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| NAMIC dailyLead® |
| January 5, 2009 |
P/C insurers' top priorities: NFIP overhaul, addressing FTC demands
Property-and-casualty insurers are set to present Congress with several action items. Chief among them are renewed authorization of the National Flood Insurance Program and the Federal Trade Commission's inquiry into the industry's credit-based premium rates. PropertyCasualty360.com (1/2)
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Aon lists top 5 risk challenges for 2009
Insurance broker Aon has identified five areas that it says insurers should watch out for in 2009. Higher claims costs, an increase in economically driven fraud, unexpected risk exposures, wider environmental pollution claims, and terrorism and piracy top will be the top issues this year, it says. PropertyCasualty360.com (1/2)
FEMA approved $8M in storm aid for Missouri in 2008
FEMA approved nearly $8 million in disaster aid to Missouri by the close of 2008 for storm damage sustained in September, including from the remnants of Hurricane Ike. The aid included more than $3.6 million in housing assistance, $3 million for homeowners and businesses through the Small Business Association, and $1.2 million in other types of assistance. St. Louis Post-Dispatch (1/5)
Risk management, insurance seen as hot new majors at colleges
Insurance and risk management are assuming greater weight in college-level business courses. Institutions of higher learning are capitalizing on the current global economic turmoil to reinforce the need for better risk-management skills. Actuarial science, insurance and risk management have become more attractive career paths for students, educators say. Business Insurance (1/5)
Survey: Retailers redefine risk amid market challenges
Retail companies have broadened their definition of risk in the face of the troubled economy, according to a recent survey of retailers conducted by Aon Consulting. Additionally, as retailers "reduce their store count, inventory and headcount," according to this article, they are looking to save money by cutting insurance costs, explained Len Churnetski, the manager director of Aon's retail industry practice. PropertyCasualty360.com (1/2)
Lift employees' moods -- for good
Team-building exercises and morale-boosting activities might help improve employees' spirits at the end of a dismal business year, but ongoing leadership is needed to keep those spirits up, experts say. Showing workers how they make a difference so they take pride in the work they do is more effective than games and parties. "Fun is a very fleeting foundation to build teamwork," said Jim Murphy of General Mills. The New York Times (tiered subscription model) (12/26)
Coverage lacking for those in Mo. who generate power for grid
Missouri residents who want to feed excess electricity that they generate through alternative means back into the state grid are required by the Missouri Public Service Commission to carry insurance. Under a new law, production of 10 kilowatts or less requires $100,000 of liability insurance, while generation above 10 kilowatts requires $1 million of coverage. However, it appears that no insurer in the state offers the required coverage. Columbia Missourian/The Associated Press (1/3)
Missouri environmental group sues FEMA over flood-map revisions
Great Rivers Habitat Alliance, an environmental group in Missouri, is suing FEMA for revisions made to a floodway boundary that will allow for the development of the proposed Premier 370 Business Park in St. Peters, Mo. The 829-acre business park lies in the Mississippi River's floodplain and there has been opposition to the plan since 2000. Suburban Journals (St. Louis) (1/3)
Oxendine has reservations on auto insurance option
Georgia Insurance Commissioner John Oxendine is wary of a new state law that offers increased coverage in accidents involving an underinsured motorist. The law provides for additional coverage that comes with a higher premium. Oxendine said he sees more coverage as a good thing, but expresses reservations about the fact that consumers will have to opt out of paying the higher premium rather than opt in. WSAV-TV (Savannah, Ga.) (1/2)
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