Month: April 2016

The New Hampshire Insurance Department has created a lost life policy locator service to assist Granite State residents and their families in locating life policies and annuity contracts that have been purchased in the state. “We developed this service to …
Source: Insurance Journal New Hampshire Offers Lost Life Policy Locator Service to Residents

Virginia Insurance Commissioner Jacqueline Cunningham has issued an administrative letter this month reminding insurers to review the rate standards outlined in Virginia Code § 38.2-1904 to ensure compliance. The administrative letter also indicates that so-called “price optimization” techniques that raise …
Source: Insurance Journal Virginia Reminds Insurers: Rates, Rating Rules Must Be Cost-Based

News from Aspen, AmWins, Verisk and more.
Source: Property Casualty 360 People on the move in the P&C insurance industry: April 29, 2016

National Football League insurers were cleared to begin gathering evidence in their effort to avoid having to pay for the league’s defense of concussion lawsuits filed by former players.
Source: Property Casualty 360 NFL insurers can begin gathering evidence in concussion case

Virginia has set up a new revolving loan fund designed to help property owners prepare for rising sea levels. But the Virginian-Pilot reports that the fund has no funds and may not have any money for several years. Still, Virginia …
Source: Insurance Journal Virginia Sets Up Fund to Cope With Sea-Level Rise

The Delaware Insurance Commissioner Karen Weldin Stewart has fined insurance companies a total of $83,300 during the first quarter of 2016 for violating state insurance regulations. Fines generally result from a market conduct examination of a company’s practices performed by …
Source: Insurance Journal Delaware Fines Insurers K for Market Misconduct

Swiss Re AG, the world’s biggest reinsurer, reported lower first-quarter profit as the company bulked up its reserves and pricing in the industry remained under pressure.
Source: Property Casualty 360 Swiss Re profit declines as company increases its reserves

The millennials are taking over! The millennials are taking over!
Source: Property Casualty 360 Millennials overtake baby boomers

In his 2007 book “The Black Swan: The Impact of the Highly Improbable,” finance writer Nassim Nicholas Taleb attempted to educate the public about the danger of rare, unusual events. This is obviously important in the world of finance — …
Source: Insurance Journal Why People Overestimate the Risk of Black Swan Events

Lockton Benefit Group, based in Kanas City, Mo., has added Dr. Ronald S. Leopold to its national Lockton Health Risk Solutions practice. As leader of the practice, Dr. Leopold will combine his clinical knowledge with Lockton’s proprietary InfoLock data intelligence platform to improve …
Source: Insurance Journal Lockton Benefit Group Adds Leopold as Chief Medical Officer

Legislation that would open the Flood market to private insurer sails through House, 419-0.
Source: Property Casualty 360 House passes private Flood insurance bill

David McNeil, a principal in the EPIC Insurance Brokers and Consultants’ Inland Empire division, has been appointed to the advisory board of the California Association of Mutual Water Companies Joint Powers Risk and Insurance Management Authoriy. The authority is a …
Source: Insurance Journal EPIC’s McNeil Named to California Water JPA Risk Management Board

If you’re a conservative Republican, there’s a decent chance that you believe in climate change. Compared with two years ago that is. Don’t tell this to Rush Limbaugh or presidential hopeful Donald Trump – though he seems to have warmed …
Source: Insurance Journal Climate Change and The Conservative Republican

The attack may be part of a growing number of breaches where hackers post large stolen databases to embarrass companies and shame them for having poor security or other perceived transgressions.
Source: Property Casualty 360 World’s third-largest gold company hit by hackers, scope of data breach under investigation

A pair of California trucking company owners were arrested for cheating their worker’s compensation insurer out of millions of dollars. Alvin Shin Chen, 54, and Fiona Xilin Chen, 46, both of La Cañada Flintridge, Calif., were arrested this week at …
Source: Insurance Journal CDI: Trucking Company Owners Cheated Workers’ Comp Carrier out of Millions

The property/casualty insurance advisory organization AAIS has unveiled its first standardized personal auto insurance program for use by insurers that it says is the first new auto program available to the industry in decades. The American Association of Insurance Services …
Source: Insurance Journal AAIS Offers Its First Personal Auto Program for Insurers; Includes 60 Endorsement Options

Wealth management firms are branching out to create holistic risk management programs for their high-net-worth clients.
Source: Property Casualty 360 How insurance partnerships help you better serve HNW clients

How do you innovate when the job demands standardization? Homeowners’ insurance may not change too much from year to year, but how employees handle policies, communicate with insureds and execute small tasks is ripe for innovation.
Source: Property Casualty 360 4 steps that foster a culture of innovation

Volvo’s North American CEO, Lex Kerssemakers, lost his cool as the automaker’s semi-autonomous prototype sporadically refused to drive itself during a press event at the Los Angeles Auto Show. “It can’t find the lane markings!” Kerssemakers griped to Mayor Eric …
Source: Insurance Journal Robot Cars Complain About Humans’ Poor Roads, Lane Markings, Signage

Federal safety regulators have levied $80,280 in penalties against Quick Roofing LLC for repeatedly exposing workers to falls, ladder hazards and eye injuries. The Occupational Safety and Health Administration (OSHA) said the employer has been cited six times in three …
Source: Insurance Journal Texas Roofer Fined K for Repeated Workplace Hazards