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PIA Western Alliance
Tim Gardner is the CEO of Guy Carpenter's U.S. Operations. He said, "US insurers are facing an increasingly complex set of issues and significant disruption that requires them to innovate across their business to achieve profitable growth."
Those complex issues — he added — mean that of the top 100 P&C insurers, just 40% say they've had an underwriting profit in the last five accident years. The worst performers for those insurers are personal and commercial auto. That led to more profit opportunity in general liability lines, special property and product liability. But that profit was limited.
In other words, it's an era of uncertainty.
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PIA Western Alliance
Premiums are rising. In some cases, and in some states over 100%. Insurers are either leaving or threatening to leave the exchanges also known as marketplaces. Republicans complained from the outset and have never stopped. Democrats are worried and President Obama is stressed and stumping to save his signature legislation, the Affordable Care Act.
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PIA Western Alliance
Close to a record number of mergers and acquisitions were completed in the first six months of 2016. In fact, at 232 the number is just one short of the 233 deals from January through June of 2015.
OTPTIS Partners is an investment bank and financial consulting firm and they track such deals. It found a serious demand. There have been 100 or more transactions in seven consecutive quarters. OPTIS managing director Timothy Cunningham said the last time there were fewer of than 100 in a quarter was in the 3rd quarter of 2014.
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PIA Western Alliance
The Financial Stability Oversight Council (FSOC) said it would appeal the decision of U.S. District Judge Rosemary Collyer that MetLife did not deserve it's too big to fail designation.
And now it has.
Mark Stern is the council's attorney and he began the government's defense by saying Judge Collyer's decision that the designation was "fatally flawed" is — in itself — flawed. He told the three appeals court judges — Obama appointees Sri Srinivasan and Patricia Millett and A. Raymond Randolph who was appointed by President George H. W. Bush — the government followed the proper protocols in making the designation.
MetLife attorneys — as the case continues — will argue otherwise and will continue to maintain the FSOC didn’t get it right.
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PIA Western Alliance
The 2016 wildfire season — as Weekly Industry News reported last week — wasn't as bad as it has been the last couple of years and especially last year when it set records. And while that's a good thing, the annual CoreLogic Wildfire Risk Report says we aren't likely to have that happy circumstance in the future. It noted that there are 1.8 million single-family homes in the 13 Western states that are in extreme risk or high risk danger of wildfire damage.
And the total price tag for all those homes? Try $500 billion.
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PIA Western Alliance
Depending on when you read this, a week from now the citizens of the United States will have elected a new president. While most of us have serious questions about how each candidate will govern the nation, insurance organizations are focused on whether or not they'll be friendly to insurance. Nat Wienecke of the Property Casualty Insurers Association of America (PCI) told Insurance Business America that neither candidate will be all that easy on the industry.
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by Curtis M. Pearsall, CPCU, AIAF, CPIA President – Pearsall Associates Inc.
When many individuals in agency management think of errors-and-omissions (E&O) loss prevention, the main thoughts probably center around documentation, exposure analysis, proposals and policy checking, to name a few. These issues, after all, play a critical role — good or bad — if the agency becomes involved in E&O litigation.
Ironically, an area that does not receive the proper level of attention is human resources (HR), which should have a much greater role than just the completion of paperwork when someone is hired or terminated, the tracking of vacation days, and the handling of the agency's benefits program. Because, as the saying goes, "insurance agencies don't make mistakes, people do," wouldn't it make sense to include the area that's heavily involved in the selection and training of people?
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PIA Western Alliance
John Graham is a marketing and sales strategy consultant. He also writes business pieces for various sources and publishes a monthly online bulletin called No Nonsense Marketing & Sales Ideas.
In a recent article for Insurance Journals, Graham wrote about career killing bad attitudes and stated everyday attitudes — if negative — can do us in at work. He listed a bunch of them.
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PIA Western Alliance
Company CEOs have a big job. And that goes from the largest insurance company to the smallest agency. Those running the show have the vision for the company and push employees in that direction.
The best CEOs have the ability to make sure their vision is actually enacted. To do that the CEO must master communication and must make sure the firm has the resources needed for staff to execute the plan.
While communication is critical it is also the main reason the vision of a CEO fails. Here's why. The CEO's vision is enunciated repeatedly and staff sometimes tires of hearing it.
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PIA Western Alliance
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