New Insurance Laws Taking Effect in 2013..

With 2013 just around the corner, a number of states are preparing to implement new insurance-related laws. Insurance Journal highlights some of the changes that will take place around the country. 

CALIFORNIA

In 2013, the California workers’ compensation benefit delivery system will undergo regulatory changes as part of SB863, the Workers’ Compensation Reform Package, which was passed in the 2012 legislative session. Read more...

(Ref: Insurance Journal, Dec 19, 2012)

Build A World-Class Insurance Sales Culture..

Selling insurance isn’t like it used to be. Not many people just walk-in or call ready to do business anymore. And when they do, they expect more – more knowledge, more professionalism, more choices, a good deal, or a better price. If your agency doesn’t have a world-class sales culture built into it, then it’s set up to fail.

So how do you build a world-class sales culture? Here’s a step-by-step mini guide to help get you started:

Step 1. Identify Agency VALUES
Step 2. Make Sure Everyone Knows
Step 3. Incorporate Those Values into Sales Calls
Step 4. Set Up Measurable Goals
Step 5. Set a Deadline
Read In Detail..
(Ref: Insurance Journal, Dec 13, 2012 )

Free vaccine program by GlaxoSmithKline..

GlaxoSmithLkine the British drug maker said Monday it is launching a U.S. program for adults who don’t have health insurance, to receive free vaccines.
Low-income adults who meet eligibility requirements will be covered by the program. Vaccines included are, whooping cough, diphtheria, tetanus and hepatitis A and B. For women Cervarix will also be included for those women ages 19 through 25. Read more...
(Ref: USA Insurance News, Dec 6, 2012)

Liability Insurance Shows Signs of Deteriorating Performance: Conning

The benign period for liability insurance results may have run its course. Current trends in loss frequency, tort filings, and reserve releases suggest that an inflection point may have been reached, according to a new study by Conning.

“The U.S. liability insurance front has been relatively quiet in recent years,” said Jerry Theodorou, analyst at Conning. “Decreasing loss frequency and an ample reserve position have supported satisfactory results even in the face of falling premium rates in the past decade’s soft market. Our analysis indicates, however, that the benign period for liability insurance results may be coming to an end. If current trends continue, the tort environment is expected to worsen for the defense bar, with adverse loss frequency and severity trends likely emerging for insurers.” Read more..

[Ref: Insurance Journal Nov 29, 2012]

Monsters Under the Bed !

Neither insurance policyholders nor courts look kindly upon exclusions from the broad coverage provided by insurance policies. Policyholders often balk at exclusions when preparing to pay their hard-earned dollars to buy insurance policies, and courts apply favorable rules of insurance policy interpretation to prevent the improper overuse of exclusions from the coverage provided by insurance policies.Read more..

 (Ref: Insurance Journal, Nov 19, 2012)

Insurer ING US Files for IPO

ING U.S. Inc, a unit of Dutch financial services group ING Groep NV, filed to raise up to $100 million in an initial public offering as its parent complies with a European Union mandate to split its businesses.

ING Groep is splitting its banking and insurance operations as part of a restructuring deal with the European Commission, turning into a smaller Europe-focused bank. Read more.. 

(Ref: Insurance Journal, November 12, 2012)

Flood Insurance Still Relatively Rare in Northeast

Many homeowners who suffered losses because of flooding from Hurricane Sandy are likely to find themselves out of luck. Standard homeowners policies don’t cover flooding damage, and the vast majority of homeowners don’t have flood insurance.

Yet it’s likely that many Northeasterners will purchase it in coming months, hoping they’ll be covered the next time around, at a cost averaging around $600 a year. Read more..

(ref: Insurance Journal, Oct 31, 2012)