Posted:
Thursday, February 2nd, 2012
Category:
Insurance Training
Confirming what is already widely known or has long been expected in the wake of a number of huge natural disasters worldwide in 2011, insurance companies are now on the verge of paying more for their own policies, the so-called reinsurance, and causing higher property insurance rates for policyholders almost everywhere this year.
When a natural calamity occurs in disaster-prone places such as Texas, years of premium profits—courtesy of Texas insurance license holders and those who have finished their mandatory Texas insurance continuing education—are wiped out in a matter of hours.
Reinsurance America Inc. and the Insurance Information Institute reported this January that insured losses worldwide in 2011 totaled $105 billion, supplanting the $101 billion posted in 2005. The giant earthquake that spawned the catastrophic tsunami in Japan and the temblor that shook New Zealand made up half of those losses.
Locally, tornadoes emerged as the most expensive disasters. They, in fact, accounted for the fourth highest cost for insured losses in United States history at $21.3 billion, bested only by 9/11, Hurricane Andrew, and Hurricane Katrina.
Insurance Information Institute warned that property insurance rates should be expected to increase, especially in hurricane-prone areas such as the Mississippi Coast and Florida. Mississippi Insurance Commissioner Mike Chaney, however, chafed at the warning. “We have to look at rate increases based on their merit. I’m not opposed to granting small increases, but I don’t like huge rate increases.”
LearnInsurance.com, a portal of e-learning hub 360training.com, offers Texas insurance continuing education and Texas adjusters license online program to insurance agents.
No Comments »
Posted:
Thursday, February 2nd, 2012
Category:
Insurance Training
Disasters have far-reaching consequences—even for insurance it seems. The profitability of U.S. property and casualty insurers nosedived last year (its lowest level since 2008), following huge losses resulting from natural disasters, which nullified gains in sales and investment income.
No stranger to natural disasters, Texas, which just suffered a catastrophic wildfire outbreak in late 2011, has seen its Texas insurance license holders and those who have finished their mandatory Texas insurance continuing education going on overdrive to help affected homeowners settle claims.
The Property Casualty Insurers Association of America reported this January that insurers posted a 1.9 percent annualized rate of return on policyholders’ surplus through Sept. 30, the lowest the rate has been since the 1.2 percent return in 2008, when the industry faced losses from Hurricane Ike and on investments.
To compensate for the losses, Travelers Cos. (TRV) and Allstate Corp. (ALL) are leading the way for other insurers in raising prices for coverage to boost shareholder returns after claims from storms and low interest rates weighed down results.
Disasters, including the catastrophic Hurricane Irene, cost the industry $9.5 billion in the third quarter, a full $6.6 billion higher than last year’s losses.
Travelers CEO Jay Fishman informed an investor conference this January that his company is driving “for improved rate and terms” across its business. Tornadoes in April and May obliterated Traveler’s second- quarter profit. Irene pulled down net income in the third quarter.
LearnInsurance.com provides Texas insurance continuing education and Texas adjusters license online program to insurance agents.
No Comments »
Posted:
Monday, January 30th, 2012
Category:
Insurance Training
The National Oceanic and Atmospheric Administration (NOAA) has announced that this year’s Atlantic hurricane season, which officially ended on November 30, blew down some records, having kicked up 19 storms, including last August’s very destructive Irene. It actually tied years 2010, 1995, and 1887 as the third-most- prolific period since 1851. The average season spawns 11 storms, said NOAA.
“This season is a reminder that storms can hit any part of our coast and that all regions need to be prepared each and every season,” explained NOAA National Weather Service director Jack Hayes in a recent official statement, putting on alert not just state authorities but also local insurers and insurance agents in places like Texas (for example, for agents to get their Texas insurance license renewed they need to have finished their Texas insurance continuing education first).
That observation carried special weight in light of an estimate by the Insurance Information Institute (New York), which placed hurricane damage from 1991 to 2010 at $153.7 billion in insured U.S. losses. The total represents 44 percent of all catastrophic losses in the period, according to the insurance institute.
The need for adjusters in places such as Texas that are prone to hurricane damage can’t be overstated. For the best Texas adjusters license online head to LearnInsurance.com. It offers all the training one needs to prepare for the state exam required for a property and casualty insurance license.
No Comments »
Posted:
Monday, January 30th, 2012
Category:
Insurance Training
Hurricane Irene, the most economically devastating storm to hit the U.S. in decades, and three months since it made landfall, is still doing damage—this time via an upgraded estimate just out this November of insured property damage of $4.3 billion.
Texas and its community of agents with Texas insurance licenses or who’ve had their Texas insurance continuing education had braced early on for a landfall, but Irene ultimately skirted the state.
