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Insurance News 09/2012



Tufts Medical Center to help start member-owned insurance plan
Tufts Medical Center, its physician group, and the publicly traded parent company of MetroWest and St. Vincent hospitals have been awarded an $88.5-million loan by the federal government to create what would be the state's only member-owned health ...

Report shows one Arizonan in five lacked health insurance in 2010
The bureau's Small Area Health Insurance Estimates report, released Wednesday, said La Paz, Santa Cruz and Yuma counties were the worst-off in Arizona in 2010, the most recent year for which figures are available. Justin Carmack, director of the Tri ...

California lawmakers overhaul workplace injury insurance
SAN FRANCISCO Aug 31 (Reuters) - California lawmakers on Friday approved a bill supported by business and labor groups to overhaul the state's insurance system for workers injured on the job. The bill, which received overwhelming bipartisan support in ...

Federal crop insurance questioned
Subsidies for federal crop insurance amounted to $7.4 billion nationally and $586.2 million in Iowa in 2011, according to the agricultural subsidy database of the Environmental Working Group. Proponents of greater support for a program that subsidizes ...

Aware of 'no options,' woman dies fighting for medical coverage
The Affordable Care Act, which takes full effect in 2014, was supposed to save people like Elder (with pre-existing conditions and no medical coverage) in the interim by way of high-risk pools, also known as the Pre-Existing Condition Insurance Plan or ...

Warren Buffett's firm relying less on insurance units
OMAHA, Neb. (AP) — Warren Buffett's birthday this week was good news for Berkshire Hathaway investors who could celebrate another year of the Oracle of Omaha's leadership. But the milestone also reminded shareholders they need to think about who will ...

Insurance company questions relief to hairdresser, told to pay double
These were the issues before the Madras high court which heard an appeal by the state-run National Insurance Company, which moved the HC saying compensation of 5.25 lakh to hairdresser P Selvam, who lost his right hand while travelling in a bus, was ...

States have power to shape federal health care law if governors want to take it
To ensure that plans don't leave out necessary coverage in the name of saving a buck, the Department of Health and Human Services came up with some parameters to set the low bar for plans offered to small employers and individuals buying insurance on ...

Life Insurance Awareness Month: Buddy “Cake Boss” Valastro's Story Makes ...
Life Insurance Awareness Month: Buddy “Cake Boss” Valastro's Story Makes ...

Health insurance marketplace becomes central issue in Indiana governor's race
n A state-run health insurance exchange — This would put Indiana in charge of determining what plans qualify to be included and what minimum coverage levels they must offer. It would also leave the state to set rules for how small businesses can use ...

Public auto insurance
Since Ontario has the highest car insurance premiums in Canada and the worst accident benefits coverage for the majority of accident victims, perhaps it's time we revisited Bob Rae's proposal to institute government-owned car insurance in Ontario ...

Ellen Creager: Evacuation insurance goes beyond the usual
Unlike trip insurance, which reimburses travelers for missed flights, canceled trips and lost bags, travel assistance companies have one specific mission -- to get you top care during a medical emergency no matter when or where it happens, and get you ...

SF's 'water insurance' plan spurs outcry
The San Francisco Public Utilities Commission is negotiating with the Modesto Irrigation District to purchase 2 million gallons of water per day over the next 10 years. Agency officials describe the transfer as necessary insurance against droughts, but ...

Commercial insurance is limited for patent infringement
In an April review of the intellectual property insurance market in the Betterly Report, the company said coverage available “is the province of highly specialized sources such as Lloyd's, Liberty International and ProSight Specialty, with two ...

Bahrain's takaful growth drops to single digits
DUBAI, Sept 2 (Reuters) - The growth of Bahrain's takaful (Islamic insurance) sector dipped to single digits in 2011 for the first time in a decade, while still outpacing growth in conventional insurance, according to data released on Sunday by the ...

