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Around the PIA Western Alliance States – Week of September 25, 2023

News Releases and Bulletins / By

California — California Supreme Court affirms bail regulation promoting jail security and fair competition in the bail industry: The Department of Insurance has notified bail agents that the California Supreme Court upheld the constitutionality of a long-standing regulation barring bail agents from entering into agreements with jail inmates to be notified when individuals have recently …

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Retirement — The PIA Western Alliance States & Some Disturbing Information

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Every year the National Institute on Retirement Security (NIRS) issues a report on retirement. The latest report points a long finger at Gen X and says things don’t look so good for them. These are people in their 40s and 50s and they comprise about 20% of the U.S. population. The NIRS says there is …

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Swiss Re & Commercial Lines Rates — Rising Significantly in 2023 and 2024

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Last year Swiss Re predicted commercial lines rates would end up rising by 7.5% in 2023. Late last week the company revised its prediction and now says look for an average increase in premium rates of 9%. The company says the numbers will drop significantly to 5.5% in 2024. “Overall, we expect rate increases through …

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Insurers & TV Advertising — Impressions are Dropping

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For several decades TV was an excellent place for insurers to have their messages seen by potential buyers. That haven for new business dollars is apparently collapsing and insurers are scaling back ad money for TV.  This is the conclusion of the 2023 Insurance Brands TV Ad Transparency Report. It’s done yearly by iSpot.tv. GEICO …

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Credit Scoring — Biden Administration Wants Medical Bills Removed

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The federal government’s Consumer Financial Protection Bureau (CFPB) wants to make it illegal for insurers to consider unpaid medical bills in credit reports. That would definitely impact insurer credit scoring. Currently the bureau is taking feedback from small business that could be impacted if the new rule is ultimately approved. The plan is to have …

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California Reform Plan — Full News Release

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Insurance Commissioner Ricardo Lara announced a package of executive actions aimed at improving insurance choices and protecting Californians from increasing climate threats while addressing the long-term sustainability of the nation’s largest insurance market. The largest insurance reform since state voters’ passage of Proposition 103 nearly 35 years ago, California’s Sustainable Insurance Strategy is a comprehensive …

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California’s Lara Pushes New Insurance Reforms

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California Insurance Commissioner Ricardo Lara has finally made a move to improve the rate renewal process for insurers. The goal is to fix a very broken homeowners insurance system in California. Unpredictable wildfires and expensive home repairs, or total losses, and an inability to adjust rates led many insurers to abandon the state completely, or …

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Around the PIA Western Alliance States – Week of September 18, 2023

News Releases and Bulletins / By

California — Commissioner Lara orders protections for more than 15,000: Helping consumers continue their recovery from wildfires, Insurance Commissioner Ricardo Lara ordered insurance companies to preserve residential insurance coverage for more than 15,000 policyholders affected by fires in Del Norte County and Siskiyou County after Governor Gavin Newsom issued emergency declarations on August 29, 2023. …

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Burnout — People in 3 PIA Western Alliance States are the Most Burned Out in the Country

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The addiction specialists, The Diamond Rehab did an analysis of Google data related to burn out. It scoured Google data for phrases and questions about work-related burnout. The term used most in employee searches is “depersonalization.” The most burned out state — according to Diamond Rehab’s research — is Massachusetts. In the last year, the …

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Professional Insurance Agents Western Alliance
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(888) 246.4466
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