PIA Weekly Industry News
Jul. 23, 2015

Rates are Flat But Insurers Still Have Best Quarter in 30-years

In the first quarter of 2015 P&C insurers posted the best quarter in 30-years. Considering rates are flat and the industry is headed for another — or maybe now even in — a soft market, it's a head-scratching statistic. But Robert Gordon of the Property Casualty Insurers Association of America (PCI) says the numbers are true. The report from the ISO Insurance Programs and Analytics Services and the PCI says lower than usual catastrophe losses are the reason for a 31% jump in profitability.More

Cyber Fallout: CIO Lawsuits

Fallout of sorts — and in an unexpected direction — is increasing because of cyber attacks. Legal expert Matthew Karlyn of Foley & Larder LLP told The Wall Street Journal the suit filed against the Donna Seymour, the CIO of the U.S. Office of Personnel Management — and a few unrelated others — are the tip of the iceberg. "We are absolutely going to see more CIOs taking the fall and ultimately being named in lawsuits," he said.More

The Future: Policy Obligations Worrisome

Sustainalytics is a research and financial analytics company. It posted a worrisome report last week on the state of the industry. Insurance: Shedding light on new industry challenges is the report title and it said the fallout from the Great Recession is still being felt. Though the recession is "over," the report notes the continuing low interest rate solution is hurting insurers.More

Conversations: Dealing with Difficult People

The book is called We Need to Talk. It's done by business coach Andrea Lee and covers those difficult conversations we all have trouble doing. And when we have to have one of those conversations, it tends to sap all of our energy and dominate our thoughts. And this tends to be the case long before we have the actual conversation — if we have it at all.More

2015 Disasters: Munich Re Half Year Report

Munich Re has issued its disaster report for the first half of 2015. Earthquakes, draught and heat and storms have killed more people than average but economic costs fell. The death toll rose by a staggering number. Last year at this time 2,800 people lost their lives in disasters. In 2015 the six-month total is over 16,000. Over half of those deaths came from the earthquake in Nepal.More

Work Comp: Small Employers & Video Cameras

Workers' compensation fraud is a big concern for employers big and small. One of the weapons being employed to prevent such fraud is video cameras. And it's small employers who are leading the pack on this one. Work comp carrier employers did a survey of small employers and found one in 10 are worried that fraud is happening and a quarter of them — 25% — have installed surveillance cameras to monitor their on-the-job behavior. More

ObamaCare: Agent & Broker Exchange Participation Double

More than 77,000 agents and brokers helped individuals with enrollment in the federal ObamaCare exchange, HealthCare.gov last year. That's up 46% from year one when 53,271 helped. Those stats come via the Centers for Medicare and Medicaid Services. More

ObamaCare Fines Increase

Like when we all played hide and seek as kids and it was time to bag it and go home the cry would go out. Olly olly oxen free. No penalty. Game over. Olly olly oxen free was given to non-participants of the Affordable Care Act in year one. If you didn't obey the law and participate, no problemMore

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