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Public adjuster apology
The PIA Western Alliance retracts and apologizes for certain misstatements published in the PIA Western Alliance Weekly Industry News of May 29 regarding public insurance adjusters. Specifically, the newsletter incorrectly stated that public insurance adjusters "are being paid to do very little" and that public adjusters "take advantage of … knowledge of state insurance rules and regulations."
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New survey explores how carriers support agency growth strategies
Carriers can be instrumental in helping agencies grow through referrals, expanded coverages and clear business line or geographic expansion planning.
Despite the challenges facing the industry and the broader economy, two-thirds of independent agents report that their firms grew premiums in 2012 over 2011.
Small businesses more likely to buy insurance online
Insurance Networking News
Nearly 1 in 5 buyers of property, general liability, business-owners policies and professional liability coverage initiated their purchase online, through an insurer's website or an aggregator site, according to Deloitte's "Voice Of The Small-Business Insurance Consumer Are Buyers Ready To Take The Direct Sales Route?" Just 1 in 4 of those surveyed said insurance policies were hard to understand, 35 percent said they were easy to understand and the rest were neutral.
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.
New study puts spotlight on FMCSA insurance requirement
A group of trucking companies released research indicating that the federal insurance requirement for the industry is too low.
The Trucking Alliance, a group of seven carriers that lobby for safety legislation on Capitol Hill, found that the dollar settlements in some cases were far above the $750,000 minimum federal insurance requirement.
President issues executive orders to curb 'patent trolling'
President Barack Obama took steps intended to limit frivolous patent lawsuits, a practice referred to as "patent trolling."
Lawsuits brought by companies that do not make or sell anything but merely license patents and sue others for infringement have ballooned in recent years, creating expense and aggravation for businesses, particularly in the technology sector.
Obamacare forcing insurance companies to cover hundreds of Planned Parenthoods
Most of Planned Parenthood's 750 health and abortion clinics around the nation will be covered under Obamacare, imposing a new demand on insurers who want to participate in the health care exchanges that will provide insurance coverage to millions of Americans. While insurers currently cover doctors and health facilities in their networks, Obamacare demands that they also cover at least 20 percent of "essential community providers" in their coverage area, including Planned Parenthood, AIDS clinics, pain management centers and even alternative medicine providers.
Safety spending gets no respect
In August 2009, a powerful earthquake halted production at one of Corning's liquid-crystal-display glass manufacturing facilities in Shizuoka, Japan. The quake put a crimp in the company's ability to parlay a spike in demand for LCD glass, causing it to report an estimated $65 million sales loss for the July-September quarter of that year. In response to those losses, the glassmaker spent "hundreds of millions of dollars to protect [its] facilities against earthquake and electrical losses," said Corning's risk manager.
It's a tenet of the property-casualty insurance industry that when a client company spends money on safety and loss prevention, it should get a break on property insurance premiums, the ability to buy more coverage or both. Yet no such thing is happening.
Around the PIA Western Alliance states
Updates on PIA Western states.
| News from PIA Western Alliance|
PIA National and Obamacare
PIA National focused on the Patient Protection and Affordable
At the end of the week, the association thanked California
Republican Rep. Duncan Hunter for taking the lead in raising
significant concerns regarding healthcare navigators with the
Department of Health and Human Services.
States not supporting Obamacare lose $8.4 billion
Twelve states are not going to accept Medicaid money to
implement the Patient Protection and Affordable Care
Act. They are the PIA Western Alliance state of Idaho
and Alabama, Georgia, Iowa, Louisiana, Maine,
Mississippi, North Carolina, Oklahoma, Pennsylvania,
South Carolina, South Dakota, Texas and Wisconsin. The amount they are losing is $8.4 billion in 2016 alone.
Obamacare: Will Americans comply
In October, Americans without insurance and small
businesses will be required to go to their state health
insurance exchange and purchase health insurance for
themselves and, in the case of small business, for their
May catastrophe damages — staggering
Aon Benfield's "The Global Catastrophe
Recap" says severe weather in May
caused billions in economic damages
worldwide. The major sources of insured
losses were tornadoes in Oklahoma, and in
Italy and Russia. Floods rocked the U.S.
Midwest and Europe's central nations. Droughts hit Brazil hard.
Missed last week's issue? See which articles your colleagues read most.
FIO reports: Late, late, late
PIA National reports that House Financial
Services Committee staffers say they plan to
continue to pressure the Federal Insurance
Office to release a series of long-overdue
The most critical is on insurance regulation.
TRIA: Chances for extension growing
The odds are improving that the Terrorism Risk
Insurance Act will be extended past its
expiration at the end of 2014. Or at least that's the
conclusion of William R. Berkley who is the
chairman and CEO of W.R. Berkley Crop.
Small business and cyber attacks
Small businesses need to worry
about cyber attacks and that isn't
The Small Business Authority
looked at cyber security in its
monthly SB Authority Market
Sentiment Survey. The 100,000
member organization asked 2,100 of
its members if they worry about
cyber attacks. A majority — 56 percent —
say they do not.
Coastal controversy: Homeowners rates rise
Nationwide the rates are rising for homeowners
insurance. The recent insurance rate report from
MarketScout says homeowners nationwide
rose 4 percent in May. That's good news for insurers.
Consumers are looking at it differently. Rate hikes
have been dramatic. Or so says a report on
homeowners rate increases from 2003 to 2010
done by the National Association of Insurance Commissioner.
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Hourly wages falling: Biggest drop since 1947
Ask economists. They'll tell you the economy is
improving. Barely, but it is getting better. Some segments
of the economy are doing better than others. Hourly wage
earners are in the not doing better category.
Hourly compensation averages for the first quarter of
2013 for non-farm businesses fell 3.8 percent. It's the biggest decline since 1947. Or so says
the Bureau of Labor Statistics.
MarketScout and May's rates
MarketScout said the increase for the month of May's composite insurance rate for
commercial lines is 5 percent. Just like April, March and February. That is three straight
months with increases of 5 percent.
AIG, Prudential on National Financial System Risk list
AIG was listed as one of the nonbank institutions whose financial failure could lead to the nation's financial problems. AIG already showed what could happen with its contribution to the near meltdown of the nation's financial system in 2008.
NAIC Insurance Department Resources Report
One of the more interesting reports generated by the
National Association of Insurance Commissioners
is its annual Insurance Department Resources Report. It outlines the resources used by state insurance
departments to monitor the solvency of the marketplace
and protect consumers. The publication also has budgets
per state, revenues per state, the number of insurers operating in each state, consumer
information, complaints and more.
Oregon insurance commissioner resigns
Oregon Insurance Commissioner Lou Savage has been
on the job for two years. He recently resigned.
Savage said he is moving on to do legal work for
emerging democracies overseas. Patrick Allen — who heads up the state's Department of
Consumer and Business Services — supervises the
insurance department. He said Savage will be missed.
National Alliance names 2013 top CSRs
Every year the National Alliance for Insurance
Education & Research looks for the best
customer service reps in the country. Recently, the National Alliance named each state's
winners for National Outstanding Customer
Service Representative of the Year.
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