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September 10, 2014 Weekly Industry Newsletter

Thursday, September 11, 2014   (0 Comments)
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September 10, 2014

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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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 PIAW Happenings 
Around the PIA Western Alliance States 

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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 weeks.

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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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Industry News from PIA Western Alliance 

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.

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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.

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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 been compromised.

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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.

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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," she said.

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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.

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TRENDING ARTICLES

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

Earthquake insurance: Needs its own shake-up (PIAW)
Napa earthquake 2: Preliminary damage estimates (PIAW)
A perspective: Employees and employers (PIAW)
Systemic Risk Council: Another look at MetLife (PIAW)
Allstate's annual Best Drivers Report (PIAW)

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

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.

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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.

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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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Looking for similar articles? Search here, keywords AFFORDABLE CARE ACT.


FEATURED ARTICLE TRENDING ARTICLE MOST POPULAR ARTICLE 

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
PIAW
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.

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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 Brokers passed.

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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.

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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 30.

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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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