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Most Cat Models Not Helping the Insurance Industry
Cat modeling is a huge trend in the insurance industry, but Michael Pilla, CEO of Technical Risk Underwriters which writes builders’ risk, standalone earthquake DIC for fixed and completed property, and flood for completed property, says not all models are created equally. In this video, Pilla discusses why most cat models are creating a false sense of security for the insurance industry and what systems are a better indicator of risk and estimator of loss.

Digging Up Lost Policies
With insurers constantly merging and relocating, policies can get lost in the shuffle. Sheila Mulrennan, president of the Insurance Archaeology Group located in New York City, explains when and why insurers may need help finding policies and the types of information that can be used to verify coverage.

Fraud Trends in 2014
Roger Morris, chief communication officer at the National Insurance Crime Bureau, shares fraud scams adjusters should be on the lookout for in 2014. He explains the need for medical task forces and the top states where anti-fraud legislation will be pursued.
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Florida Bill Would Restrict Insurers in Underwriting Gun Owners

Florida lawmakers say they want to protect policyholders’ second amendment rights to bear firearms by preventing insurers from issuing, renewing or canceling a policy based on whether the policyholder possesses a gun.

The state’s Senate Banking and Insurance Committee approved a bill last month that would restrict an insurer inquiring whether a home or auto insured owns any firearms.

Senator Tom Lee (R-Brandon), who is sponsoring the legislation, said it is needed to protect gun owners’ rights and privacy.

Under the bill (SB424), it would be illegal to refuse a consumer’s application for new or renewal coverage by charging an unfairly discriminatory rate based on whether the applicant owns or possesses firearms.

The story generated some interesting comments from readers. Read a few of the comments below:

Tom Harvey says: This bill will have the general public subsidizing the risk of guns. It will also stop insurers from contributing to the safe storage of guns. More kids will die as guns get left out.

‘What are you saying?’ says: Interesting comment regarding more kids dying. Can you please show me your evidence that this bill in particular will have the result you imply? Responsible gun owners already take steps to protect children from the danger of firearms, knives, hazardous chemicals… I subsidize folks who have trampolines and swingsets for kids so it only seems fair that others subsidize gun owners, that is why it is called risk sharing.

Rob Jones says: This is rubbish. If I want my insurance company to pick up the pieces when it all goes wrong then they should be aware of the risks. If I have a pool in the back yard, they want to know if it is safe – if I drive a car, they expect me to maintain the brakes.

What is wrong with them asking how I prevent my kids and their friends from accessing my guns?