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2014 predictions from the annual III forum
The Insurance Information Institute recently held its annual P&C
Insurance Joint Industry Forum. Each year at the event, the III polls the insurer attendees to see how they view
the year. "Many economic forecasts say that the U.S. and most global economies will grow
stronger in 2014, and this means a greater need to protect more assets and income,
which leads to greater insurance premium volume," said Dr. Steven Weisbart, III's senior vice president and chief economist.
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PIA: Value for your membership dollar
Your PIA membership has value. The PIA Western
Alliance offers a number of excellent benefits. So does
PIA National. We start with the PIA Market Access Program. It provides PIA Western Alliance member
agents with prompt and easy access to preferred commercial and personal lines "A" rated — or better — admitted carriers.
PIA National: Proof you can make a difference
PIA member Tim Russell of Connecticut decided to reach
out to young people and their parents to encourage safe
and responsible driving. In December, he conducted a
Young Driver Seminar, using a blueprint provided as part of
The PIA Partnership's latest project, Closing the Gap —
Growth & Profit.
| Industry News from PIA Western Alliance|
Insurers and top 10 risks for 2014
Every year, Allianz Global Corporate & Specialty
SE does a risk assessment. The
Allianz Risk Barometer says the top-10 insurer
worries for 2014 range from the usual concerns
of business and supply chain interruption to
catastrophe. What's new in this year's top-10 is loss of reputation or brand value and the biggest concern — at 61 percent —
continues to be business interruption from a number of different causes.
By the numbers: The uninsured and the House
Enroll America is keeping tabs of those who aren't
signing up for the Affordable Care Act as required by
law. It has ties to the White House and promises to
make a stronger effort to get people to visit the
government's HealthCare.gov and sign up.
To do so, Enroll America is going to hire more people.
A new Deductible Reimbursement Insurance is now available to all residents of the Western Region (except Alaska). Licensed insurance agents may now sign up on the ZeroDeductible website and offer deductible reimbursement insurance to their clients directly for their auto, home and boat policies.
Click here to learn more!
2014 challenge: Rates may have peaked
Barclays Capital report included 75 risk
managers. As a conglomerate, they
think property casualty rates
will rise 1 percent in 2014. That's down 2 percent
from the 3 percent hike expected in the
firm's survey six months ago. The good news is that most of the risk managers think the market is stable.
US Chamber: Obamacare repeal crusade over
U.S. Chamber of Commerce President and CEO Tom Donahue
said his group will no longer push for the repeal of the Patient
Protection and Affordable Care Act. He still agrees that
Obamacare is flawed, but the Chamber will
now work to fix the damaged deal.
Obamacare: Enrollment problems but insurers optimistic
The Affordable Care Act is fraught with
problems as a puzzled Obama
administration struggles to roll it out. The latest crisis is who's actually signing up. To be
successful healthy people need to enroll as well as those with medical problems.
Several surveys and a Wall Street Journal report says that is not happening.
Missed last week's issue? See which articles your colleagues read most.
Industry employment: Agents, brokers add most jobs
As of November, agents and brokers
were just 3,000 positions short of the July 2007
employment high. That's when the nation's
economy began to tank. The statistic is courtesy of
the Insurance Information Institute's
analysis of the U.S. Labor Department's Bureau
of Labor Statistic November figures.
Flood reforms of Biggert-Waters on hold
Many in the insurance industry and
other organizations have urged caution for
politicians wanting to delay the flood insurance
rate increases of the Biggert-Waters Flood
Insurance Reform Act of 2012. The National
Flood Insurance Program reforms are
critical to getting the NFIP on solid financial
footing. Currently, it is more than $25 billion in the hole.
Congress negotiators close to farm bill agreement
The negotiations to give the nation a new farm bill have
been difficult. Hangups have
been frequent, but the current conflict between
House speaker John Boehner and Rep. Collin Peterson, D-Minn., is over milk production
quotas and whether production should be cut if prices fall below a certain level.
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Google's moving in
Insurance Networking News
Google has agreed to buy Nest, creator of "smart" thermostats and smoke alarms, for $3.2 billion in cash. And while the word "insurance" doesn't appear anywhere in the press release — "the Internet of things," does mention it. And, the potential applications for P&C insurers are many.
On market misery
Insurance Networking News
The mood in the insurance market seems pessimistic as full-trading resumes are more gloomy than usual for this time of year. Reinsurers were battered on price and treaty conditions during the recent renewal season, the patchy rally in some U.S. commercial rates has come to an abrupt halt and premium levels in almost every other geography and product line continue their journey south. Already many companies and syndicates will be worried about not achieving business plan levels of growth and profitability in 2014. To outsiders all this may seem hard to fathom.
Ideas to promote your LinkedIn profile
By Mayur Kisani
LinkedIn, with its user base of 260 million-plus professionals worldwide, has become a hub for business people from all walks of life who are on the lookout for new opportunities. Such a vast digital space can be the source of your next great opportunity, whether it be for your business or a great job. When you search for yourself on Google, observe that your LinkedIn profile is at the top of the search results. This in itself proves how powerful a tool LinkedIn is. Here are a few ways to promote yourself and your personal brand on LinkedIn.
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