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Risk(y) Business
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Information for small business owners on insurance and risk.
246 articles
MLR Spells Trouble for Agents and Brokers
From Risk(y) Business , 1 month ago, Read 0 times. Similar articles
With the Affordable Care Act (Obama Care) making it a mandate that health companies include?commissions in the medical loss ratio (MLR), brokers find themselves in a troubling predicament. If this is not reversed many companies, in not all health companies, will stop paying commissions. This has already started to happen in big premium cases. This trend also puts a tremor down the spine of P&C agents. I can see big stock companies getting rid of commissions on big premium...
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Flood Claims from Irene still not Processed
From Risk(y) Business , 1 month ago, Read 0 times. Similar articles
In a recent report, 25% of flood claims from hurricane Irene are still not processed and small businesses are suffering. The NFIP is responsible for paying the claims and private insurers are responsible for processing them. Fingers are being pointed at the NFIP because they have yet to fund the claims. Private insurers who process them are not putting their own money to settle the claims. This is another burden on small businesses and shows the inefficiency of the Federally run program. This...
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Black Boxes will Revolutionize Insurance
From Risk(y) Business , 1 month ago, Read 0 times. Similar articles
Commerical Airplanes have "black boxes"? to tell the company how pilots are flying and also help put together the story?after a misfortunate crash. This technology is now being moved into automobiles and the insurance companies are taking advantage of it. Using the monthly reports that the black boxes send to the companies, car insurance policy holders are charged premiums based on driving habits of the owner. Is this right' Many people think that this is an invasion of privacy, while...
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Distractions while driving, more than cell phones
From Risk(y) Business , 1 month ago, Read 0 times. Similar articles
Insurance companies are paying claims from accidents caused by distracted driving. This has put a lot of pressure on legislatures to pass laws preventing the use of cell phones while driving. But is this short sighted' It may be. Look at all the gadgets cars have these days to cause distractions. GPS units, IPod units, video screens, climate control computers etc... just to name a few. No one is discussing all these items as far as distractions to drivers. I have a GPS unit in my car and...
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The "Big Three" Pricing Models are Defining 2012 and Beyond
From Risk(y) Business , 2 month ago, Read 0 times. Similar articles
Insurance companies have been using to much success, three pricing models over the last few years. These highly sophisticated computer algorithms have kept pricing soft during the recession. This has been good news for buyers of commercial insurance.?For 2012 and 2013 insurance companies are?using?the three models, Catastrophe, Predictive, & Economic to set rates, and most are predicting higher pricing. There is a catch however and that is capital. Most insurance companies...
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New Rules for Certificates
From Risk(y) Business , 2 month ago, Read 0 times. Similar articles
Accord changed the certificates in 2010 and most agents have put the new certs in play. The new certs however?are causing agents and brokers a whole lot of extra work and frustrating clients. In the old days agents were amending certs to satisfy their clients contractual demands. Most of the time the request for the certs and the policy changes came after the client had already signed the contracts and needed the cert to get paid. Now most state jurisdictions do not allow agents to change...
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Why Insurance rates will go up in 2012
From Risk(y) Business , 2 month ago, Read 0 times. Similar articles
Unfortunately for small business owners insurance rates will go up in 2012. Why'?Quite frankly insurance companies?are losing?money. Now they have been losing money on underwriting for sometime now, but have always managed to keep in the black because of investments and reserve releases to pad the bottom line. However these two "tools" to make income have not been good the last two quarters. Also bad underwriting is getting worse. Insurance company execs have to face the facts...
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The Other Risks at Penn State
From Risk(y) Business , 2 month ago, Read 0 times. Similar articles
With the abuse scandal brewing at Penn State, other risks will surface that could negatively affect the college. First?reputational risk will develop. The institution has had a blemish free run and now the reputation could be tarnished. This will dove tail into financial risk as donations to the school and or enrollment may drop. This could affect the bond rating of the college as the money dries up, which then moves the risk right into the board room. The D&O lawsuits could be...
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New York Deregulates Commercial Pricing
From Risk(y) Business , 2 month ago, Read 0 times. Similar articles
The state of New York signed a bill into law that deregulates P&C premiums for insureds with greater than 15 million in sales and greater than 25K in premium. This move is an effort to spur more competitive rate environment for commercial insurance. Most States have a entry?point in premium and or sales for deregulation of commerical pricing. This move, though good for consumers, may work against stabilization of markets. There is a fine line in competitive rate promulgation and market...
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More Demand for Safety Professionals in the Future
From Risk(y) Business , 2 month ago, Read 0 times. Similar articles
The National Safety Counsel is predicting the?need for qualified Occupational and Safety professionals is increasing. This trend is expected to continue for the next decade. However there is a problem. The amount of qualified candidates is decreasing. The reason: more Universities and Colleges have cut programs in this area due to funding restrictions. Also the current demand is low because of the recession. This is giving a false sense of lack of interest in the field. However, as the...
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