The Week in a Minute, Oct. 11, 2011

Well, this is late, but calling it “The Last Week and a Half in a Minute or So” sounds lousy.

  • I was testifying for Insurance Information Institute last week about proposals to reform Michigan’s no-fault insurance law. Michigan has the nation’s most expensive no-fault, by far. Changes would institute limits – currently Michigan no-fault benefits are unlimited – and institute a fee schedule, similar to workers comp. Proponents of reform are here. Opponents are here.
  • UK’s regulator, the Financial Services Authority, delayed implementation of Solvency II. Regulators still have a Jan. 1, 2013, deadline. Company deadline was pushed back to Jan. 1, 2014. Solvency II Wire surveys the impact, speculating that other European regulators may follow suit.
  • Transatlantic has a fourth suitor.
  • P/C insurers wrote at 110.5 combined ratio in first half, highest since first half 2001, according to the quarterly III/PCI/ISO release. Thank $24B in cat losses, up from $9B last year. Profits fell 72%. Surplus fell a modest $200M. A.M. Best recorded a similar result. Both were about the same as an SNL result I blogged about Aug. 21.
  • CAS (finally) got the OK to offer a CERA designation.
  • One in 53 West Virginia drivers will strike a deer this year, State Farm sez. That’s better than last year.
  • Insurers want rate increases, but the going is slow, according to agents.
  • New York merged its bank and insurance regulators into a single Department of Financial Services. How that’s supposed to help, I can’t say.
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