The new estimate—thanks to Property Claim Services, an insurance industry service that tracks catastrophe losses through confidential insurer surveys and the company’s database of houses nationwide—is nearly 18 percent bigger than the one made back in late September. The insurer surveys compiled results from the field brought in by insurance adjusters (insurance professionals with property and casualty insurance licenses).
Irene cut a swath of destruction from the Carolinas all the way up to New England. The hurricane brought forth at least 855,000 insurance claims, each one costing an average of $5,000. New Jersey and North Carolina sustained the greatest damage, the first suffering an estimated $915 million, the second, about $900 million. In all, 14 states had damages of at least $10 million and eight other states had damages of $100 million at least.
Future hurricanes, say weather experts, are expected to be more destructive than Irene because of abnormal weather patterns. The threat of bigger storms highlights the necessity of more insurance professionals versed in property and casualty insurance adjustment in places under threat by hurricanes—states such as Florida, New Orleans, even Texas and Georgia.
LearnInsurance.com, a vital online resource for insurance professionals seeking the best insurance training, provides insurance licensing classes online, including Texas insurance continuing education, Texas adjusters license online, and Georgia insurance pre-licensing.
No Comments »
Posted:
Wednesday, January 25th, 2012
Category:
Insurance Training
The holiday season is about to go into full swing and Americans (certainly including those who have a property and casualty insurance license) around the country are getting ready to hit the road to visit family and friends. The holiday cheer may not last long though for those who are planning to leave the home alone during the holidays, if in the rush out the door they commit one or two holiday no-nos.
The Property Casualty Insurers Association of America (PCI), well aware how often these holiday mishaps happen, has issued an advisory to make sure you don’t ruin your holiday because of a lapse in common sense. Here are some tips from that advisory:
Turn off the water. Shut taps and hoses, including the one that attaches to your washing machine.
Turn off all appliances. Common electrical appliances such as the dish washer, dryer, or washing machine are often taken for granted. An electrical fire doesn’t discriminate, so make sure they’re turned off. Better still, unplug them.
Set the alarms. Set that burglar alarm. If you have central monitoring alarms, so much the better. You never know.
Close and lock doors. And don’t forget the windows. A deadbolt lock is best. Invest in a double lock for your doors: one spring bolt lock (the one in your doorknob) and a deadbolt.
For insurance professionals, these little tips make for good relationships (and business) with your clients. For those who need to renew their license—say a Texas insurance license, which you can renew by completing the Texas insurance continuing education requirements—the big tip is to head to LearnInsurance.com. It offers all the training you’ll need to become a successful insurance professional.
No Comments »
Posted:
Wednesday, January 25th, 2012
Category:
Insurance Training
On the day when the California Earthquake Authority (CEA) and the Oklahoma Insurance Department met and discussed earthquake response and preparedness, Oklahoma shook once more. The small 2.8-magnitude temblor was big enough though to add additional urgency to the meeting, which was prompted in the first place by an unusual series of bigger quakes in the state, a place accustomed to natural disasters but not to earthquakes.
The latest quake was also big enough to put on notice an industry that must give more importance to people seeking an insurance license, specifically a property and casualty insurance license.
The CEA is a private, nonprofit insurance company established after the disastrous 1994 Northridge earthquake (Los Angeles, CA) that not only wrought great infrastructure damage but also caused a deluge of insurance claims for which insurers paid the equivalent of all premiums they collected in the last 50 years.
“The California Earthquake Authority has 15 years of history in providing insurance to homeowners and educating the public about earthquake preparedness. It’s wise to seek advice from experts in a state where earthquakes are more common,” said John D. Doak, the Oklahoma insurance commissioner.
The involvement of the CEA in Oklahoma’s earthquake preparedness program signals the entry of earthquake insurance as an important line in the state’s insurance industry. It also represents a significant boost to the property and casualty insurance line.
For insurance professionals and aspirant agents, it’s time to congratulate themselves for being in the right line of work. It’s also the right time to obtain the best insurance education to take advantage of the situation. On offer at LearnInsurance.com are the best online insurance licensing classes (including insurance continuing education) for those pursuing an insurance license in Oklahoma—or, for that matter, in most other states in the United States.
No Comments »
Posted:
Thursday, January 19th, 2012
Category:
Insurance Training
As the U.S. Department of Labor’s Occupational Safety and Health Administration (OSHA) and other public-safety agencies issue their extreme-cold-weather warnings, others are doing their bit too to make the coming winter months healthy and safe for everyone.
The Public Adjusters, a public insurance adjuster firm based in Tampa, Florida, drawing on its field experience, advocates fire-safety awareness during winter months, reminding homeowners to know how to avoid common fire hazards during the cold season. Insurance adjusters often have a property and casualty insurance license to be able to investigate and assess insurance claims.
