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FacWorld Report - November/December 2001
FacWorld Report - November/December 2001
Welcome to the year end issue of the FacWorld Report. We have a lot in store for you this month ranging from new transactional functionality to our latest publications and materials on the impact of the WTC and terrrorism on insurance.
First things first
The online evolution continues. As you may have noticed, the site has had a bit of a facelift recently as part of our ongoing efforts of continuous improvement. Among the enhancements are:
- New Look A cleaner, crisper front page
- Improved Dynamic Forms Have more vehicles than fit on the submission form? No problem. You now have the ability to Add, Edit, or Delete Layers, Coverages, Values, and Insured risk information
- Property Multi-Location Form Submit Property risks with more than one location efficiently all on one form
- Med Mal Form Submit medical malpractice risks on this new form tailored to that line's unique requirements
- Rebox Login and use this tool to graphically display your reinsurance participation
- News Free daily live reinsurance news emailed to you
And if these aren't enough reasons to use FacWorld to submit business, then how about 4 out of 5 Dentists agree that using FacWorld fights plaque and reduces your chances for gum disease.
This issue of the FacWorld Report has two segments. Our
Standard Installments
include traditional underwriting articles similar to those we've had in the past. This month we have features on Winemaking, Rubber Manufacturing, Tire Product Liability, Life Reinsurance issues, and Commercial Auto trends as well as our old friend Toxic Mold.
Our second section is our
Feature Section:
Terrorism and the Insurance Industry.
Here, we've included comments from Ron Ferguson and Warren Buffett as well as some Congressional Testimony and a CPCU panel discussion video on "The Impact of Terrorism in the Insurance Industry."
Standard Installments
Most of these articles require Adobe Acrobat to view. If you do not have Adobe Acrobat Reader, please click on the link below to download the reader.
Adobe Acrobat Download
This thought provoking piece analyzes recent trends in the Commercial Auto Liability segment, with some focus on how these trends impact excess layers.
Commercial Auto: Achieving a Balance
Our latest edition of Facultative Matters includes articles on the process and underwriting of winemaking in the United States, the manufacture of rubber, and fire volatility.
Winemaking, Rubber and Fire
This paper on tire product liability claims discusses claim frequency and severity, sample verdicts, and insurance reactions.
When the Rubber Meets the Road
Soon FacWorld will expand its boundaries by launching its life transaction functionality where facultative life business can be submitted, approved, and bound online. Risk Insights is a newsletter that outlines various issues affecting the Life Industry. This month we're proud to share Risk Insights from August and November, which focus on topics like second-to-die life, group life, and the many issues surrounding elderly applicants.
Risk Insights August 2001
Risk Insights November 2001
Finally, just when you thought Toxic Mold was gone, it's back! And this time it's personal. Our latest update focuses on the potential for bad faith claims and includes recent verdicts and additional thoughts on the importance of claim handling.
Toxic Mold Update
Feature: Terrorism and the Insurance Industry
Since September 11, terrorism has moved to the forefront of many underwriting discussions.
Video
Link
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At this year's CPCU conference in Seattle, several industry leaders participated in a panel dicussion on "The Impact of Terrorism in the Isurance Industry."
Panelists include:
-Joe Brandon, CEO, General Re Corporation
-Gregg Hanson, President, Wawanesa Mutual
-Donald Hurzeler, President, Zurich Middle Markets
-Gregory Maciag, President, ACORD
-Michael McGavick, CEO, Safeco
When you reach this CPCU Society site, note the banner on right that mentions this video and the button to "Click Here." It is about 120 minutes, but is a very engaging discussion of the issue as well as the importance of underwriting to the industry in the next decade.
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Congressional Testimony
A legislative solution to the problem of terrorism and insurance is currently being debated in the US Congress. In the last few months, many insurance and political leaders have shared their thoughts and expertise with Congress regarding a potential solution to this dilemma. Below are links to several witness's congressional testimony.
Kathleen Sebelius, President, NAIC, September 26, 2001
Ron Ferguson, Chairman, General Re Corporation, September 26, 2001
Scott E. Harrington, Professor of Insurance and Finance, Moore School of Business, University of South Carolina, October 24, 2001
John T. Sinnott, Chairman & CEO, Marsh, Inc, October 24, 2001
Statement of Independent Insurance Agents of America, October 24, 2001
Ron Ferguson, Chairman, General Re Corporation, October 24, 2001
David L. Keating, Senior Counselor, National Taxpayers Union, October 24, 2001
R. Glenn Hubbard, Chairman, Council of Economic Advisors, October 24, 2001
Recently, Warren Buffet, Chairman of the Board of Berkshire Hathaway, Inc., wrote a letter to the editor of the Washington Post suggesting that an FDIC model for insurance may be a viable solution. You can view his thoughts at this link to the Washington Post website:
An FDIC for Insurers
Want to stay up to date on the latest terrorism developments?
The JURIST
website has a lot of very good information, not only about the impact of terrorism on insurance, but many additional aspects of terrorism, including:- Updates, summaries, and background on US law as well as pending US legislation
- Information on various World anti-terrorism legislation and measures
- US and International counter-terrorism policy
- Legal Issues of Bioterrorism and Civil Liberties
Click Here to visit JURIST
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