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A global leader in insurance and reinsurance serving a diverse group of clients. Headed by ACE Limited, the ACE Group conducts its business on a worldwide basis with a physical presence in 53 countries.
PIA National worries about tornado claim filing
PIA National worries that the
victims of the tornadoes that tore
through Oklahoma and nine other
states will become victims of a
different kind. Concern is that
some will hire public adjusters to
assist with claims. PIA National
notes the Insurance Information
Institute reminds consumers
that public adjusters have little advantage and aren't going to get them any more money
than specified by their insurance policy.
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Dogs put $489 million bite on home insurance industry
How costly are dog bites? The cost to the insurance industry in 2012 was $489 million — about one-third of all the money paid out for homeowners' liability claims overall. That figure, says the Insurance Information Institute, is up more than 50 percent since 2003. The number of bite claims in 2012 topped 16,500.
Economic risks continue to top ERM concerns
Financial modeling continues to grow, though at a slower pace than in 2011, survey finds.
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Insurance and climate change: It's complicated
The Huffington Post
President of R Street Eli Lehrer writes: "As an insurance guy who has been on both sides of the climate change debate — I've worked for organizations full of climate change skeptics and now head one that believes it's an important public policy issue — I've heard just about every claim about what 'insurers say' about climate change."
Employers gear up for health care changes
With the enrollment period for health care coverage under the Affordable Care Act little more than four months away, employers are gearing up to inform their workers of the big changes ahead. For employers who have not yet decided whether to continue offering health coverage or pay the fine for dropping coverage, "now is the time to think about that," Andrew Molloy, assistant vice president of health management and insurance programs at Unum, said in an interview with InsuranceNewsNet.
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Update: Tornado devastation in dollars
The count is official. Eqecat said 76
tornadoes ripped across 10 states in the
three-days between May 18 and 20. Insured
losses — the firm says — will be between $2
billion and $5 billion. The most devastating
hit was in Moore, Okla., where 13,000
homes and businesses were either destroyed or damaged. Lives lost at the last count since the May 23 issue of Weekly Industry News was 24.
Many, many more were injured.
Superstorm Sandy: Worry about insurance pricing rise does not materialize
Marsh says worries were that
Superstorm Sandy would cause
huge rate hikes for property
insurance. Damage estimates are
pretty much done and insurance
losses have been set at $18.8
billion. Most estimaters says it has the third highest storm damage insurance costs in
history behind Hurricanes Katrina — $48.7 billion in 2012 dollars — and Hurricane
Andrew — $25.6 billion in 2012 dollars.
Senate crop insurance bill: Big changes
Congress continues to work on
modifications to the 2013 Farm Bill. Recently, the full U.S. Senate voted 59 to 33 to
charge the 20,000 wealthiest farmers more
for crop insurance. For proponents on the Senate Agriculture
Committee, this is just the
start of the changes.
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Reform the flood reforms
Complaints are already being lodged in coastal
communities over flood insurance increases. In 2012
the Biggert-Waters Flood Insurance Reform and
Modernization Act required the National Flood
Insurance Program to charge rates that are in
line with the actual risk to the property. The legislation phases out subsidies for second
homes, businesses and for those that have suffered
severe and repetitive losses. Rates will go up 25 percent per
year until they are actuarially sound. Under the new
law, rates can now go up 20 percent per year instead of
Another Obamacare California 1st
Not only will the uninsured be able to get health insurance
through Covered California — the state's health insurance
exchange — but those not registered to vote can do so at
the same time they're making their shared responsibility
Missed last week's issue? See which articles your colleagues read most.
Insurance: The Web and doing business
This story applies to auto insurance but it can also
apply to agencies selling other forms of insurance.
A survey by J.D. Power & Associates says price
matters when it comes to auto insurance. However,
spokesman Jeremy Bowler said a good website
also goes along with price as a way of landing the
business. In fact, some will purchase insurance that
is priced higher if their website experience is positive.
Mobile technology in insurance
Insurers are catching on when it comes to mobile
technology. FirstBest Systems just did the first
FirstBest Mobile Technology for Insurance
Survey. It found insurers place high value using
mobile devices to provide better customer service.
Obamacare: Who's not in the California exchange
All eyes were on California recently when Covered California — the state's health
insurance exchange — unveiled the companies that will be participating when the
exchange goes live in October. Who isn't participating got the attention.
Concerns about Obamacare navigators
When the Patient Protection and Affordable Care Act begins enrolling people in the
health exchanges operated by the states and by the federal government, navigators and
navigator assisters will be helping them. There are concerns in Congress about just who
these people will be and what access they'll have to private information.
Health insurance rates: A big surprise in Washington state
In Washington State health insurers were anticipating
staggering premium hikes of up to 70 percent for new individual
health plans created by the Patient Protection and
Affordable Care Act.
Surprise, surprise. Insurers filing recent requests for rates with the Washington State Office of the Insurance
Commissioner found that requested premiums were not
much higher than current plans. It was a big surprise for
Washington Insurance Commissioner Mike Kreidler.
US legal system the world's most expensive
The U.S. Chamber of Commerce has an
institute focusing on law. It's the U.S.
Chamber Institute for Legal Reform.
Just recently, the Chamber pulled out a study by
NERA Economic Consulting that shows that the U.S.
has the world's most expensive legal
PIA National introduces prescription benefit for members
PIA National has entered into an
agreement to make the CVS/Caremark
prescription discount card available to
PIA members, their employees and
clients. Through this program those same
members, employees and clients can
save money when filling prescriptions not
covered by insurance.
Enrollment in the program is free.
TRIA: 10-year extension introduced
The push to extend the Terrorism Risk Insurance Act is gaining momentum. Bills
have been introduced in the U.S. House of Representatives and one Senator says he's
going to do one into the Senate.
The extended Terrorism Risk Insurance Act will expire December 2014.
Letters to the editor
In our May 13 posting, we did a story on
who will take care of the millions of people now
without health insurance who will have health
insurance when Obamacare goes into full
effect January 2014.
The story was about a survey from
HealthPocket who checked with medical
providers and found that only 43 percent of doctors
currently accept Medicaid patients. Just 20 percent of
nurse practitioners and physician assistants will
take those on Medicaid.
Don Hinman of Mid-Valley Insurance in Yakima, Wash., sent us a comment on the
story and said he knows how they'll get the care they need.
Around the PIA Western Alliance states
Updates on PIA Western states.
Golfers: A caddy's point of view
If there is a most popular sport among those in the insurance industry, it probably is golf.
A high percentage of insurance people play the game. Some of us even love it.
Our view of how we play the game is interesting. The view of how others think we play
the game is even more interesting. This story is about the game's best observers:
7701 Las Colinas Ridge, Ste. 800, Irving, TX 75063