Risk

Delays in updating risk management only serve to damage credibility and open the door to unnecessary dangers.

Suite of coverage enhancements to be offered through network security and privacy product.

Free informative app, called WreckCheck, designed to help consumers protect property, identities with accident reports.

During the first half of 2012, 58,523 questionable claims were referred, according to the National Insurance Crime Bureau.

Michael Palmer will lead the analytics team in Bermuda and help develop the company’s understanding of all aspects of catastrophe risk.

Specialty branch within Munich Re adds a front-end risk management and planning component to its data breach coverage.

Terri Vaughan will step down during the first quarter of 2013; National Association of Insurance Commissioners officers will conduct a national search later this year to fill the position.

CLASIC/2 Version 14.0 introduces the ability to model builder’s risk policies for the AIR earthquake and hurricane models for the United States. AIR designed the updated version to support the policy conditions that characterize commercial insurance, enabling companies to assess catastrophe loss potential from the portfolio level down to the individual location level.

International regulatory measures, including Solvency equivalency, highlight the AIA’s talking points heading into the weekend.

One way to practically screen for potentially significant threats is to evaluate prospective ones against an insurer's exposure concentrations.

In July, severe drought and heat waves effected great swaths of the United States, causing billions in insurance losses, according to Aon Benefield’s “July 2012 Global Catastrophe Recap.” Up to 64 percent of the continental United States is experiencing at least moderate drought, according to the National Climatic Data Center, and half of all U.S. counties have been declared disaster areas.

Spreadsheet Workbench purchased by insurer in an effort to meet Solvency II requirements.

Insurance is among the industries found to have significant scanning requirements due to a continued reliance on paper, according to a recent survey.

Announcement of another state review comes days before NAIC's hearing on force-placed insurance slated for Thursday.

Insurers’ recent SEC filings indicate the Consumer Financial Protection Bureau is continuing its investigation into whether mortgage insurers are complying with federal real-estate law.

The property/casualty industry is facing a number of potentially transformational forces, including increasing competition, consumerization, the number of communications options for both agents and customers, social networking, and an evolving regulatory environment, according to Gartner’s “Hype Cycle for P&C Insurance, 2012.”

International insurance execs question the IAIS and Financial Stability Board's consideration of criteria for, and oversight of, firms too big to fail.

For European insurers and U.S. insurers operating in the UK that also have to comply, Solvency II remains a question as the compliance deadline is looming, particularly as the final regulations have still not been clarified. This challenges preparation for Jan. 1, 2014, implementation, but insurers continue to make progress toward compliance with the risk and capital reporting regulation, and where possible, they have already put systems and processes in place, according to Deloitte's "Solvency II Survey 2012."

In a down economy, insurance fraud is on the increase, but companies such as Allstate, Erie Insurance and CNA tune their technology to fight fraud and organized crime.

A recent survey found cyber attack to be among the world's top five threats, which means insurers have a big responsibility to help others, as well as themselves.