The Public Adjusters, culling from its data, reveals that fire danger inversely paces ambient temperature: fire hazards rise as the temperature falls. It says that this is due in large part to the use of space heaters, an inexpensive heating option for many. Kenneth Browne, COO of the insurance company’s operations, advises homeowners to “Check the device for frayed wires before use, never overload a plug socket or use an extension cord for power and most importantly, never use the portable heating device overnight or unattended.”
The Public Adjusters says that it often sees a substantial uptick in residential and commercial fire claims during the cold months.
At LearnInsurance.com, the best insurance licensing classes online are available to aspirant insurance agents who are pursuing a property and casualty insurance license, in particular, or an insurance license, in general.
No Comments »
Posted:
Thursday, January 19th, 2012
Category:
Insurance Training
Understanding the nuts and bolts of property damage and insurance is an endeavor best undertaken with the help of a licensed insurance professional. To become one, LearnInsurance.com provides the best insurance licensing classes online leading to a property and casualty insurance license, in particular, or to an insurance license, in general.
Remember the raft of rattlers that swept across Oklahoma in October? Not only did that spell get nervous folks to revisit pronto their insurance policies and for insurance agents to take in earnest their continuing education in pursuit of their insurance licenses, but they also hastened the entry of a new company to write commercial earthquake insurance, said the Oklahoma Department of Insurance recently.
Insurance Commissioner John Doak revealed that his office has been getting “far more calls than usual from people asking about earthquake insurance.” Existing earthquake insurance writers in the state also reported a spike in interest in quake coverage after the temblors. Jeff Davis, a spokesman for State Farm, said their agents have also noted a surge of calls from homeowners wanting to buy earthquake insurance.
The new insurance agency, Van Wagoner Cos., will begin selling monoline commercial earthquake insurance as a surplus line in Oklahoma. The earthquake insurance will be available only through selected independent agents.
The entry of the new agency also highlights the increasing number of insurance companies competing for business in Oklahoma following the launch of the state’s “Open for Business” initiative. It’s a good sign for the industry, at least in Oklahoma, and for insurance professionals and aspirant agents.
LearnInsurance.com, provider of Oklahoma Insurance Continuing Education, can be the first place you can visit if you want to know more about insurance education.
No Comments »
Posted:
Tuesday, January 17th, 2012
Category:
Insurance Training
The property/casualty insurance industry has entered an unusual period, notes Keefe, Bruyette & Woods Inc. in its “2012 Outlook: Are We There Yet?” report. The New York-based KBW points out that insurer capital is still abundant and pricing is improving (from the insurers’ perspective), but that return on equity is expected to retreat.
“What is historically unusual is that this shift is occurring despite solid capital positions, which are allowing many leading players to buy back stock,” KBW says in the report.
The report states that the industry is reacting to “increasingly common ‘unusual’ large-loss events,” something that is quite familiar now to Texas insurance agents, many possessing a property and casualty insurance license, who have seen many calamities visit the state in recent years, including the devastating Bastrop firestorm in September 2011.
The report forecasts that rate increases will be moderate, not uniform, and “not in any way a traditional hard market.” Well-positioned insurers might find such an environment to be “a boon, but for others, it simply won’t be enough,” says KBW.
In an analysis of third-quarter property/casualty, KBW observes that while pricing might be improving, underwriting results continue to be lethargic.
LearnInsurance.com is helping insurance agents and adjusters in Texas in their work with affected homeowners as they settle claims by providing the necessary Texas insurance continuing education and Texas adjusters license online program to insurance agents.
No Comments »
Posted:
Tuesday, January 17th, 2012
Category:
Insurance Training
A robust premium growth and better underwriting results are expected to boost U.S. property/casualty insurers’ profits in 2012, says Fitch Ratings Inc. following the release of the New York-based rating agency’s “2012 Outlook: Property/Casualty Insurance” report. In it, Fitch forecasts that 2012 will be a stable year for the industry since its capital position remains strong and that most insurers have enough capital to cope with “significant future adversity.”
The outlook sharply contrasts with the deep retreat in profitability for the industry in 2011, which was hamstrung by poor underwriting performance and declining rates of return on investment promoted. Fitch, however, expects the property/casualty industry’s profitability to rebound strongly next year. That should be a boost for those who have an insurance license and those who are already working to renew their licenses via insurance continuing education.
Fitch explains that core underwriting results will improve and that catastrophe losses will return to average following heavy catastrophe-related losses during 2011.
The rating agency also cautions that the commercial lines segment of the industry is likely to shift to a negative outlook in the near term “relative to personal lines given differences in recent results and fundamental pricing trends.”
Fitch cautions that a major catastrophe, investment market dive, or more underwriting losses could result in a negative industry outlook.
In Texas, LearnInsurance.com, e-learning hub 360training.com’s insurance portal, provides the necessary Texas insurance continuing education and Texas adjusters license online program for the state’s insurance agents.
No Comments »
