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September 3, 2014 Weekly Industry Newsletter

Thursday, September 11, 2014   (0 Comments)
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September 3, 2014

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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 record books. "The January 1994 Northridge, California, quake registered a 6.7 magnitude on the Richter scale, and caused $24 billion in insured losses, in 2013 dollars," Hartwig said.

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 PIAW Happenings 
Around the PIA Western Alliance States 

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PIA Montana Producer Seminar: Early registration special ends soon
Early registration special ends Sept. 12 for the annual PIA Montana Producer Seminar.

Register and pay for a full package — additional agency staff packages included — by Sept. 12 and receive a free ticket to the Bobcat's annual football game against Weber State.

Click here to register.

Annual PIA Montana Producer Seminar
Oct. 16-17
The Holiday Inn, Bozeman, Montana

You won't want to miss this comprehensive program designed for independent insurance agents, producers, CSR's, agency management staff and agency owners.

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Get ready: Get registered PIA Washington & IIABW Annual Washington Joint Conference
This year's PIA Washington/ Alaska and the Independent Insurance Agents & Brokers of Washington joint conference is:

Oct. 2-3
Skamania Lodge, Stevenson, Washington

The joint conference features an exceptional trade show as insurance company representatives, wholesalers and others share the latest in products and services.

Register early online.

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Industry News from PIA Western Alliance 

Napa earthquake 2: Preliminary damage estimates
The Aug. 24 earthquake that hit California's Napa Valley will lead to economic losses of as much as $4 billion. The costs are fueled by damaged wineries and shuttered businesses that rely on tourists.

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Time running out for TRIA extension
The August congressional recess is almost over. Soon gavels will clunk down in the House and Senate and Congress will get down to business. Or so some say. Others — as we all know — don't think the nation's legislative body does much of anything.

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Controversy erupts over closed international insurance reg meetings
A major controversy has erupted over a proposal by the International Association of Insurance Supervisors — an organization of insurance supervisors and regulators from around the world — to close its meetings to outside observers. The group plans to keep its deliberations private and only invite select parties to the closed meetings when it wants input.

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Earthquake insurance: Needs its own shake-up
Despite increased risk, the number of homeowners with earthquake insurance nationwide sits at just 7 percent. That figure comes from the Insurance Information Institute.

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Work comp: New stats show growing economy
The National Academy of Social Insurance tracks workers' compensation. It looked at the most recently released work comp figures — 2012 — and found benefits rising by 1.3 percent to $61.9 billion.

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Systemic Risk Council: Another look at MetLife
The Financial Stability Oversight Council is getting closer to deciding if MetLife is so big its failure would destabilize the global economy. Soon, the FSOC will take another look at the insurance giant.

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TRENDING ARTICLES

Missed last week's issue? See which articles your colleagues read most.

New data on earthquakes: 16 states at high risk (PIAW)
The West is on fire (PIAW)
How educated do you want your clients to be? (by Curtis M. Pearsall, CPCU, AIAF, CPIA, President, Pearsall Associates Inc. Special Consultant to the Utica National Agents E&O program)
Ransomeware: The new cyberthreat (PIAW)
PIA education favorite Gary Thompson to retire (PIAW)

Don't be left behind. Click here to see what else you missed.

Allstate's annual Best Drivers Report
The 10th annual Allstate America's Best Drivers Report is out. It measures driver safety in U.S. cities based on population density, precipitation and a few criteria.

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Greenberg AIG suit against US government goes forward
The United States government has been pushing to get a lawsuit filed by former AIG CEO and founder Maurice "Hank" Greenberg dismissed. Greenberg leads a group of AIG stockholders and Greenberg's Starr International who want $25 billion from Uncle Sam. He says the government illegally bailed out the company in the financial crisis of 2008.

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Looking for similar articles? Search here, keywords USAGE-BASED INSURANCE.


FEATURED ARTICLE TRENDING ARTICLE MOST POPULAR ARTICLE 

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.

It's time: PIA Washington, IIABW Annual Washington Joint Conference
PIAW
The annual WA Joint Conference of the PIA Washington/Alaska and the Independent Insurance Agents & Brokers of Washington changes venues this year and moves from Seattle's Emerald City to the beauty of one of Washington's premiere getaways. 
Obama Administration, consumers worry about HealthCare.gov future failure
PIAW
We’re not done with the Obamacare federal exchange technical glitches. To begin, the producers and insurers who still are awaiting payment for work done on behalf of HealthCare.gov, have not yet seen the back end of the federal exchange completed. 

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A perspective: Employees and employers
Most employers go by the philosophy that they ought not get involved in the personal lives of employees. The e-commerce website Purchasing Power did a study that says employers ought to take a second look at that policy.

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Fatal prognosis: Benmosche leaves AIG early
Robert Benmosche recently left AIG. The 70-year-old Benmosche has led the company for the last five years and is credited for the firm's salvation and for paying back the $182.3 billion in bailout dollars given to it by the federal government. He was schedule to leave in 2015 but moved the departure up because his cancer has returned with a vengeance.

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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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Gary Wolcott, Editor/Writer for PIA Western Alliance, 503.724.9028   


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This edition of the PIA West Weekly Industry News was sent to kimcottrell@piawest.com. Did someone forward this edition to you? Subscribe here -- it's free!
 
 

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