasualty360.com A.M. Best says the P&C industry could see its first yearly underwriting profit since 2009, but commercial lines underwriting results saw some deterioration in the third quarter, and the ratings agency reiterated concerns about the industry's reserve position.…Read more Slideshow Fewer Vehicles Named Top Safety Picks as IIHS Toughens Standards By Phil Gusman, PropertyCasualty360.com It's getting more difficult to earn a Top Safety Pick from the Insurance Institute for Highway Safety. See which vehicles made the cut for 2014.…Read more Industry News Reports: Reinsurance Rates Falling; Sector Adapting to Meet Pricing Challenges By Anya Khalamayzer, PropertyCasualty360 GC and Willis Re report falling property catastrophe reinsurance rates for 2014. The competitive pricing environment will push companies to innovate in 2014, say property and casualty insurance experts at the turn of the New Year. …Read more RIMS Names New President for 2014 By Staff Writer Carolyn M. Snow, director of risk management for Humana Inc., has been appointed RIMS' president for the 2014 term. Snow has been a RIMS member for 14 years and has served on its board of directors for seven years. …Read more Top 11 Holidays for Vehicle Thefts By Caterina Pontoriero, PropertyCasualty360.com New Year's Day was the most active holiday for vehicle thefts in 2012 with 2,228 reported thefts across the country.…Read more Get in-depth coverage of specialty lines of insurance on PropertyCasualty360.com's Featured Lines pages. Get the info you need today! Snowden Leaks Driving Security Changes at Cloud Providers By Staff Writer An expected slowdown in plans for cloud deployment due to leaks about the U.S. National Security Agency's surveillance practices did not come to pass, but the leaks have driven changes in service provider security policies, says an article at Computerworld.…Read more Winter Storm Targets Northeast By Staff Writer A winter storm that could bring as much as 18 inches of snow to some areas is targeting the Northeast today and tomorrow, according to reports.…Read more Louisiana Workers' Comp Rates to Drop by 5.1% By Arthur D. Postal, PropertyCasualty360.com Workers' compensation insurance premiums in Louisiana will drop 5.1 percent as of May 1, State Insurance Commissioner Jim Donelon said.…Read more Storms Hit German Insurers Hard in 2013 By Reuters Summer floods and hailstorms will cost the German insurance industry almost $9.7 billion for 2013, the biggest bill for damages the industry has faced in more than a decade, an industry report shows.…Read more USI Extends Presence in Southeast with Molton, Allen & Williams Acquisition By Hannah Bender, PropertyCasualty360.com USI acquires Birmingham, Ala. company to extend footprint on local and national scale…Read more Perspective Clarifying NCOIL's Best Practices to Address Opioid Abuse By Rep. Bill Botzow Rep. Bill Botzow, D-Vt., chair of NCOIL's Workers' Compensation Insurance Committee, responds to a Nov. 27 PC360 article that he says was misleading in its portrayal of NCOIL's "Best Practices to Address Opioid Abuse, Misuse & Diversion."Read more Editors' Picks The Top 10 Stories of 2013 Lockton: 2014 Likely a Buyer's Market for the Right Risks CoreLogic Acquires Cat Modeler Eqecat Judge Dismisses Katrina Lawsuits Against Army Corps of Engineers Hannover Re CEO Expects Falling Premiums in 2014 Another issue often overlooked in leases is the requirement to be responsible for damage to certain property that can include the entire building or be limited to the area rented or even to plate glass windows, HVAC equipment, etc. The fire damage legal liability coverage option in the CGL policy usually won't get it because more than the peril of fire can cause such damage. In addition, the tenant may be responsible for damage even if not liable in tort (e.g., vandals break out windows). The only way to cover such an exposure is with direct property insurance on building components using a BOP or Building & Personal Property Coverage Form (ISO CP 00 10). — Save the Children, A Radical Concept Subscribe to our eNewsletters Get the best of PropertyCasualty360.com, from market trends and news to the analysis you need – it's the information you need to solve your biggest business problems…so you can sleep at night. Check out PropertyCasualty360.com eNewsletters!
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03 Jan, 2014

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