 |
INSURANCE DIGEST MAY 2009
Each month the Insurance Information Institute highlights studies and reports that are of key interest to the insurance industry.
| | |
|
I.I.I. TESTIMONY AT PUBLIC HEARING ON CREDIT-BASED INSURANCE SCORES
Robert Hartwig. Insurance Information Institute, New York, NY 10038 http://www.iii.org April 30, 2009, 51 pages
On April 30 Robert Hartwig, president of the Insurance Information Institute, presented testimony to the National Association of Insurance Commissioners (NAIC) at a hearing on the impact of credit-based insurance scores on consumers. The testimony provides a detailed discussion on the relationship between current economic conditions, credit scores and the cost of insurance. The full testimony can be accessed on the I.I.I. Web site at http://www.iii.org/media/met/creditscoring3/
| |
|
I.I.I. OFFERS INSIGHTS INTO INSURANCE IMPLICATIONS OF SWINE FLU OUTBREAK
Insurance Information Institute, New York, NY http://www.iii.org April 30, 2009
In a recent media advisory, Dr. Steven Weisbart, senior vice president and chief economist of the Insurance Information Institute (I.I.I.) notes that “The global health community has been working hard to speed the development and distribution of anti-flu-virus tactics, including sharing of information about the occurrence and spread of infections. Given the coordinated, effective efforts of public health groups we saw earlier this decade, amid the SARS and avian flu scares, it is likely that the spread of swine flu spread can be contained or at least more limited than it would have been in prior years." Dr. Weisbart, a life insurance expert, is the author of a 2006 study on pandemics and the financial capacity of the U.S. life insurers to pay related claims, posted on the Web at http://www.iii.org/media/research/birdflupandemic/ The full media advisory is posted on the Web at http://www.iii.org/media/updates/press.813492/
| |
|
SWINE FLU RISK MANAGEMENT
Marsh Ltd., 1 Tower Place West, Tower Place, London http://www.marsh.co.uk April 28, 2009
Following reports concerning the confirmed cases of Swine Flu (A/H1N1) among the human population in Mexico, Canada, the U.S., U.K. and Spain, Marsh has issued a report that outlines the risks and insurance implications for British businesses arising from a subsequent human pandemic. Insurance implications discussed include: Employers’ Liability; Products Liability; Environmental Impairment Liability; Travel Insurance; and Property Insurance. The report is posted on the Web at http://www.marsh.co.uk/Media/Swine_Flu_Adviser_28_April_2009.pdf
| |
|
SWINE FLU AND PANDEMICS
Swiss Re, Zurich, Switzerland http://www.swissre.com April 2009 98 pages
Swiss Re has posted a "Q&A" feature in which its Pandemics Topic manager, Bob Howe, a leading expert on pandemics, discusses the reinsurance and insurance implications of the swine flu outbreak in Mexico and other parts of the world. He notes that, "In talking about pandemic scenarios, comparisons are often made with the pandemic of 1918. But levels of additional mortality seen in the 1918 influenza pandemic are highly unlikely to be repeated today because of the availability of antibiotics and antivirals. Mortality resulting from the other two pandemics in recent history – 1957 and 1968 – was considerably more modest." The feature is posted on the Web at http://www.swissre.com/pws/research%20publications/risk%20and%20expertise/views/pandemics/swine_flu_qa.html It includes links to Swiss Re research on pandemics.
| |
|
PUBLIC ATTITUDE MONITOR: INSURANCE CONSUMER RESPONSE TO THE ECONOMIC DOWNTOWN
Insurance Research Council, 718 Providence Road, Malvern, PA 19355-0725 http://www.ircweb.org April 2009
A new study by the Insurance Research Council (IRC) finds that many Americans have taken steps to reduce personal insurance costs in response to the economic downturn, but that maintaining essential auto and homeowners coverage remains a priority for the vast majority of consumers. The study found that most Americans have maintained essential homeowners and auto insurance coverage despite the challenges posed by the economic downturn. Nine percent of those with at least one household vehicle reported canceling or not renewing coverage for a household vehicle in response to the economic downturn. However, almost one-third (31 percent) of those canceling auto insurance coverage also reported selling a vehicle as a way to save money. Five percent of homeowners and 14 percent of renters reported canceling homeowners or renters insurance coverage. Copies of the study are available for $65 each in the U.S. ($80 elsewhere) postpaid from the IRC, 718 Providence Rd., Malvern, Pa., 19355-3402. Telephone: 610.644.2212.
| |
|
VEHICLE CHARACTERISTICS AND VEHICLE CLAIMS
Insurance Research Council, 718 Providence Road, Malvern, PA http://www.ircweb.org April 2009
A new study by the Insurance Research Council (IRC) details the steady incorporation of front and side airbag systems in motor vehicles and documents the beneficial impact of this trend on auto injury insurance claim costs. The study found that airbag systems were associated with markedly lower injury claim costs. A news release highlighting the findings is posted on the Web at http://www.ircweb.org/News/IRCVehicleSafety_040209.pdf
| |
|
STUDY: INCREASE IN FRAUDULENT CLAIMS LINKED TO POOR ECONOMY
National Insurance Crime Bureau, Des Plaines, IL http://www.nicb.org April 2009
A new report by the National Insurance Crime Bureau (NICB)shows an increase in the number of questionable claims (QCs) related to possible cases of insurance fraud during the past year as the economy continued its downward spiral. An analysis of QCs submitted by the more than 1,000 NICB members companies in the first quarter of 2009, versus the first quarter of 2008, shows a definite increase in claims related to what is termed “opportunistic fraud.” Suspicious car fires were up 27 percent, slip and falls up 77 percent and hail damage claims up 407 percent. Suspected fraudulent claims related to workers compensation insurance were up 71 percent. For further information see http://www.nicb.org/cps/rde/xchg/nicb/hs.xsl/9018.htm
| |
|
GLOBAL INSURANCE MERGERS & ACQUISITIONS IN 2008
Conning Research and Consulting, Hartford, CT http://www.conningresearch.com March 2009
The U.S. saw a significant decline in the reported value of insurance industry merger and acquisition (M&A) transactions, but the non-U.S. transaction value decline was even more dramatic, according to a new study by Conning Research. In the U.S., the value of insurance industry transactions, at about $31 billion, was the third lowest value Conning has tracked since 1995. While the property/casualty sector actually saw growth in M&A values of about 20 percent to $16.3 billion after a strong start in the first quarter, life and managed care company values and transactions were down significantly. The study tracks and analyzes U.S. and non-U.S. insurance industry M&A activity across property/casualty, life, health and distribution and services sectors. It is available for purchase from Conning Research by calling (888) 707-1177 or on the Web at http://www.conningresearch.com
| |
|
RETHINKING INDIVIDUAL ANNUITIES
Conning Research and Consulting, Hartford, CT http://www.conningresearch.com April 2009
A new study by Conning Research examines the impact of current economic conditions on the market for individual annuities. The study identifies the changes in market demand, structure and risk facing individual annuity insurers, and reviews early indications of market adjustments and insurer responses as well as likely future changes. The study is available for purchase from Conning Research & Consulting by calling (888) 707-1177 or by visiting the company’s Web site at www.conningresearch.com . A news release is posted at http://www.conningresearch.com/pressrelease-detail.aspx?id=2919
| |
|
© Insurance Information Institute, Inc. - ALL RIGHTS RESERVED
| |
| |
|
