Author Archives: Emily Holbrook

About Emily Holbrook

Emily Holbrook is a former editor of the Risk Management Monitor and Risk Management magazine. You can read more of her writing at EmilyHolbrook.com.
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Q&A: Connecticut’s New Data Breach Mandate

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Many states are enacting data breach notification laws, but Connecticut is the first state to have its insurance department get involved, enacting what is known as Bulletin IC-25.

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Wanting to know more about this recent development, I contacted Ed Goodman, chief privacy officer at Identity Theft 911. Below is our exchange:

What is Bulletin IC-25?

EG: On August 18, 2010, the Connecticut Insurance Department issued Bulletin IC-25. Bulletin IC-25 covers the handling of information security incidents that pose a potential risk to an individual’s personal health and/or financial information.

Is Connecticut the first state to issue such requirements for insurance companies doing business in the state?

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EG: While CT already has data breach notification laws, this is the first time any state Insurance Department set out specific stringent breach requirements for insurance companies doing business in its state.

Why is this rule important?

EG: Insurance companies doing business in Connecticut must know how the rule affects them and what they are required to do if they suffer a data breach. Companies with BOP (business owner policies) need to know how the new law affects their business customers, so they can address concerns and meet their customers’ needs.

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While other states (California and Massachusetts) have been on the cutting edge of data breach regulations, Connecticut is the first to establish the insurance department in an active role in data breaches specifically in the insurance industry.

Understanding breach regulations is crucial to every insurance company to:
*       Avoid sanctions or fines
*       Preserve goodwill with people who trust them with their personal data
*       Listening, then advising, educating and advocating protecting and restoring their identities

Do you see other states enacting the same sort of rule in the near future?

EG: Other state insurance departments will follow Connecticut. So all U.S. insurance companies should be prepared and knowledgeable, as well. The State of Connecticut Insurance Department’s Bulletin IC-25 is the beginning of a trend towards high scrutiny security incidents by regulators, especially in the insurance industry. Expect to see more departments following suit in the coming years.

data breach

P/C Insurers Going Strong for First Half of 2010

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It seems the P/C market continues to rally. The Insurance Information Institute (III) issued a release stating that private U.S. property/casualty insurers’ net income after taxes rose to $16.5 billion in the first half of 2010 — up from billion in the first half of 2009.

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“Property/casualty insurers’ positive results for first-half 2010 are yet another testament to the conservative investment strategies and superior risk management that enabled insurers to emerge from the financial crisis and great recession essentially unscathed,” said David Sampson, PCI’s president and CEO. “Combining insurers’ $530.5 billion in policyholders’ surplus as of June 30 with their 6.

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1 billion in loss and loss adjustment expense reserves and their $202.3 billion in unearned premium reserves, insurers had nearly $1.3 trillion on hand to pay claims and meet other contingencies — up from $1.2 trillion at June 30, 2009. This means we can all be confident that insurers have the financial resources to fulfill their obligations to policyholders when catastrophes strike.”

It’s not all good news, however. Insurers’ net losses on underwriting grew to $5.1 billion for the first half of this year, compared to .

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1 billion for the same period of 2009. Below are the financial results for private U.S. P/C insurers, courtesy of III.

First Half 2010 Financial Results *
($Billions)

Screen shot 2010-09-16 at 10.14.22 AM
We must take good or optimistic financial news for this industry with a grain of salt. There are still many challenges facing P/C insurers, including the excruciatingly slow pace of the economic recovery and fierce competition in the commercial insurance markets.

Lloyd’s TSB Bank Tops UK Complaints List

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The UK’s Financial Ombudsman Service (FOS) acts as a middleman to help settle disputes between consumers and UK-based businesses providing financial services, such as banks and insurance companies. Every six months, the FOS publishes its complaints data and, according to the figures released yesterday, there was a sizable increase in the number of complaints in the first six months of 2010.

From January 1 to June 30th of this year, there were 84,212 new complaints made about financial businesses operating in the UK. This is an increase of 2,076 from the last six month period of 2009.

The highest number of complaints in the insurance category were attributed to the following companies:

  1. Lloyd’s TSB Bank 8474
  2. Barclays Bank 2205
  3. Black Horse 1876
  4. Welcome Financial Services 1608
  5. Bank of Scotland 1548
  6. The Royal Bank of Scotland 1499
  7. HSBC Bank 1344
  8. Clydesdale Bank 1302
  9. National Westminster Bank 1027
  10. Santander UK Plc 977
  11. Capital One Bank 843
  12. Eisis 582
  13. Aviva 580
  14. AXA 532
  15. Direct Line 478
  16. HFC Bank 463
  17. MBNA Europe Bank 457
  18. Royal & Sun Alliance 452
  19. St Andrew’s Insurance 425
  20. UK Insurance 386

The FOS works to resolve every complaint that is filed and, on average, they resolve 70% of all general insurance complaints — complaints which are resolved in favor of the consumer.

AIG Branches Out Big Time in China

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The Industrial and Commercial Bank of China (ICBC), the world’s largest bank in terms of market capitalization, has teamed up with AIA Ltd, AIG’s Asian life insurance unit, to have ICBC sell AIA products at its branches. A good move for AIG, seeing as “China is the world’s sixth-largest life insurance market, with about $96 billion in total premiums collected in 2008.”

“AIA will work jointly with ICBC in areas such as sales and marketing system, product innovation, service quality, technological advancement and sustainable profitability,” Tucker added.

That’s not the only thing AIG’s Asian unit has going for it.

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AIA Ltd is planning an IPO for sometime next month. As for now, the Hong Kong listing committee is in the process of approving the IPO application. Once approved, the IPO could raise close to $15 billion — some of which will be used to pay back AIG’s $182 billion taxpayer bailout. The insurance giant is seeking a September 21st approval.

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Though it’s a small fraction of the amount AIG owes, it’s a start.

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IPO