News for the week of Feb. 27, 2023
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This week, ICT worked with several member companies to develop information for several stories that included catalytic converters, aftermath of the ice storm that struck Texas and the ongoing theft issues with certain models of Kia and Hyundai vehicles.
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Did fallen trees cause damage?
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Originally published in the Austin American-Statesman
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With Austin temperatures climbing into the 80s this week, the destructive ice storms at the beginning of February that led to widespread and lingering power outages might seem like a distant memory to some.
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'It's become rampant' | New bill would crack down hard on catalytic converter thefts
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Catalytic Converter thefts have continued to increase nationwide according to the National Insurance Crime Bureau and thieves are still able to receive between $50 and $250 per catalytic converter they turn in to recycling facilities.
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Eligible Kia and Hyundai owners need to get this free upgrade immediately
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A rental car company gave Quinton Hoover a Kia Optima after his vehicle was stuck in a collision. Two weeks later it disappeared from in front of his apartment. After making sure it hadn't been towed, he called the police. Hoover had not expected the conversation that followed.
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NCCI proposes revised rules related to COVID-19 claims
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The National Council on Compensation Insurance (NCCI) filed Item E-1410 Revisions to NCCI Manual Rules Related to the Inclusion of COVID-19 (Coronavirus) Claims in Experience Rating and Merit Rating.
The filing revises rules for reporting COVID-19 claims as an extraordinary loss event.
View the NCCI Manual Rule Filings for 2023 webpage for a copy of the notice, filing, and information on how to submit comments.
To submit comments or questions to ICT contact Angie Cervantes.
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Legislative News & Updates
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Speaker Phelan Sets Priorities for the Texas House
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Last week, Speaker Dade Phelan announced several legislative priorities he will focus on during the 88th Legislative Session. Several of the bills focus on improving the privacy and security of Texans and supporting mothers and children in the state. To read more about Speaker Phelan's announcement, click here.
The Texas Tribune published a full analysis on the Speaker's priorities. You can read more here.
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P&C Industry News & Updates
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Property hard market expected to continue: Amwins
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Property markets will remain hard with no softening in the foreseeable future, while in primary casualty lines, renewals remain largely flat except for challenged classes such as heavy auto-exposed and trucking, according to a report from Amwins Group Inc.
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Is The ESG Colossus Stumbling?
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Leaders of the Florida’s House and Senate hailed legislation that would “protect Florida retirement accounts and state investments from financial discrimination by eliminating the consideration of environmental, social, and governance (ESG) investment strategies” and “protect Floridians from being denied loans based on their political or social beliefs.”
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When Mother Nature Strikes; Working Together to Mitigate Natural Catastrophe Risk
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Climate change is contributing to increasingly intense natural catastrophes that leave larger and larger losses in their wake. What steps can the insurance industry take to prevent losses, protect clients, and ultimately create a safer world in the eye of a growing storm?
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