Insurance Agent Blog

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Insurance news beat: catastrophes, manufacturing trends, disability insurance, Marathon bombing & more from the headlines

Tornado fallout - The insurance industry is poised for a deluge of tornado claims. Oklahoma Insurance Commissioner John Doak estimates that the Moore tornado did more than $3 billion in damages. According to Air Worldwide Corp., property worth more than $6 billion was within the track of the tornado. The Washington Post reports that tornadoes have done record damage in last five years: "In 2011, massive, long-track tornadoes struck Tuscaloosa, Ala., and Joplin, Mo., and insurance companies paid a highest-ever $26 billion in claims. The years 2008, 2009, 2010 and 2012 were also far above the norm in insured losses. In fact, the last five years are the five years in U.S. history with the highest insured losses from thunderstorms and their effects, said Robert Hartwig, president of the Insurance Information Institute, a trade association for the insurance industry. From our perspective, when we look at long-term trends, it does appear that the weather is getting worse, Hartwig said." Meanwhile, progress continues 2 years after the Joplin tornado, which killed 160 people. See the story's fascinating infographic about tornado preparedness. Locally, western MA is approaching the 2-year anniversary of the tornado that struck here on June 1, 2011. This anniversary may be a good time to remind your insureds about the importance of disaster planning - even without tornadoes, another active Hurricane Season is expected in 2013

 

Manufacturing trend - Is US manufacturing making a comeback? - Signs point to a trend of manufacturing insourcing as many large companies are re-establishing domestic operations here in the U.S. This is significant because manufacturing has enormous implications for workers' comp.

 

Boston marathon fallout -  For many damaged Boston businesses, an insurance payout may depend on whether the bombing was 'Terrorist Act'. If so, businesses would need to be covered by a terrorist rider, but if not, affected businesses could file claims under their regular insurance policies. Many small businesses were not opting for TRIA coverage but that may change. One other thing that is certain to change? Expect free citywide events to look different after the bombing in Boston: Boston Bombing to Change Public Events.

 

Disability insurance - What lies ahead in private disability insurance? - With the Affordable Care Act looming, will employers have a new emphasis on disability insurance? Private disability insurance is often more successful than public at getting people back to work.100 million workers remain uninsured.

 

Report from the "under 40" crowd - Grappling with a Relationship - Insurance is a relationship business, yes. But as our "Under 40" brokers show us, technology is playing a larger role.

 

Insurance Agents Liability - An insured's failure to read the policy does not relieve the insurance agent/broker from liability for negligence, according to a relatively narrow decision by the New York Court of Appeals.

 

State news

    • Connecticut: Paid Sick Leave (PSL) Fixes Pass State Senate; Final Approval Expected
    • Maine: Maine Legislature Votes Down Vacant Property Insurance Bill - a bill that sought to place stricter requirements on home insurers' use of exclusions for losses on vacant homes was struck down last week.
    • Massachusetts: Employer-Sponsored Insurance Rose in Massachusetts - according to a PricewaterhouseCoopers study, from 2006 to 2011, the percentage of employees with insurance from their jobs rose from 70.8 to 72.1. In the same period, the U.S. number dropped to 58.3 percent from 68.2 percent.
    • New Hampshire: New Hampshire Gov Re-Appoints Sevigny as Insurance Commissioner
    • Rhode Island: R.I. health insurers have to disclose price of services
    • Rhode Island: Station Nighclub owners look for mitigation of $1 million fine - the Derderian brothers are fighting a fine levied for their failure to carry workers' comp coverage. They argue that they did not flagrantly disregard the workers' compensation law, they did not know they had to carry coverage for part-time workers. (Question: Are you sure your employer clients understand their work comp obligations?)
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