PIA Weekly Industry News
Jul. 8, 2015

ObamaCare: The Decision a Done Deal? Not so Fast

The U.S. Supreme's edict that the state subsidies are legal at the federal level seemed to put a final nail in the efforts of opponents to do away with the Affordable Care Act. Not so fast. While the decision seems to cement ObamaCare into law, the push to repeal continues. Republicans are shooting for a little known fast-track bill passing process called reconciliation. It could move an ObamaCare repeal forward with a simple majority of 51 votes.More

MetLife Takes on FSOC and Wants Systemic Risk Docs

MetLife continues to battle the decision by the Financial Stability Oversight Council (FSOC) that declared it a systemic risk to the U.S. economy. The decision was made — as all FSOC decisions have been made — in secret. After requests for more transparency fell on deaf ears, MetLife has asked the U.S. District Court for the District of Columbia to force the FSOC to hand over 500 pages of "confidential" documents. More

Major Moves: One Acquisition and One Merger

ACE Limited has agreed to acquire The Chubb Corporation. The price tag is $28.3 billion. It comes in the form of cash and stock. Combined, the new company has $46 billion in equity and $150 billion in investments, cash and other assets. ACE CEO Evan Greenberg said, "This transaction advances our strategy in a meaningful way and represents an outstanding opportunity to create significant value over a reasonable period of time for both ACE and Chubb share holders."More

PIA Western Alliance States Among the Least Expensive for Insurance

Good news for consumers. Six PIA Western Alliance states are among the top-15 least expensive states in which to purchase insurance. Three of them — Oregon, California and Washington — are in the top-10 least expensive. As an FYI and in case you don't know the PIA Western Alliance states number nine and are Alaska, Arizona, California. Idaho, Montana, Nevada, New Mexico, Oregon and Washington. Six of them in the least expensive is impressive.More

Are Auto Insurers Spending too Much Money on Advertising?

J. Robert Hunter of the Consumer Federation of America thinks auto insurers are spending too much money advertising. He contends the $6 billion a year spent trying to sway consumers is the reason many of them are raising their rates. How big is the $6 billion figure? It puts the insurance industry in the top-10 biggest advertisers in the nation.More

Data: A Ton of it Stolen in 2014 — Sadly, More to Come

Here's a frightening statistic. By 2019, breaches on a global level — says Juniper Research — will cost the world's economy a staggering $2.1 trillion. The same report totaled all of the records compromised in 2014. There were 290.5 million reported. That's reported. The unreported numbers — if discovered and published — would pump that number up significantly. More

Workers Compensation: More of an E&O risk than you might think
by Curtis M. Pearsall, CPCU, AIAF, CPIA, President, Pearsall Associates Inc.Special Consultant to the Utica National Agents E&O program
If you asked most agents about the errors-and-omissions risk involving workers compensation, it is a good bet the vast majority would say it presents minimal, if any, real E&O claims potential. In reality, with a number of E&O carriers, E&O claims arising from the sales and service of workers compensation is in the top 5, generating upwards of 10 percent of all E&O claims every year. This is a line of business to which agents should be sensitive.More

Dress Codes: A New Era

Dress codes are relaxing everywhere. Business consultants used to recommend a more formal code. Today — with Millennials beginning to rule the retail roost — things have changed. And the first place we're noticing the change is with large employers who — says retail consultant Neil Stern — find the choice to be a no-brainer.More

How Can this Be? Self-Driver Cars in Near Accident.

The future is here. Self-driving autos and soon to be self-flying airplanes. Sit back in the safety of your cushioned existence, text away, watch a movie, take a nap and — like Greyhound used to say — leave the driving to us. How safe do you feel with the thought of being in a vehicle that drives itself? Most of us aren't sure.More

Around the PIA Western Alliance States