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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.

 

Update: Oklahoma insurance payout
The Oklahoma Department of Insurance said to date 70,000 claims have been filed from the tornadoes that hit the state in May. That's up 5,000 from the June 19 figure. Oklahoma Insurance Commissioner John Doak said payout so far by insurers has hit $687.9 million.
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 Around PIA Western


Around the PIA Western Alliance States
California — 2012 Data Breaches:
California Attorney General Kamala Harris said in 2012, California had data breaches that compromised the personal information of 2.5 million people. Retail is where most of the 131 breaches took place in 2012. Financial providers and — take note — insurance were two and three.

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 News You Can Use


AIG reported to be lead insurer for Asiana crash in San Francisco
Insurance Journal
International Group Inc. was the lead insurer providing coverage for the Asiana Airlines Inc. jet that recently crashed while landing in San Francisco, according to two people familiar with the matter.
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PRODUCT SHOWCASE
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COST manages and operates insurance premium finance companies for clients nationwide. The COST Program™ enables you to focus on your core business - running your insurance agency or company - while increasing profits, improving customer service, controlling the finance process, enhancing market value, creating a profit center for your business, and adding to your bottom line with no extra staff or fixed expense - If you aren't earning $30,000 to $40,000 per $1mm financed contact COST today.
 


Insurance pitch to young adults started in Fenway Park
NPR
The Major League Baseball season is now half over, and some fans are already starting to think about the World Series in October. October is also a big month for the Obama administration. That's when millions of Americans can start signing up for new health insurance policies through health exchanges established in each state under the Affordable Care Act. Polls show most Americans still don't understand how they're supposed to do it. The White House and its state partners are eager to let them know. They're trying to recruit baseball teams and other sports franchises to help.
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Reinsurance rates continue to soften
Insurance Networking News
Pricing in the capital markets has broken away from levels set by the traditional market, pushed by catastrophe bond, sidecar and collateralized reinsurance activity, according to Guy Carpenter renewals report.
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 Industry News from PIA Western Alliance


PIA National and value of agents in ObamaCare
When it comes to ObamaCare and agents participating in the health insurance exchanges, it is up to the individual states whether agents will be able to sell health insurance in the exchanges.
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Special report — ObamaCare employer mandate delayed
You've likely already heard the news. The Obama administration is delaying the Patient Protection and Affordable Care Act's employer mandate until 2015. For some, ObamaCare is complex and confusing, so you may not be familiar with the mandate.
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United Healthcare pulls out of California
United Healthcare has decided to leave the California individual market. It is the second major insurer to pull out of the Golden State. Aetna pulled out earlier. Though neither insurer has a lot of customers, California Insurance Commissioner Dave Jones is concerned about the negative impact of the decision.
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Insurance and risk to the nation's financial system
Insurers — at least most of them — contend they and their financial dealings do not put the nation's financial system at risk. The Dodd-Frank Act created the Financial Stability Oversight Council to determine which banks and businesses are a risk to the nation's financial system. All banks get that designation. Two insurers — Prudential and AIG — have been named systemically risky and will be subject to special regulations in the future
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Looking for similar articles? Search here, keyword CONTRACTORS.


June's rates jump
To no one's surprise, commercial property casualty and personal lines insurance rates rose in June just like they have for the last several months. MarketScout's monthly rate report said on average rates in June jumped 5 percent for P&C lines and personal lines saw a 4 percent hike.
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FEATURED ARTICLE
TRENDING ARTICLE
MOST POPULAR ARTICLE
Do you need supplemental health-care insurance?
Fox Business
Health insurance doesn't cover all medical events and costs, which is why supplemental coverage could make financial sense for some consumers. Just like flood or life insurance gives you an extra peace of mind, supplemental health insurance will ensure you are covered if the unexpected happens.

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Car insurance: Hidden discounts revealed
ABC News
Car insurance companies are aggressive in boasting about their discounted rates, but which ones offer the most? Bankrate.com put together a list of 17 discounts that car companies offer.

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Small insurers and online, direct sales
PIAW
While online commercial sales haven't caught on yet with larger insurers, Novarica says the idea is resonating with smaller insurers. In a report titled, "Direct Online Small Commercial Insurance: Preparing for the Inevitable," Novarica said to look for this to be reality in the next five years.

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Special report — wildfires
The 19 elite firefighters who died in a fire in Arizona a few days ago has brought wildfire fighting back into the eye of the public. Since 2000, Wildfires have burned about 7 million acres a year. That's up from 3.3 million in the 1990s says the National Interagency Fire Center. It’s a significant increase.
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ObamaCare and the NFL
The Obama administration said the National Football League and its star players were going to help promote ObamaCare to the public and help educate people as to how it all works. A couple of weeks ago, Health and Human Services Secretary Kathleen Sebelius assured media that the NFL saw the value of ObamaCare and that it is a good thing for the country and its people.
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Groups want farm bill reconsidered
The Republican dominated House has rejected the $500 billion and five-year farm bill. It passed the Senate. Hundreds of farm and agribusiness groups are pushing House Speaker John Boehner to make another attempt to pass the bill.
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TRENDING ARTICLES
Missed last week's issue? See which articles your colleagues read most.

    How key-person life insurance can bolster business continuation plans (Smart Business Network)
Car insurance: Hidden discounts revealed (ABC News)
Navigating the minefield of liability coverage for contractors — the story continues (by Paul E. Walters, Claims Manager, Errors & Omissions Department, Utica Mutual Insurance Co.)
When insurance is too expensive no matter what (Marketplace)

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


Flood rate rise and Congress
Under the Biggert-Waters Flood Insurance Reform Act the rates of the National Flood Insurance Program were modified and increases to an actuarially sound rate are happening. The idea behind the increases is to make sure the rates charged by the NFIP for flood insurance actually reflect the risk. In the past they have not.
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Insurance producers can be a significant E&O exposure
by Curtis M. Pearsall, CPCU, AIAF, CPIA, President — Pearsall Associates Inc. and Special Consultant to the Utica National E&O Program
Virtually every year, producers rank first as the most prominent agency staff member who is the alleged "wrongdoer" in an errors- and-omissions claim. Upwards of half of E&O claims are the result of supposed errors or omissions made by producers. When considering the other levels within an agency — customer service, claims, reception, accounting, etc. — it's really not a surprise that producers have this inglorious distinction. After all, they are the face of the agency for most new business opportunities and for a significant number of renewals, especially commercial lines.
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Gay marriage ruling and insurance
Some insurance benefits that were available only to man- woman married couples are now open to same-sex couples as a result of the recent U.S. Supreme Court decision to strike down the Defense of Marriage Act.
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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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