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PIA Western Alliance
We live in difficult times. Most of us are worried about more things today than our parents and grandparents. Worries always intrigue pollsters. They're also a hot topic for insurers because insurance is about people.
And insurers worry about people and worry about what people are worrying about.
Always interested in worries, Aon looked at worries by talking to 800 employers. ObamaCare and what will replace it and what the new Congress has in mind for Medicare topped the list for 48% of those polled.
It was the largest percentage. Here's what else Aon found.
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PIA Western Alliance
An interview of American Claims Management P&C Division President Dhara Patel Insurance Journal's publication, Claims Journal offers a unique solution to a growing insurance industry problem.
Patel started with pointing out that women made up 61% — says statistics quoted by the Insurance Information Institute (I.I.I.) — of the insurance industry workforce between 2006 and 2015. She also noted — ironically — insurance is considered a male-dominated industry.
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PIA Western Alliance
The job market is improving. Salaries are improving, too, says Willis Towers Watson. The firm estimates the average pay hike will be 3%. Those getting the best employee reviews will pick up an additional 1.6% to add to this year's 3% average.
And for those not getting an automatic pay hike, or who didn't get an outstanding review, you will find more job opportunities out there and more opportunities means you likely have more leverage with the boss when it comes to negotiating a better salary.
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PIA Western Alliance
At the beginning of any year the prognosticators pop out the crystal balls and begin making predictions about what this business or that can expect. For insurance — and they're just two of many — Ernst & Young and Willis Towers Watson have written their thoughts about the coming year.
Willis Towers Watson's 2017 Marketplace Realities predicts another year that favors those purchasing insurance. It says market conditions are going to be dictated by ample capacity and that buyers will be able to negotiate good deals.
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PIA Western Alliance
President Obama's policies, executive orders and much of what a Democrat-controlled Congress passed, and what the party could keep in a split powered Congress is in danger. Republicans are already moving on the Affordable Care Act and have plans for other changes.
While Republicans wait for the inauguration of Donald Trump to really get going, the Democrats are plotting roadblocks. That will set up a Supreme Court Justice nominee tussle, tax reform fights and lots of pushback on Trump's cabinet nominees.
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PIA Western Alliance
Michael McRaith is leaving the Federal Insurance Office (FIO). The former Illinois insurance commissioner has been the office’s only director since it was established by the Dodd-Frank Act in 2010.
President Obama appointed McRaith to the position in early 2011. His tenure has been controversial and PIA National has been very critical of his management of the office. Under Dodd-Frank, the FIO's charge is to advise Congress about insurance issues. PIA felt McRaith overstepped his bounds and pushed to give the federal government more control over the industry.
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PIA Western Alliance
Billionaire Carl Icahn has been tabbed as one of president elect Donald Trump’s advisors on federal regulation. He has long been critical of the Dodd-Frank Act and — as you know — of how AIG President and CEO Peter Hancock has run that business.
The Trump transition team said Icahn will not be paid for his service and will not be a federal employee. He will simply be advising the president and to date has been helping with candidates for the next chairmanship of the Securities and Exchange Commission (SEC).
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PIA Western Alliance
Sometime in 2017 Congress is going to have to come to grips with what to do about the National Flood Insurance Program (NFIP). It expires in September. Members of Congress and the insurance industry are all on the same page so the good news this time around is no one expects anything like the 17 temporary extensions we saw in 2012. The House Financial Service Committee's Subcommittee on Housing and Insurance has already held two hearings this year. And what all attending agree upon is the status quo being unacceptable. The NFIP is $24 billion in debt and there is a bipartisan effort to find a way to turn that around.
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PIA Western Alliance
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