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The Obama budget and your business taxes
President Barack Obama unveiled his budget and spending plan for fiscal 2016. The proposed budget is $3.99 trillion. Weekly Industry News is not going to get deep into the budget except where it impacts business. Other publications can do that work.
The feature of the Obama budget that most impacts business is a spending increase on public works projects and the nation's rapidly disintegrating infrastructure. Those projects will be funded partially by taxes on big business.
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2014's 1st 9 months: A new reality
We start with a peek at the last quarter of the year. The Council of Insurance Agents & Brokers' Commercial P/C Market Index Survey — a quarterly study — said commercial insurance rates dropped slightly in the fourth quarter.
CIAB President and CEO Ken Crerar noted the drop averaged 0.7 percent. That compares to a 0.1 percent increase in the third quarter and a 2.1 percent jump in the fourth quarter of 2013. Large accounts suffered most and saw a 2.2 percent drop on average. Medium accounts fell 0.9 percent.
Small accounts did the best and chalked up an increase of 1.1 percent on average.
PIA Washington: All Industry Day at the Capitol
PIA Washington is co-hosting the All Industry Day at the Capitol. It is an all-day event co-sponsored by the PIA Washington and other state insurance associations.
So mark your calendar and be at the state capitol in Olympia, Washington, on Feb. 24.
Following are PIA Washington's 2015 legislative concerns.
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Last word on the Super Bowl: Did you really watch all that much football?
Shortly after Jermaine Kearse made what may be the most impossible catch in Super Bowl history, and with mere seconds left in the game, Seattle Seahawks quarterback Russell Wilson tossed a game-ending interception on the one-yard line and snatched defeat from the jaws of victory. New England is the 2014-2015 champions of the National Football League and won what was a very good football game. Or, do we dare say, New England didn't win as much as Seattle lost. But it's a matter of perspective and a matter of what team you favored.
But, did you really watch all that much football?
Memo to Congress: Insurance and other industry wants cybersecurity passed
Several insurance trade groups have joined other industry groups and have sent a letter to the U.S. Senate demanding the quick passage of a cyber security bill that allows a business to share cyberattack information without fear of a frivolous lawsuit. The letter — supported by the American Insurance Association, the Property Casualty Insurers Association of America and the Council of Agents & Brokers — was sent on U.S. Chamber of Commerce letterhead.
Rewrite: Republicans plan Obamacare replacement
Since the House and Senate passed the Affordable Care Act in 2010, Republicans have vowed to repeal it as soon as possible. The House of Representatives has passed 50 or so bills to repeal but none of the saw the light of day in the Senate.
Now, Republicans also run the Senate.
What agents and brokers really think about Obamacare
The million dollar — or in this case billion dollar — question has been answered. Benefitter is an employer benefit firm and it polled 1,028 brokers about the Affordable Care Act and 80 percent of them gave the law an unfavorable review.
Things looking down for Brown & Brown
Brown & Brown operates out of most of the PIA Western Alliance states. The company is the sixth largest insurance broker in the country. It's bright light dimmed a bit in the fourth quarter of 2014. Earnings for the quarter fell 47.9 percent.
In the third quarter, income was $24.6 million.
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Auto insurance: Is your car dangerous?
Consumer groups no doubt will jump all over this one. InsuranceQuotes.com did a study of auto insurance claims and found those causing losses of $2,000 or more can expect a premium increase of 41 percent. Last year, it was three-points lower at 38 percent.
Have a second claim and look for a jump of 93 percent.
Around the PIA Western Alliance States
Some terrific classic insults
Long before the Internet and long before putdowns were anonymous and rudely packed with four-letter words, these historical characters tossed off some of the best insults in the history of the planet. Enjoy.
Missed last week's issue? See which articles your colleagues read most.
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PIA Weekly Industry News
Colby Horton, Vice President of Publishing, 469.420.2601
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Rebecca Eberhardt, Content Editor, 469.420.2608
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Gary Wolcott, Editor/Writer for PIA Western Alliance, 503.724.9028
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