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Sept. 11: 13 years and TRIA renewal
It has been 13 years since that awful day.
On Sept. 11, 2001, terrorists from al-Qaida took
control of four planes and crashed two of them into
the World Trade Center in New York City, one of them
into the Pentagon and another crashed in Pennsylvania before it could complete its
mission. When the destruction was done, close to 3,000 people were dead.
The damages to the U.S. and the world economy
ended up being trillions of dollars. Insured losses were $32.5 billion dollars.
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Around the PIA Western Alliance States
PIA Oregon/Idaho and the National Alliance 2014 Education Conferment Ceremony
Late August, PIA Oregon/Idaho conducted the 2014 education conferment ceremony
for recipients of the National Alliance for Insurance Education and Research
designations. National Alliance President Dr. William T. Hold conducted the ceremony. Weekly
Industry News will present a series of interviews with Hold in the next few
Competitive Rates from exclusive carriers. Contact All Risks, Ltd., the nation’s largest
independent wholesale insurance provider.
- Restaurants with Delivery (WC) – Single to multi-location/multi-state restaurants are eligible with monthly self reporting plus additional payment plans
- Insurance Agents (E&O) – Comprehensive coverage with varying limits and deductible options for P&C, L&H, MGAs, Wholesalers and more. Many optional coverages available.
- Building Operations (WC) -Direct WC carrier access with low minimum premiums for building operations by owners and contractors.
PIA Western Alliance member Berkley North Pacific among best insurance places to work
Every year Business Insurance does a list of best places to work in insurance. It is
done in conjunction with Best Companies Group. This year, there were a record 75 firms
recognized in the best of the best list.
Among them was PIA Western Alliance member and supporter Berkley North Pacific.
The firm operates out of Bellevue, Washington.
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Agents sue for compensation: The importance of agents on Obamacare exchanges
Most aren't surprised that more lawsuits aren't coming
from other states on Obamacare compensation. For
example, Oregon agents continue to complain that
they have not been compensated for assisting
consumers with health insurance purchases on the
state's failed Cover Oregon exchange. While Oregon agents wait, Nevada brokers are
doing something about it.
Cybersecurity 1: The list keeps growing
The list keeps growing and growing and growing.
Officials at all levels of business and government are
paralyzed. No one has a clue what to do or how to
stop the onslaught.
And it is an onslaught. That is the best possible word to describe what we're seeing and
what we'll likely continue to see.
Cybersecurity 2: Security spending and insurance
Security threats abound. Hacking of business and
government servers is on the rise. In the last couple of
weeks, Home Depot, JPMorgan Chase, four other
banks and the federal government health exchange,
HealthCare.gov, have all reported being hacked.
Millions of pieces of personal identification — depending on who you talk to — have
Napa earthquake: Losses, insurance and more
Losses from the Aug. 24 Napa Valley,
California, earthquake will hit $2.1 billion. Insured
losses from the earthquake are minor in comparison.
In Napa, just 6 percent of the homes and businesses in
the area have earthquake insurance and RMS
thinks insured losses will end up at something close to $250 million.
Napa earthquake highlights need for early warning system
In the wake of the Napa, California, 6.0 earthquake on
Aug. 24 and its subsequent aftershocks, California
Sen. Diana Feinstein is pushing again for funding for
earthquake early warning system. "There's no doubt a
major earthquake will hit California; the only questions are
when and where. I believe an integrated earthquake early
warning system is essential to save lives and property,"
Full US Appeals Court to look at Obamacare subsidies
The U.S. Court of Appeals for the Washington, D.C., Circuit is
going to take a look at the ruling by the Republican
dominated three-judge panel that said Medicaid
dollars cannot be used to subsidize health insurance
purchases in states without an Obamacare
exchange. The law
says subsidies can only be offered through the state exchanges. But a huge percentage
of the states opted to not do an exchange and let the federal government take care of it.
Missed last week's issue? See which articles your colleagues read most.
MetLife disappointed about systemic risk designation
Behind closed doors — and that's how the Financial
Stability Oversight Council works — the FSOC proposed
MetLife be designated as systemically risky to the entire
U.S. economy. If it stands, MetLife will be subject to strict
oversight by the Federal Reserve.
With that oversight comes drastic financial and regulatory obligations.
Mergers and acquisitions: More coming with a twist
It's easier these days to sell an agency than
perpetuate it internally —
or, so says OPTIS Partner's Dan Menzer. His
firm does succession planning and apparently is
doing lots of these days. In the first six-months of 2014, there were 165 mergers and
acquisitions for independent insurance agencies in the U.S. and Canada.
That's a leap of 40 percent over the same time period in 2013.
Cover Oregon board thinking of dissolving Cover Oregon
Recently, Cover Oregon's board of directors had the fate of
itself on a board meeting agenda. At the last minute, the board
decided to postpone a vote on the subject.
If Cover Oregon is closed down, its duties will be passed to the
Oregon Health Authority and to the Oregon Insurance Division.
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The earthquake coverage disconnect
Insurance Networking News
It doesn't take a rocket scientist to understand the catastrophic potential of earthquakes. With no real warning, large earthquakes are known to cause fatalities and extreme property damage. We also know that compared to other catastrophic risks, earthquakes occur infrequently and erratically, but that doesn't make them any less of a concern for insurers and the policyholders they are paid to protect.
Strategic planning: Here and now
Insurance Networking News
Sometimes strategic planning sessions can drift off into the world of ideals. It's necessary to set the "idea permission meter" pretty high so that strategic discussions can at least explore what is within the art of the possible, even if those ideas aren't exactly within the realm of practical.
Napa earthquake 1: Comparisons
Insurance Information Institute President and
economist Dr. Robert Hartwig dug into some
earthquake facts after the recent 6.0 Napa earthquake. Hartwig said though this is a big
and expensive quake, it still is too soon to determine
just where this one sits in the damage and intensity
NARAB: It's time
Sen. Mike Crapo, R-Idaho, is the
ranking member of the Senate Banking
Committee. He wants the National
Association of Registered Agents and
August rates: Still rising but not as much
MarketScout's August insurance rate analysis is out. On average,
commercial P&C rates rose 1 percent. Here's some detail.
Millennials, others and insurance
First a definition. Millennials are between the
age of 18 and 29. According to a survey done
by InsuranceQuotes.com, just 1 in 4 have health insurance. This is a major
negative hit to the Affordable Care Act — or
Obamacare — and its requirement that everyone
have health insurance. And, in spite of the Obamacare mandate, 16 percent of the nation's adults do not have health
insurance. Millennials are 10 percent points more likely to not have insurance than those over
PIA Weekly Industry News
Colby Horton, Vice President of Publishing, 469.420.2601
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Rebecca Eberhardt, Content Editor, 469.420.2608
Gary Wolcott, Editor/Writer for PIA Western Alliance, 503.724.9028
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