Are the leaves changing colors yet? Fall can be a beautiful, but busy, time for our industry, so we hope that you can take a few minutes out from the daily grind to read our October Newsletter
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A
University of Colorado study
reveals that 84 percent of wildfires in the United States are started by people, and the percentage is even higher in coastal areas where lightning is rare.
Electrical problems and runaway campfires are among the most common causes behind California's 20 largest fires, according to the research. In addition to wildfires ignited by residents, experts say global warming plays a part in the probability of wildfires, forest policies have left too much hazardous vegetation, and more homes have been built in high-risk areas.
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Munich Re predicts that worldwide
cyber insurance premiums will grow
from $4 billion currently to $20 billion by 2025. Torsten Jeworrek, chairman of Munich Re's reinsurance committee, says risks that could accumulate large losses across the industry are not insurable. However, he is confident the market can provide adequate coverage for a great deal of less correlated cyber risk despite not all major players writing cyber as a specific class. Munich Re wrote just over $100 million in gross written premiums in 2013, compared with $400 million this year.
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Mon Oct 1, 2018
12 – 3pm Webinar ~ Insuring the Building Project: Builders Risk and Installation Coverage
Mon Oct 8, 2018
All day Columbus Day (regional holiday)
Tue Oct 9, 2018
11:30am – 1pm Memphis Chapter Meeting Racquet Club of Memphis
Wed Oct 10, 2018
8 – 11am Webinar ~ Innovations in Long-Term Care Funding with Life Insurance
Wednesday, October 10, 2018
12 – 3pm Webinar ~ Health and Disability Insurance: Just the Facts
Thu Oct 11, 2018
All day Scottish Rite Golf Tournament benefiting
Vanderbilt Bill Wilkerson Center
11:30am – 4:30pm7th Annual Louis Brannan Memorial Golf Outing Sponsored by Chattanooga PIA at 8919 Harrison Bay Rd
12 – 3pm Webinar ~ Hope I Die Before I Get Old (Cause This Government Stuff Gonna Knock Me Cold!) - Mastering Medicare & Social Security
Mon Oct 15, 2018
12 – 3pmWebinar ~ Cyber Liability: the 21st Century Peril
Tue Oct 16, 2018
8 – 11am Webinar ~ E&O Reasons and Solutions
12 – 3pm Webinar ~ A Walk Around the Farm: Farm Property Considerations
Wed Oct 17, 2018
8 – 11amWebinar ~ Scary CGL Exclusions
12 – 3pm Webinar ~ Commercial Property Claims That Cause Problems
Tue Oct 23, 2018
11am – 12pm Chattanooga Chapter Meeting
Homebuilders Association of Greater Chattanooga
12 – 3pm Webinar ~ Home Business Versus Home Insurance
Wed Oct 24, 2018
12 – 3pm Webinar ~ New Technologies, New Risks: Drones, Home and Ride-Sharing
Thu Oct 25, 2018
1 – 4pm Webinar ~ On Ethics: Data, Dilemmas and Knuckleheads
Tue Oct 30, 2018
1 – 4pm Webinar ~ Current Trends & Changes: The Homeowner & Auto Marketplace
Wed Oct 31, 2018
All day Halloween
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Send Registrations To
Adam Cox
Alder & Cox Insurance
PO Box 1238
Hixson, TN 37343
423-680-6204
423-505-5561
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• 4 Person Select Shot Format
• $85 Per Player or $320 Per Team
• Includes Range Balls, Lunch, & Cart Refreshments
• $5.00 Mulligans can be pre-purchased with registration. Limit 4 per player.
• Single Players Are Welcomed! We will match you with a team!
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Auto Owners 2018 Golf Outing
PIA Members having a great time of fellowship
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- Allyson Hannah Agency
- El Bronco Partners, LLC
- Briggs Ins. Agency
- Jim Steed Agency - Options Insurance
- The Southern Agency
- Prime Business Insurance Group, LLC
- The southwestern insurance group
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PIA is
unable to support
H.R. 6743, the "Consumer Information Notification Requirement Act," which passed the House Financial Services Committee on September 13 by a vote of 32-20. The National Association of Insurance Commissioners (NAIC) also stated its opposition in a
letter to committee leaders
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PIA strongly supports the bill's goal of protecting consumers from data breaches and is appreciative of the work the bill's sponsor, Rep. Blaine Luetkemeyer, put into this legislation. Protecting consumers from data breaches is a priority for PIA and our independent insurance agent members. Unfortunately, this legislation would seek to achieve this at the federal level by imposing major new burdens on independent insurance agencies.
"Many states are already advancing legislation on this issue and should be allowed to do so without federal interference," said Jon Gentile, PIA National vice president of government relations. "By preempting state authority, this bill would undermine the work already being done by the states. It also makes the mistake of applying requirements designed for banks on independent insurance agencies, when banking and insurance are inherently and fundamentally dissimilar." Gentile added the issue is best addressed by state legislatures and state insurance commissioners.
The amended version of the bill that was passed made a technical change to the bill to have it apply to agencies but not to individual agents. "That's a positive for us – something we asked for and received," said Lauren Pachman, Esq., PIA National counsel and director of regulatory affairs. "We are pleased to see that agents individually have been removed from the bill."
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WASHINGTON –
The National Association of Professional Insurance Agents (PIA) is unable to support H.R. 6743, the “Consumer Information Notification Requirement Act,” which passed the House Financial Services Committee today by a vote of 32-20.
PIA strongly supports the bill’s goal of protecting consumers from data breaches and is appreciative of the work the bill’s sponsor, Rep. Blaine Luetkemeyer, put into this legislation. Protecting consumers from data breaches is a priority for PIA and our independent insurance agent members. Unfortunately, this legislation would seek to achieve this at the federal level by imposing major new burdens on independent insurance agencies.
PIA has two main concerns with the bill: First, it undermines our system of state-based insurance regulation. Second, it would require state regulators to establish data security safeguards for customer information based on guidelines written for banks and drafted by bank regulators.
“Many states are already advancing legislation on this issue and should be allowed to do so without federal interference,” said Jon Gentile, PIA National vice president of government relations. “By preempting state authority, this bill would undermine the work already being done by the states. It also makes the mistake of applying requirements designed for banks on independent insurance agencies, when banking and insurance are inherently and fundamentally dissimilar.” In 2014 Congress passed the Capital Standards Clarification Act (Public Law No: 113-279), meant to prevent imposition of bank-based requirements on insurance, because it recognized the disparities between banks and other entities.
Gentile added that provisions of the bill would also place needlessly burdensome requirements on independent insurance agencies, many of which are small businesses. “This issue is best addressed by state legislatures and state insurance commissioners,” he said. “State regulators will always have a more thorough understanding of local insurance issues than the federal government.”
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Flash floods trapped people in homes and vehicles in north Alabama on Wednesday, as heavy rain in Mississippi caused flash flooding that inundated about 100 homes and 25 businesses and one person died and emergency shelters were opened after heavy rains caused flooding in Tennessee.
Businesses should prepare for the physical consequences of a warming planet, according to a new report out from Zurich Insurance Group.
Insurance Journal 9/10/18
PIA National President-elect Keith Savino discusses insurtech and independent agents with podcast host Peter van Aartrijk.
PC 360 8/27/18
Past PIA National President Andrew C. Harris shares his perspectives in this first in a series of articles assessing whether insurance agencies and banks can work together.
PC 360 8/9/2018; Agent & Broker Insider 8/16/18
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If you are interested in advertising your business or writing an article in our newsletter, please contact:
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