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Monday, April 21, 2014

Treasury Report Highlights Need for TRIA Renewal

Terrorism risk insurance would be less available were the Terrorism Risk Insurance Act not renewed, the President’s Working Group on Financial Markets said in a report Thursday. “The private market does not have the capacity to provide reinsurance for terrorism risk to the extent currently provided by TRIA,” the report found.

TRIA has helped to keep terrorism insurance available and affordable and has improved take-up rates, the report said. But uncertainty about whether TRIA will be renewed when it expires at the end of 2014 is causing tightening in the insurance market.

The ABIA has strongly advocated for TRIA’s prompt renewal. In testimony last year, ABIA noted that the threat of TRIA’s lapse has already caused significant market disruption, with some new commercial loans and refinancings that require property insurance policies being issued only on a short-term basis or in some cases not at all.

Read the report from the President’s Working Group on Financial Markets.

Friday, April 18, 2014

This Week at the CFPB

A summary of this week's news about the CFPB from the ABIA and ABA Dodd-Frank Tracker:
The ABIA has a Task Force of members that work on issues related to the CFPB's regulation of insurance products. If you are an ABIA member and would like to learn more about ABIA's work with CFPB to educate them about the bank-insurance industry or join our CFPB Task Force, please contact us and visit our website.


Register now to get the early bird rate for the ABIA Annual Conference. 

Thursday, April 17, 2014

Pew Research: More Online Americans have had Personal Information Stolen

The Pew Research Center released a report this week that reveals that more people that are regular internet users have had personal data stolen. Compared to the survey one year ago, twice as many young adults had experienced loss of personal information and almost double those in the 50-64 age range.

Read the report.

Tuesday, April 15, 2014

FEMA Publishes Changes from New Flood Insurance Law

FEMA published today a bulletin notifying all Write Your Own (WYO) companies they should stop charging full risk-rates for all types of Pre-Flood Insurance Rate Map (FIRM) properties. The bulletin highlights three types of properties that will be subject to the new, lower rates:
  • Pre-FIRM properties that were not insured when Biggert Waters was enacted
  • Pre-FIRM properties that were sold after Biggert Waters was enacted
  • Policies for Pre-FIRM properties that were rated full-risk under Biggert Waters due to a lapse in coverage
Read the bulletin.

Monday, April 14, 2014

New Member Benefit - Discount to MarshBerry 360 Seminar

ABIA Partner MarshBerry is offering ABIA members a discounted rate to its new 360 Seminar Series.

During 2013, MarshBerry spent more than 15,000 hours within in the walls of insurance agencies and brokers helping our clients implement best practices, improve organic growth, hire producers, perpetuate ownership internally, make acquisitions or to sell to a third party.

In order to bring the best practices of leading insurance agencies to the industry, MarshBerry launched the 360 Seminar Series. The MarshBerry 360 Seminar Series is designed help attendees understand the strategies needed to maximize growth, profitability and value. The seminar series will also provide deliverables so attendees can implement a roadmap to maximize shareholder value.

These one-day events, being held throughout May in San Francisco, New York, Atlanta and Chicago, will address best practice topics inclusive of organic growth and producer recruitment strategies, merger & acquisition review and outlook, independent ownership perpetuation, transaction pricing, earn outs & deal structure and more.

Register for the MarshBerry 360 Seminar Series with member code ABIA.

Can't make it to these cities? Join other bank-insurance professionals at ABIA's Annual Conference for a special sales management pre-conference workshop delivered by MarshBerry experts. This full-day interactive seminar showcases the characteristics of proven high-growth agencies that a Principal, Agency Partner or Sales Manager can immediately implement.

Register for the ABIA Annual Conference and the pre-conference seminar at a discounted early-bird rate.