This message contains images. If you don't see images, click here to view.|
Advertise in this news brief.
Napa earthquake 1: The PIA Group States response
In the early morning hours of Aug. 24, an
earthquake struck in California's Napa Valley. The 6.0 event
shook the area and the state with the largest and most
destructive earthquake in Northern California in 25 years. Insurers — according to Kinetic Analysis Corp. — will cover
about $2.1 billion of the $4 billion in estimated damages. William (Bill) Prentiss, ARM, of Prentiss Insurance Services
in Anaheim, California, is the president of the PIA Group States —
California, Arizona, Nevada and New Mexico. He has been a
commercial insurance broker for 35 years and a risk manager for more than 25. Prentiss stated, "My approach to my clients is very much on a risk-management basis, regardless if they are personal lines or commercial/business
| Share this article:
Napa earthquake 2: California's commissioner responds
A 6.0 earthquake hit California's Napa Valley on the early
morning of Aug. 24. Damages are estimated at about $4 billion.
California Insurance Commissioner Dave Jones said the
"widespread damage and injury is a stark reminder that we
live in earthquake country and California residents need to
prepare for the inevitable by having an emergency plan
with adequate supplies to survive the first few days and
consider how best to secure their biggest asset — their
home — from devastating loss either through retrofitting or
purchasing earthquake insurance."
Napa earthquake 3: The preliminary damage estimate
The strongest earthquake to hit Northern
California in 25 years hit the Napa Valley at
around 3 a.m., Aug. 24. It was a 6.0 magnitude on
the Richter scale. Damage, so far by a number of estimating firms, is said to be $4 billion and counting.
Insurance Information Institute President and economist Dr. Robert Hartwig said
insurance will cover about $2.1 billion.
Around the PIA Western Alliance States
Competitive Rates from exclusive carriers. Contact All Risks, Ltd., the nation’s largest
independent wholesale insurance provider.
- Building Operations (WC) -Direct WC carrier access with low minimum premiums for building operations by owners and contractors.
- Storage Facilities (All Lines)
– Aggressive rates and enhanced coverages, plus discounts for association members.
- Restaurants with Delivery (WC) – Single to multi-location/multi-state restaurants are eligible with monthly self reporting plus additional payment plans
PIA National's District Lobbying Day — game on
Aug. 19 was the annual PIA National
District Lobbying Day. That's the day the association asked
you — its independent insurance agent members — to meet
with your members of Congress to discuss issues critical to
your business and the industry. PIA National Senior Vice President Ted Besesparis said the
hope was to have everyone meet on that date, but that's not
realistic. So, if you didn't meet on Aug. 19, anytime in the month of August will work — as long as it is before the annual
congressional August recess is over.
PIA National analyzes ACA court rulings
On July 22, a three-judge panel of the U.S. Court of
Appeals for the 4th Circuit and a three-judge panel of the
U.S. Court of Appeals for the D.C. Circuit issued conflicting
opinions. As you may know, the issue is whether the federal
government can subsidize health insurance premiums for
Americans living in one of the 36 states relying on the
federal government to operate its health care exchange.
| Industry News from PIA Western Alliance|
Too many independent insurance agencies?
This story comes to us from the Insurance Business America website. We appreciate the information and the responses that you'll see at the end of this article.
And we'll want your response
to this as well.
The National Financial Partners Property & Casualty Insurance Services did a study and found there are close to 38,500 independent insurance agencies in the United States. The group's CEO Terrence Scali said that is 22,000 too many.
Based on the above article, "Too many independent insurance agencies?", PIAW would like to
know what you think:
Do you feel there are there too many independent insurance agencies? Do you believe there is some truth to the one readers' comment about carriers are
appointing too many agents?
A hard insurance market — not always a positive
When commercial and personal lines rates were rapidly
rising some thought for sure we had entered that long-awaited,
much-anticipated hard market. MarketScout's
CEO Richard Kerr proclaimed a year ago that the hard
market had — indeed — arrived.
Others said the same thing.
Fighting wildfires: A different paradigm needed
The Obama administration wants to fight fire with
nonfire budgets and restructure the way the
U.S. Forest Service is managed. Agriculture
Department Secretary Tom Vilsack said the
escalating cost of fighting the increasing number
of wildfires is wreaking havoc with the Forest
Service's budget and — worse — with the ability of his department to do projects that
keep fires from happening.
Flash flooding: A growing problem
Natural disasters are up in the United States. And
by up, we mean that with a capital "U."
Munich Re and the Insurance Information Institute recently released a report stating that natural disasters in the U.S. have quintupled over the past 30 years. That's an increase of five times and has
a huge impact on insurance.
Moody's peers into the future: A competitive rest of 2014
Moody's Investors Service released a report U.S. P&C
Insurers' Earnings Lower in Q2 2014 on Higher
Catastrophe Losses. It says to look for more competition
during the remainder of this year and possibly into 2015. Moody’s
says a strong capital base and increased profitability are
Obama administration and new contraceptive rules
The Obama administration is trying to find a way to help
employees whose privately held corporations or religious
nonprofit organizations get contraceptives if the
organization or business objects.
The U.S. Supreme Court recently said they didn't.
More bad news for Washington fire victims
The Carlton Complex wildfire is the largest fire
in Washington state's history. It is a disaster of epic
proportions. Now, some residents of the affected
area are seeing more even disaster:
Missed last week's issue? See which articles your colleagues read most.
Auto report: Most stolen, highest and lowest insurance costs
Every year the National Insurance Crime Bureau
does its annual "Hot Wheels" report. This is
where we find out the favorite targets of auto
Here's the list of the most stolen vehicles in 2013.
AIG revelations: 2 execs
In 2010, Kevin McGinn, who was AIG's chief credit
officer, was interviewed by the Security and
Exchange Commission about AIG's near collapse in
2008. McGinn wasn't the purpose of the investigation.
The SEC just wanted his view on the collapse of AIG
and its financial products division.
Cover Oregon: The state pulls lawsuit trigger
Oregon Gov. John Kitzhaber and the state's
Attorney General Ellen Rosenblum have pulled the
trigger. The state filed the long-anticipated lawsuit
against Oracle for the failure of Oregon's
ObamaCare health insurance website, Cover
| Looking for similar articles? Search here, keywords USAGE-BASED INSURANCE.|
NFIP has redesigned Map Service Center
The National Flood Insurance Program has
redesigned the Federal Emergency Management
Agency Flood Map Service Center.
You can see it here: https://msc.fema.gov/portal.
P&C rates for 2Q
The Council of Insurance Agents & Brokers'
quarterly report the Commercial
Property/Casualty Market Index Survey
has been released. It states that in the second
quarter, property and casualty
insurance rates sagged to the softer side of
Young agents: Career flexibility tops technology
Vertafore is an insurance technology provider. The firm
recently released results of a survey it conducted with a
focus on young agents. The survey found — when it
comes to job satisfaction — young agents value flexibility and
career-growth opportunities more than technology.
PIA Weekly Industry News
Colby Horton, Vice President of Publishing, 469.420.2601
Download media kit
Rebecca Eberhardt, Content Editor, 469.420.2608
Gary Wolcott, Editor/Writer for PIA Western Alliance, 503.724.9028
Be sure to add us to your address book or safe sender list so our emails get to your inbox. Learn how.
This edition of the PIA West Weekly Industry News was sent to ##Email##. Did someone forward this edition to you? Subscribe here -- it's free!
Aug. 20, 2014
Aug. 13, 2014
Aug. 6, 2014
July 30, 2104
7701 Las Colinas Ridge, Ste. 800, Irving, TX 75063