Consumers being warned to protect their social media information from insurance companies

As social media becomes a popular tool for the insurance industry for investigating claims and, at times, pricing insurance policies, consumers are being warned to watch what information they share on their favorite networking platforms. A new study from the Paw Research Center, a market research and trend analysis firm, shows that the majority of adults in the U.S. (64%) have an active social media presence. The study finds that a scant few of these people have any knowledge on how to protect the information they share on these platforms…

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Insurer santalucía trusts SAS® to help address Solvency II and integrate risk management

MADRID – Building on its successful use of SAS in actuarial activities, Spanish insurer santalucía will use SAS Risk Management for Insurance to help meet Solvency II, Pillar I requirements to manage risks and calculate metrics. SAS, the leader in business analytics software and services, is a risk analytics solutions leader for the insurance industry. With 370 agencies, 9,000 employees and 7.5 million clients throughout Spain, santalucía chose SAS to undertake multidimensional risk analysis that includes both the standard model approach and the ability to develop integrated internal models in…

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Connecticut Becomes First U.S. Insurance Regulator to Join International Information Exchange Agreement

Membership Strengthens International Supervisory Cooperation, Promotes Enhanced Consumer Protection Connecticut Insurance Commissioner Thomas B. Leonardi and Peter Braumüller, Chairman of the Executive Committee of the International Association of Insurance Supervisors (IAIS), today announced that Connecticut has joined an international supervisory cooperation and information exchange agreement, becoming the first U.S. regulator to gain membership. Connecticut becomes the 22nd signatory of the IAIS Multilateral Memorandum of Understanding (MMoU), a framework that establishes a formal basis for global cooperation and information exchange among insurance supervisors. Commissioner Leonardi and Chairman Braumüller said Connecticut was…

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New York regulators to investigate insurer’s rate proposals for accuracy

As complaints regarding insurance rate hikes begin to weigh on regulators in New York, the state’s Financial Services Superintendent, Benjamin Lawsky, has announced a new investigation into the matter. Regulators will be investigating the data submitted by insurance companies to justify their premium increases. The goal is to determine the accuracy of the data that these insurers use. These investigations will work alongside the regular rate review process and insurers will not know when they will be investigated. Lawsky notes that any errors made by insurers in their requests for…

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American insurance industry feeling the pinch of weak investments and catastrophes

A new report released by A.M. Best Co. Inc., has stated that the unprecedented number of natural disasters, poor returns from investments, and an economy that continued to struggle in 2011, has made it exceptionally difficult for the American property and casualty insurance industry’s commercial insurance and reinsurance sectors to grow and has caused notable hurt to their operating performances. It’s estimated by the rating agency, based in Oldwick, New Jersey, that last year’s underwriting losses from underwriters in the commercial property and casualty sector were approximately $15.2 billion. This…

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