Affordable Care Act climbs in bed with the health insurance industry using $88 ...
Affordable Care Act climbs in bed with the health insurance industry using $88 ...

U.K.-Based Elephant Insurance Makes Play for For U.S. Market
But the goal for Elephant Insurance Co. is the same as that of its bigger rivals: to stand out in a fiercely competitive category where the shift from traditional agent models to do-it-yourself rate shopping has sparked an ad war. "It's a memorable ...

MEMA releases info for flooded South Mississippi residents without flood ...
MEMA releases info for flooded South Mississippi residents without flood ...

Colin Cochart hopes to be insurance policy
Colin Cochart hopes to be insurance policy. September, 2, 2012. Sep 2. 4:04. PM CT. By Todd Archer | ESPNDallas.com. Recommend0 · Tweet0 · Comments0 · Email · Print. IRVING, Texas – Colin Cochart practiced Sunday for the first time since the Cowboys ...

Insurance Agency Marketing Ideas and Strategy from ByReputation's New ...
Insurance Agency Marketing Ideas and Strategy from ByReputation's New ...

Macon insurance decision postponed for duration
The two-year struggle to find a new insurance plan manager for the city of Macon looks like it won't be resolved for many months to come -- and when it is, it won't be done by the city of Macon at all. A resolution heading for the city's Employee ...

Swiss Regulator Relaxes Insurance Rules After Low Interest Rates
The solvency test, which was introduced in January last year, requires insurers including Zurich Insurance Group AG (ZURN) and Swiss Life Holding AG (SLHN) to provide a mark-to-market valuation of assets and liabilities that for the first time takes ...

TEXT-S&P asgns MSIG Insurance Europe A+ financial strength rtg
Newly established Germany-based MSIG Insurance Europe AG (MSIG EU) is taking over the business of the German branch of U.K.-based sister company Mitsui Sumitomo Insurance Co. (Europe) Ltd. -- We are assigning our 'A+' financial strength rating ...

SOWELL: Insurance risks all for business
Yet neither insurance companies nor their policy-holders can do anything about one of the biggest risks — namely, interference by politicians, to turn insurance into something other than a device to deal with risk. By passing laws to force insurance ...

TEXT-S&P summary: Royal London Mutual Insurance Society Ltd.
The ratings on U.K.-based life assurer Royal London Mutual Insurance Society Ltd. reflect Standard & Poor's Ratings Services' view of the Royal London group's very strong capitalization, strong management and supportive multi-brand strategy, and strong ...

90000 Citizens reports for property-insurance discounts rejected
More than 90,000 times, Florida's last-resort insurer Citizens and its contractors rejected reports from inspectors they hired to determine whether customers qualified for property-insurance discounts, an analysis of more than 225,000 inspection ...

Woman gets up to 10 years for insurance fraud
BOISE, Idaho -- A repeat offender from Caldwell received up to 10 years in prison after pleading guilty to three counts of insurance fraud. Martha Patricia Feely, sentenced last week in 4th District Court, was already on felony probation in a ...

Warren Buffett's successors inherit complex conglomerate
"The insurance is increasingly more of an engine that runs in the background instead of the driver of the business," said Jeff Matthews, an investor who wrote Secrets in Plain Sight: Business & Investing Secrets of Warren Buffett. Buffett did not ...

Neil Armstrong's Apollo 11 life insurance was autographs
As you'd expect, Neil Armstrong and his fellow astronauts couldn't get life insurance for their trip to the moon. No insurance company would ever take that gamble when these guys were attempting something that had never been done before. Or at least ...

Direct Line says will be more profitable after spin-off
LONDON, Sept 3 (Reuters) - Direct Line Insurance Group, stepping up a charm offensive with investors ahead of a planned stock market listing next month, said it expected to be more profitable after the flotation. Britain's largest motor insurer, an ...

