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| Industry News from PIA Western Alliance|
The election & Obamacare
If it was a sporting event last week's election would have been akin to last year's Seattle Seahawks and Denver Broncos Super Bowl. By early in the third quarter of the 43 to 8 blowout, televisions around the country turned off by the millions. Republicans walked away from last week's election controlling the Senate and the House.
The lame duck session & the fate of TRIA & NARAB II
To date Congress has failed to act on the renewal of the Terrorism Risk Insurance Act. Elections and August vacation got in the way of doing the people's business. TRIA expires on Dec. 31 of this year. Renewal — according to the industry and the business community — is critical.
The US Supreme Court to decide the fate of Obamacare — AGAIN
The U.S. Supreme Court said it will decide whether the tax credits being issued by the federal government through the Affordable Care Act's federal exchange HealthCare.gov are legal. The case is King v. Burwell. It was filed by Obamacare opponents who say the law — as passed by Congress — only allows subsidies for those purchasing insurance on health insurance exchanges "established by the states."
Hiring a producer: Some tips
Reagan Consulting did a study on hiring producers. The study is titled Reagan Consulting Producer Recruiting & Development. It found just 56 percent of those surveyed reported a positive experience with hiring a new producer. A little over half last more than a year on the job.
Do your clients need cyber insurance? Yes they do
Your clients need cyber insurance. We all know that and so do they. We start with larger companies and a survey from Thomson Reuters of 200 company executive secretaries from around the world. It finds 66 percent of corporate boards have cyber security on their meeting agendas. Boards are very concerned about cyber security.
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Here's why you aren't selling more cyber insurance
This study comes from Hanover Research and Verisk's ISO. The two talked with insurance agents and companies and like a dozen other studies found:
- 40 percent of the carriers of cyber risk insurance say businesses don't think they need coverage.
- 29 percent of clients think they are covered for cyber risk under existing policies.
- 10 percent say they’re hearing premiums are too high.
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Medical debt — 25 percent of us have more of it than savings
Bankrate.com did a study about medical debt and tied it to savings. It found 25 percent of us have more medical debt than emergency savings. When you look at people making less than $30,000 a year that figure comes close to doubling at 44 percent.
October P&C rates — A breakdown
We recently looked at MarketScout's October rate analysis. Commercial rates rose an average of 1 percent in October. Personal lines rates were up a bit more on average with homeowners hitting 3 percent and auto rates up 2 percent. Personal articles rose an average of 1 percent.
Flood insurance changes
As part of her ongoing efforts to build a more affordable National Flood Insurance Program, Sen. Mary Landrieu, D-Louisiana, has added $100 million to a bill for the Federal Emergency Management Agency to update and correct flawed flood maps across the country. In doing so, Landrieu reversed President Barack Obama's $11 million cut to the program.
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Obamacare agent compensation change bill introduced
Louisiana Sen. Mary Landrieu has been a leader in support of agent compensation under the Affordable Care Act. She recently introduced a bill titled the Access to Independent Health Insurance Advisors Act (S.650). It is designed to exempt agent and broker commissions from the calculation of medical loss ratios in health insurance policies sold under the ACA.
Administration revises Obamacare 2015 numbers down
We're a week shy of doing part 2 of the Affordable Care Act. Enrollment begins Nov. 15. The Obama administration estimated earlier this year that 13 million people would sign up for health insurance this year in the federal exchange or one of the state exchanges.
Greenberg AIG bailout trial — Was a Chinese investment a possible alternative?
Anybody who's anybody connected to the federal government and AIG in 2008 has testified in former AIG CEO and founder Maurice "Hank" Greenberg's lawsuit trial. The suit contends the federal government illegally forced AIG to accept a federal government bailout.
So you think you know a lot about Daylight Saving Time?
A couple of weeks ago Daylight Saving Time ended. Please note the singular use of saving. It is saving and not savings. We found some interesting information about the practice.
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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