Security risk

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.

While the Federal Insurance Office (FIO) attempts to begin its work with the release of the office’s first report pending, Rep. Ed Royce (R-Calif.), a senior member of the House Financial Services Committee, sent a letter to FIO Director Michael McRaith seeking more defined jurisdictions for the FIO and the National Association of Insurance Commissioners (NAIC).

The right strategy can make your organization agile enough to keep up with Solvency II and FASB/IASB requirements and standards.

Regulators in New York and California are looking into the extremely high profits yielded from, and competitive nature of, force-placed insurance.

New version designed to offer captive premium payment tracking for both locally, centrally invoiced insurance programs.

Deloitte survey also finds risks not continuously monitored at most firms despite available automation; most intend to revamp risk management within 12 months.

Reform Insurance Penalty Estimator designed to assist insurers adjusting to the Patient Protection and Affordable Care Act's requirements.

Industry associations applaud the long-term reauthorization of the National Flood Insurance Program as part of a compromise deal that included the surface transportation reauthorization and student loan bill.