Insurance News Beat: Market Pulse, High Net Worth, Occupational Crime & more from the headlines

Market PulseCommercial Lines Rate Increases Hold Steady at 5% in May; Personal Lines Up to 4% – both the commercial and the personal markets continue to harden, according to the latest reports by MarketScout. Leading the pack on the commercial side: Commercial property, GL and workers’ comp policies were up by 6%  in May 2013 compared to May 2012. And in personal lines, both homeowners and auto were up 4% in May vs. 3% in April.

High Net Worth Clients – Peter Piotrowski, senior vice president, claims for the Private Client Group division of Chartis offers an overview of trends impacting liability risk for the affluent (PDF).  He discusses a variety of new and evolving exposures.

Work related Crime – Work-related fraud is on the rise,  according to the Assoc. of Certified Fraud Examiners.  Occupational fraud now accounts for 5% of gross revenues for all businesses. A 28-year law enforcement veteran provides a step-by-step process to prepare your customers for the worst-case scenario: Prepare your Clients for Occupational Crime

Foreign Voluntary Workers’ Comp – Do you have commercial clients whose employees frequently travel outside the U.S.? If so, this article is worth reading:  Why Clients Might Need Foreign Voluntary Workers’ Comp

Coastal – “From Cape Cod to the southern tip of Texas, rates for homeowner coverage have risen sharply since 2003, sparking outrage as insurance companies report profits higher in many coastal states than inland.” Coastal homeowners stagger under insurance costs

Terrorism – The Insurance Information Institute has a new report on  Terrorism Risk: A Constant Threat – Impacts for Property/Casualty Insurers (PDF), particularly relevant after the Boston Marathon bombing. It includes a discussion of the important role that the Terrorism Risk Insurance Program Reauthorization Act (TRIPRA) plays as a backstop that delivers big benefits at little cost to taxpayers. This is an important issue for the industry now because TRIPRA is scheduled to expire at the end of 2014.

Strengthen your communications – The average person gets 70 emails a day. If you use email to communicate with your prospects and clients, how do you stand out from the crowd?  Boost Your Email Open Rate With Strong Subject Lines.

State News
Connecticut:
What Employers Need to Know About the Minimum Wage Hike in Connecticut
Connecticut Regulators Recovered $2.3M for Policyholders, Taxpayers in Q1
CT Supreme Court Capstone Decision Limits Scope Of Insurers’ Liability
Connecticut’s Anti-Distracted Driving Bill Sent to Governor
Political heavyweights battle in Hartford

Maine:
Maine’s New Nonprofit Health Insurance Co-Op Preparing for Implementation of Obamacare

Massachusetts:
RMV Announces New Registration Residency Requirements
Coakley: Cut Homeowners’ Insurance Rates
FEMA redraws flood hazard insurance maps in Hampden County, triggering changes in insurance rates

New Hampshire
N.H. House approves health overhaul grant

Rhode Island:
New position to target workers’ comp fraud in RI
36 Hours Behind the Scenes of Rhode Island’s Health Exchange

Vermont:

Vt. passes law on unclaimed life insurance
Vermont requires more aggressive insurance payouts