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The ACE Group

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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 Industry News


Dogs put $489 million bite on home insurance industry
ABC News
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.
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Economic risks continue to top ERM concerns
Insurance Networking
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."
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Employers gear up for health care changes
InsuranceNewsNet
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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 News from PIA Western Alliance


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.
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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.
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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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Looking for similar articles? Search here, keyword CROP INSURANCE.


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 10 percent.
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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 payment.
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TRENDING ARTICLES
Missed last week's issue? See which articles your colleagues read most.

    Survey: Homeowners confused about insurance coverage (Los Angeles Times)
Insurers in the Fortune 500 (PIAW)
How solid is your agency's personal E&O commitment? (by Curtis M. Pearsall)
Just for fun: Your brain and multitasking (PIAW)
Top 50 apps for independent agents (Insurance Journal)

Don't be left behind. Click here to see what else you missed.


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.
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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.
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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.
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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.
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FEATURED ARTICLE
TRENDING ARTICLE
MOST POPULAR ARTICLE
Foreign nonbank financial institutions should clear SIFI status
Insurance Networking News
While larger insurers are waiting to hear whether they will be subject to an extra layer of oversight, Fitch reassures smaller-domestic insurers with larger foreign parents, saying it is doubtful they would be considered SIFIs.

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Sick days: Expensive for employers
PIA Western Alliance
The losses are staggering. Businesses in the U.S. lose $84 billion a year because of sick days. Some industries — says a study by Gallup and Healthways — have higher sick day losses than others.

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Top 50 apps for independent agents
Insurance Journal
Mobility technology is changing the way the insurance industry operates. But when it comes to working on the go, nothing is as important as mobile device applications.

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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.
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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 system.
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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.
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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.
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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.
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 Around PIA Western


Around the PIA Western Alliance states
Updates on PIA Western states.
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 Just for Fun


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: caddies.
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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, Writer for PIA Western Alliance, 503.724.9028   

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