The cost of winter

Roof collapses and auto accidents, downed tree limbs and power lines, business interruption and supply chain losses: Old Man Winter has packed a punch this year. And just think; winter is not officially over until March 19th!

An estimated $1.5 billion of insured losses already have been attributed to this season's weather. This figure, reported by the Insurance Information Institute, is an estimate from PCS, a division of Verisk Analytics, that covers events occurring between January 1 and February 21, 2014 with more than 175,000 claims paid to policyholders. As the $1.5 billion figure includes only two of the four 2014 winter storms to date, it is certain that the final tally will prove significantly larger.

Insured losses from winter was $2 billion in 2013, and the final total for 2014 is certain to exceed that figure. It is expected that the 2014 winter will enter the record books among the top five costliest since 1980.

Give us healthcare plans with broad networks...unless they're (that much more) expensive

The Kaiser Foundation continues to do great work following the issues related to healthcare reform and its implementation. One tool that they use is an ongoing tracking poll to survey the public's response to the law. This month's poll shares a number of data points, one of which concerns an issue that has been garnering more media attention lately, namely the so-called "narrow network" plans.

According the February tracking poll, about half of those surveyed (51 %) stated preference for a plan that costs more money but allows them to see a broader range of doctors and hospitals. However -- and despite our best intentions, there always seems to be a "however" -- upon being informed that they could save up to 25 % on their health care costs, that number drops from 51 to 37 % among the public overall, and from 35 % to 22 % among those to whom the law is directed: the uninsured and those with non-group coverage. The actual poll can be accessed here.

Duly noted

The Michigan DIFS has issued Bulletin 2014-04-INS, adopting the NAIC's Uniform Certificate of Authority Application (UCAA). The bulletin can be accessed here.

Reasons for staying the course

The Employee Benefit Research Institute has released a new study showing that investors who were able to weather the storm of the financial crisis and continue their 401(k) positions have been rewarded with positive returns. According to the report, the average 401(k) account balance for participants consistently participating in their 401(k) plans for the four years from 2007 through 2011 was up 23.5 percent at year-end 2011 compared with year-end 2007, despite the sharp decline caused by the bear market in 2008. The full report can be accessed here.

Remembering the financial crisis

Via the links for today at Yves Smith's Naked Capitalism blog, there is a link to Investor Home that opens a treasure trove of resources pertaining to the economic crisis. In particular, there is a comprehensive listing of books. Well worth checking out!

Life Insurance Awareness Month

September is Life Insurance Awareness Month. Most producers in the life insurance field are aware of this, but not all bother to fully leverage the resources made available to them -- many of which are free -- by the event's sponsor, the Life and Health Insurance Foundation for Education (LIFE). If it has been awhile since you have visited their website, you should take the time to do so today. Be sure to check out their Industry Resources tab, from which you can access sales tips, social media tools, and marketing products.

While the best known, Life Insurance Awareness Month is not the only awareness campaign supported by the Foundation. Be sure to also investigate the tools they offer for Disability Awareness Month (May) and the ongoing Insure Your Love and Life Happens campaigns. Each offers free and for purchase materials that are of very high quality.

Resources for understanding the Affordable Care Act

As the ACA continues to unfold, the full complexity of the law and its impacts can seem daunting. This sense of being overwhelmed can be as true for insurance producers and benefits providers as it is for small business owners.

There are, fortunately, a host of information resources available online. The Michigan Business and Professional Association offers its Small Business Health Care Reform Guide and Employer Checklist: What the Affordable Care Act Means for Michigan Small Businesses through the Health Reform Connect(TM) section of its website. The Detroit Regional Chamber of Commerce hosts MI Health Answers, and the Department of Financial and Insurance Services offers the Health Insurance Consumer Assistance Program.

In addition to these, webinars are available as well. The Small Business Administration and Small Business Majority conduct the free Affordable Care Act 101 webinar series on a weekly basis.  In this series, SBA reps go through the key pieces of the law, focusing on concerns of small business owners.

For a "big picture" overview that focuses on state policy initiatives, the National Academy for State Health Policy conducts webinars on an ongoing basis. Of particular interest as we approach the October 1st roll-out for exchanges is All Hands on Deck: State Plans for Consumer Assistance. This webinar, offered on September 11th from 1:30 to 3:00 pm EDT, will highlight the key features of consumer assistance strategies being employed by exchanges.