Risk

Workers’ compensation and medical malpractice among lines most likely affected; impact likely to differ by state.

Coverage designed for U.S.-based multinational companies with complex exposures.

In anticipation of the announcement of designations for non-bank systemically important financial institutions, Howard Mills, director and chief advisor of Deloitte’s insurance industry group and former New York State Insurance superintendent, shares thoughts about some of the last-minute speculation and what options insurers will have if designated.

The part of the legislation that prompted the halt placed a cap on non-emergency care and a 14-day deadline for treatment from massage therapists, acupuncturists or chiropractors, as well as the requirement that an emergency medical condition exist for the full $10,000 PIP coverage.

As the life insurance and annuity industries move toward model-based approaches to reserve and capital valuation, actuarial models are increasing in complexity and sophistication while the imperative to avoid modeling errors also increases, according to a recent report from Deloitte, titled “Actuarial Modeling Controls: A Survey of Actuarial Modeling Controls in the Context of a Model-Based Valuation Framework.”

Cyber coverage levels also increased according to the report. Across industries, limits purchased in 2012 averaged $16.8 million, a 20-percent increase over 2011. Communication, media and technology companies led other industries in terms of average limits purchased, at $33.4 million, and the rate of increase, which was nearly 36 percent.

Armed with analytics, insurers should be able to make better business decisions more quickly and mobilize teams to connect better with customers, leading to success and growth, according to PwC.

Peak Reinsurance Co., a reinsurer focusing primarily on the Asia-Pacific market, has selected a catastrophe modeling solution from AIR Worldwide to manage its catastrophe risk.

Partnership intended to simplify the BPM and CRM provider’s encryption approach.

However, report says P&C carriers better equipped than others; PCI discounts findings.

Commissioned by The Hartford Steam Boiler Inspection and Insurance Co., Ponemon Institute’s survey results show many small businesses have had a data breach, almost all involving electronic records.

The goal of the partnership is to provide a file exchange between GEMS Economic Scenario Generator, MG-ALFA actuarial software.

Activist regulators, increased CAT losses pose larger risks, companies must adapt, A.M. Best says.

ARC Logics upgrade includes the NAIC-proposed requirements, which are set to take effect on Jan. 1, 2015.

A review of losses tied to weather-related catastrophes reveals that climate-change models are but one of a growing number of complexities affecting all stakeholders.

Insurance IT leaders need a long-term vision that accounts for today's issues as well as for tomorrow's.

The use of enterprise risk management applications continues to evolve, according to “2012 U.S. Enterprise Risk Management (ERM) Survey,” from Gen Re. The survey focused on setting biometric risk assumptions, which had largely been ignored by previous ERM research.

North American insurers ranked product pricing (51 percent versus 39 percent in 2010), risk strategy (48 percent versus 38 percent in 2010) and reinsurance strategy (44 percent versus 34 percent in 2010) as the areas of their business most impacted by their evolving enterprise risk management (ERM) programs, according to a new Towers Watson survey.

A new report highlights a wave of mobile-focused techniques spreading among hackers.

Regulatory change management solution for insurers now designed to deliver daily updates with a variety of reports and analysis.