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COVID-19 'Mucked Up' Insurance Marketplace, Analyst Says – InsuranceNewsNet


“COVID-19 has mucked up the insurance marketplace as a whole – including private employer-provided plans,” said Michael Giusti, InsuranceQuotes.com analyst.
Giusti outlined a number of key takeaway for health insurance in 2021 in a recent report for Insurancequotes.com.
First, he said, the pandemic made setting premiums especially challenging. Premiums are set based on the previous year’s claims data. Because 2020 was marked by a combination of huge intensive care costs, but almost no preventative care costs, that model was flipped on its head. As a result, median health premium edged up just a percent or two in 2021.
But many in the insurance industry are holding their collective breath as things get back to normal, he noted. A major worry is that deferred care will come crashing through the system by this summer, representing a flood of claims once people are willing to see a doctor again. ....

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Pandemic Impacted Even The Most Successful Financial Professionals


COLUMBUS, Ohio, March 1, 2021   As the COVID-19 pandemic persists, the impact has been felt by advisors and financial professionals, even the most successful. In 2020, only 57% of successful advisors and financial professionals expected the profitability of their practice to increase in the next 12 months, compared to 81% in 2019 a profound decline of 24 percentage points. Moreover, these top performers cited the pandemic as the number one concern to the success of their practice over the next 12 months (33%).
To confront these concerns, successful advisors and financial professionals are proactively looking ahead, by focusing on strategies to protect their clients, practices and profitability, and position their firms for future growth. These are among the latest findings revealed by Nationwide s sixth annual  ....

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Commercial Insurance Rates Take Another Hike In Q4


Commercial Insurance Rates Take Another Hike In Q4
ARLINGTON, VA,
March 8, 2021 U.S. commercial insurance prices again grew significantly in the fourth quarter of 2020, according to leading global advisory, broking and solutions company Willis Towers Watson’s Commercial Lines Insurance Pricing Survey (CLIPS). The survey compared prices charged on policies underwritten during the fourth quarter of 2020 with those charged for the same coverage and quarter in 2019 and found the aggregate commercial price change reported by carriers was above 10%, the highest increase in the history of CLIPS.
Data for nearly all lines indicated significant price increases in the fourth quarter with the largest increases coming from excess/umbrella liability and directors’ and officers’ liability. The outlier continues to be workers compensation, which indicated a slight price reduction, in contrast with all other surveyed lines. Price changes for most lines were consistent with th ....

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More Women Prioritize Day-To-Day Expenses Because Of COVID-19


More Women Prioritize Day-To-Day Expenses Because Of COVID-19
Radnor, Pa., March 8, 2021 – One-third of women say they are struggling to make ends meet, according to new research from Lincoln Financial Group. The company’s January 2021 Consumer Sentiment Tracker found that while men are more focused on financial issues like the impact of taxes, stock market volatility and long-term-care expenses, women report the pandemic has resulted in a greater focus on their day-to-day finances (71%) rather than planning for the future.
Mastering The Financial Balancing Act
The events of the last year have caused a change in mindset for all Americans. However, the Lincoln study found the COVID-19 crisis has hit women harder financially with more frequent job impacts than men (35% vs. 28%), driving their top concerns of covering day-to-day expenses (34%) and a lack of emergency savings (45%). As men are taking on more strategic long-term financial actions like meeting with a fin ....

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11 Trade Association CEOs Urge Congress To Remove Advisors From PRO Act


11 Trade Association CEOs Urge Congress To Remove Advisors From PRO Act
Falls Church, VA (March 4, 2021) Kevin Mayeux, CEO of the National Association of Insurance and Financial Advisors (NAIFA), and the CEOs of 10 other insurance and financial services trade associations sent a letter to House Speaker Nancy Pelosi and Minority Leader Kevin McCarthy urging Congress to address concerns with the Protecting the Right to Organize (PRO) Act (H.R. 842).
The PRO Act would change the definition of “independent contractor” in federal labor law, potentially affecting the status of insurance and financial professionals and disrupting established and effective business models. The industry serves more than 112 million American families, providing products, services, and advice that help their clients achieve financial security and prosperity. ....

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