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INSURANCE DIGEST JUNE 2009

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Each month the Insurance Information Institute highlights studies and reports that are of key interest to the insurance industry.

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'+("THE GLOBAL FINANCIAL CRISIS, INTERNATIONAL TRADE & PIRACY: IMPACTS ON MARINE INSURANCE MARKETS ")+'

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'+("Robert Hartwig. Insurance Information Institute, New York, NY 10038 http://www.iii.org May 12, 2009, 50 pages")+'

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'+("This PowerPoint report, presented by Robert Hartwig, president of the Insurance Information Institute, focuses on what the financial crisis and recession mean for the marine insurance and reinsurance industries and their ramifications on international trade. A section entitled “Economic Threats to Marine Insurance Markets” discusses the top causes of decline in international trade, major trade and marine exposure trends, an import/export analysis by region and a global review of economic stimulus impacts.The presentation concludes with a review of piracy trends and attacks by region. The full presentation can be accessed on the I.I.I. Web site at http://www.iii.org/media/presentations/marineMay09/. ")+'

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'+("U.S. LIFE/HEALTH – 1976-2008 IMPAIRMENT REVIEW ")+'

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'+("A.M. Best, Oldwick, NJ http://www.ambest.com May 2009")+'

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'+("Seven life/health and annuity insurers became financially impaired in 2008, and three impairments have emerged in 2009 to date, according to a new report by A.M. Best. At least two of the financially impaired companies were related directly to the subprime crisis, according to the report. Three more impairments were added to the list compiled in 2007, bringing that year's count to nine. A release highlighting the findings is posted on the Web at http://www3.ambest.com/frames/frameserver.asp?site=press&tab=1&altsrc=29&altnum=&refnum=6 ")+'

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'+("SPECIAL REPORT: U.S. HURRICANE – CATASTROPHE REVIEW. NORTHEAST OVERDUE FOR MAJOR STORM AS INDUSTRY CAPACITY SHRINKS")+'

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'+("A.M. Best, Oldwick, NJ http://www.ambest.com May 2009")+'

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'+("The Northeastern United States has not been hit with a major hurricane since 1991, but it could be overdue, according to a new A.M. Best report. Losses from a Category 2 or 3 storm would be significant because of the density of property in the region. Highlights of the study are posted at http://finance.yahoo.com/news/AM-Best-Special-Report-bw-15280059.html?.v=1 ")+'

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'+("WORKERS COMPENSATION ISSUES REPORT")+'

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'+("NCCI, Boca Raton, FL http://www.ncci.com March 2009 98 pages")+'

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'+("This report provides an overview of the workers compensation industry and its outlook. Among the topics examined: updated market results from NCCI’s State of the Line report; a look at the national financial crisis and implications for the insurance industry, from Robert Hartwig, president of the Insurance Information Institute; reflections on the reformed Florida workers compensation market from Tanner Holloman, director of the Florida Division of Workers’ Compensation; a forecast for state-based activities aimed at workers compensation legislation; and reform throughout the country. The report is posted on the Web at http://tinyurl.com/mvwvam ")+'

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'+("EXPENSE MANAGEMENT FOR PROPERTY CASUALTY PROCESSES: EVALUATING THE OFFSHORE BARGAIN")+'

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'+("Conning Research and Consulting, Hartford, CT http://www.conningresearch.com May 2009")+'

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'+("A new study by Conning Research identifies the key goals, opportunities and risks for insurers seeking outsourced services through offshoring providers. It is available for purchase from Conning Research by calling (888) 707-1177 or from the company’s Web site at www.conningresearch.com A news release is posted at http://www.conningresearch.com/whatsnew.aspx ")+'

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'+("INSURANCE RECIPROCITY AND UNIFORMITY ")+'

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'+("United States Government Accountability Office, Washington, DC http://www.gao.gov")+'

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'+("Progress has been made to streamline insurance regulation, but there are still significant challenges to full uniformity and reciprocity across state lines, according to a new report from U.S. Government Accountability Office (GAO). The GAO found that a number of states do not participate in pro-uniformity initiatives developed by the National Association of Insurance Commissioners and implementation remains inconsistent. The full report in posted on the Web at http://www.gao.gov/new.items/d09372.pdf ")+'

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'+("CONSUMER MOBILE MESSAGING HABITS REPORT ")+'

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'+("Vlingo, Cambridge, Mass http://www.vlingo.com May 2009")+'

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'+("Despite driving while texting (DWT) bans in seven states and the District of Columbia as well as reports of accidents caused by DWT, a new survey from mobile application vendor Vlingo Corporation reveals that one in four mobile phone users continue to text behind the wheel. A release highlighting the findings is posted on the Web at http://www.vlingo.com/pdf/Vlingo%20DWT%20FINAL.pdf")+'

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'+("THE IMPACT ON THE U.S. INSURANCE MARKET OF A TAX ON OFFSHORE AFFILIATE REINSURANCE: AN ECONOMIC ANALYSIS ")+'

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'+("Brattle Group, Cambridge, MA http://www.brattle.com May 2009")+'

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'+("A new study by Brattle Group examines the implication of legislation that is being considered by Congress that would impose a tax on reinsurance that a foreign-owned U.S. insurance firm buys from an offshore affiliate. The paper is posted on Risk and Insurance Management Society (RIMS) Web Site at http://www.rims.org/aboutRIMS/Newsroom/PressReleases/Documents/TheImpactontheUSInsuranceMarketofaTax.pdf see also http://www.rims.org/aboutRIMS/Newsroom/PressReleases/Pages/05_09BGRtax.aspx ")+'

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'+("ROUGH ROADS AHEAD")+'

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'+("American Association of State Highway and Transportation Officials, Washington, DC http://www.transportation.org")+'

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'+("American drivers are paying for the rough state of the nation’s roads multiple times, according to a report from the American Association of State Highway and Transportation Officials. It reveals that one-third of major highways, including interstates, freeways and major roads are in poor or mediocre conditions. In high traffic urban areas the situation is even worse, with one in four roads in poor condition. For the average driver, rough roads add $335 annually to typical vehicle operating costs and up to $746 annually for drivers in urban areas. The report is posted on the Web at http://roughroads.transportation.org/RoughRoads FullReport.pdf")+'

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