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Illinois: Repeal of Medical Malpractice Caps to Increase Physician Liability Claim Costs 18 Percent
Milliman, Inc., a global consulting and actuarial firm, released results on Feb. 22 from a study of physician professional liability in the State of Illinois. A Feb. 4 decision by the Illinois Supreme Court overturned caps on non-economic damages awarded to claimants. This change in the tort law is likely to have financial implications for insurers in Illinois. Indemnity claim severities will increase by approximately 23 percent and the average cost that insurers expend defending claims will increase by 10 percent, relative to what these costs would have been had the cap held. The average overall increase in claim severity will be approximately 18 percent. (Posted: 2/22/2010)
Report: 2009 Top Ten Property/Casualty EDB Performers Announced
8,700 independent agents and brokers assessed the performance of more than 250 property/casualty insurance carriers in Deep Customer Connections, Inc.’s 7th annual survey in which agents rated how easy it is to place business with carriers. (Posted: 10/23/2009)
The Colorado State University hurricane team slightly lowered its 2009 Atlantic hurricane forecast on Aug. 4 based on developing El Nino conditions that are expected to intensify during the remainder of the hurricane season. (Posted: 8/4/2009)
The Number of Customers Shopping for New Insurance Providers Declines
Erie Insurance ranks highest among auto insurance companies in satisfying new buyers with the purchase experience for a second consecutive year, according to the J.D. Power and Associates “2009 Insurance Shopping Study” released June 23. (Posted: 6/25/2009)
Number of States Banning Texting While Driving Doubles in 2009
North Carolina Gov. Bev Perdue signed a law June 19 banning all drivers from text messaging while driving. The Tar Heel state becomes the 14th state with this law. In just the first six months of 2009, seven new states have passed broad texting while driving bans, bringing the total to 14 plus the District of Columbia. (Posted: 6/22/2009)
To help make vehicle and highway transportation safer and reduce fatalities, the Institute of Electrical and Electronics Engineers created IEEE 1616™ in 2004, the first universal standard for motor vehicle event data recorders, much like those that monitor crashes on aircraft and trains. (Posted: 6/19/2009)
The Colorado State University hurricane forecast team predicted June 2 a slightly below-average 2009 Atlantic-basin hurricane season based on a cooler-than-normal tropical Atlantic and the greater potential for a weak El Nino during the bulk of the season. (Posted: 6/3/2009)
New Analysis Provides Roadmap for Teen Driving Laws
States have made progress; Some laws need strengthening. (Posted: 6/3/2009)
New Study Reveals Buying Behavior for Auto Insurance Among U.S. Hispanics
Several revealing facts about the auto insurance market came to light in a study published by Geoscape. The publication of this 2009 auto insurance syndicated survey database, called “BehaviorBase™ Auto Insurance,” draws upon 1,400 carefully sampled survey respondents across demographic and economic segments nationwide. (Posted: 4/22/2009)
As many as 56 percent of deadly vehicle crashes involve one or more unsafe driving behaviors typically associated with aggressive driving, according to a new analysis released April 21 by the AAA Foundation for Traffic Safety. (Posted: 4/21/2009)
New Crash Tests Demonstrate the Influence of Vehicle Size and Weight on Safety in Crashes (4/16/2009)
AAA Releases Its Top Picks for New Vehicle Technology (4/16/2009)
Colorado State University Releases Updated 2009 Hurricane Forecast (4/8/2009)
National Tornado Experiment to Begin in May (4/7/2009)
Car Insurance Shopping Trends - The Web vs. Agent (2/17/2009)
U.S. Secretary of Transportation Mary E. Peters Announces New Data Showing Record Low Highway Fatalities (2/10/2009)
Congressional Panel Calls for Systemic Risk Regulator (2/3/2009)
North Carolina: Beach Plan Committee Issues Final Report (1/27/2009)
Report: Economic Downturn May Push Percentage of Uninsured Motorists to All-time High (1/22/2009)
Report: Insurers to Pay $25.2 Billion in 2008 Catastrophe Claims (1/20/2009)
AAIS Issues Expanded Cause of Loss Reports for Homeowners Insurance (1/15/2009)
FBI Releases Preliminary Semiannual Crime Statistics for 2008 (1/15/2009)
GAO: Federal Insurance Charter Could Have Unintended Consequences (1/12/2009)
The 1938 Great New England Hurricane: Looking to the Past to Understand Today’s Risk (1/9/2009)
Vision Problems Prompt Older Drivers to Put Down the Keys (1/9/2009)
California Earthquake Would Accelerate U.S. Mortgage Meltdown, Reveals Aon Benfield Study (1/7/2009)
Reinsurance Industry Largely Unscathed by Financial Crisis: Willis Re (1/5/2009)
Report: Catastrophe Losses in 2007 Impacted by High Losses from Flood and Storm Damage in Europe (12/27/2008)
Older Drivers’ Fatal Crashes Trend Down; Many Say They Self-limit Driving (12/23/2008)
Exigen Survey Shows Insurers Cautiously Moving Towards Offering Pay-Only-As-You-Drive Insurance (12/12/2008)
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