Insurers Processing Estimated $1.2 Billion in Hurricane Isaac Claims
State Farm Insurance Cos., the largest insurer in Louisiana and Mississippi, said it had received 4,266 homeowners' insurance claims in the two states — 3,805 in Louisiana and 461 in Mississippi. The company had received 1,144 automobile claims — 998 ...

Queensland Premier goes it alone on disability insurance
Mr Newman today said Queensland would refuse to join the Federal Government's version until Prime Minister Julia Gillard explained where the money would come from for her National Disability Insurance Scheme. And he stingingly dismissed Ms Gillard's ...

Crackdown on small-business healthcare self-insurance faces delay
Supporters of more regulation on self-insurance fear that the small-business plans will appeal to companies with healthier workers and, as a result, boost premiums for businesses remaining in typical group plans. California Insurance Commissioner Dave ...

Expanding Health Insurance in Developing Countries
Rwanda will host a regional conference next week (9-11/13), with a focus on health insurance. Rwanda has been praised for moving toward universal coverage for its population. But many say it's a complicated issue that does not have a one-size-fits-all ...

Buffett's Berkshire Hathaway Relying Less on Insurance Units
Warren Buffett's recent birthday was good news for Berkshire Hathaway investors who could celebrate another year of the Oracle of Omaha's leadership. But the milestone also reminded shareholders they need to think about who will run the evolving ...

Dubai Group sells Turkey insurance arm
Mashreq Bank unit buys 51 pct stake in Turkish arm. * Remaining stake bought by ex-AIG CEO's firm. * Turkey seen attractive to foreign insurers. * Dubai Group is in midst of $10 bln restructuring. DUBAI, Sept 4 (Reuters) - Dubai Group has sold its ...

Insurance agent explains Medicare, HMOs and PPOs
STUART — When counseling Medicare beneficiaries about their options, I'm often asked about Managed Care Plans, (Medicare Advantage plans). What is an HMO and a PPO, what are the differences, costs involved and which one should I choose? An HMO ...

Idaho employers pay higher unemployment insurance tax, in part because of fraud
Idaho employers facing high unemployment insurance costs can, in part, blame those who get fraudulent benefits, the Associated Press reports; the Idaho Department of Labor is now trying to recover $20 million in fraudulent payments. The state's ...

Poll Finds Majority of Americans Feel Secure By Owning Life Insurance, But ...
Poll Finds Majority of Americans Feel Secure By Owning Life Insurance, But ...

Do You Have a Hurricane Deductible?
Deductibles are the portion of damage the homeowner pays out of pocket before insurance kicks in. For most “perils,” as the industry calls them, the standard deductible is a flat amount — say, $500 or $1,000. But coastal states from Maine to Texas ...

Stevens Point specialty insurance firm acquired
Special Markets Insurance Consultants Inc., a Stevens Point provider of insurance products for educational, sports and other organizations, has been acquired by AmWINS Group Inc. of Charlotte, N.C., AnWINS said Tuesday. Terms of the transaction were ...

TEXT-Fitch cuts Loyal American Life Insurance Co rating
(The following statement was released by the rating agency) Sept 4 - Fitch Ratings has downgraded the Insurer Financial Strength (IFS) ratings of Loyal American Life Insurance Company (Loyal) and Central Reserve Life Insurance Company (Central ...

In health-care platform, Democrats focus on the past
Back then, the party aimed to prohibit insurers from “charging different prices based on pre-existing conditions” and to make insurance affordable by giving “Americans … subsidies provided through tax credits.” The section clocked in at a lengthy 1 ...

Loosening health insurance rules in Maine has produced mixed results after 6 ...
Loosening health insurance rules in Maine has produced mixed results after 6 ...

FEATURE: US Gulf drillers forgo insurance, citing high premiums
In 2012 alone, premiums for offshore oil rigs in the Gulf have increased as much as 25%, according to Robert Hartwig, president of the Insurance Information Institute, a New York-based insurance industry public outreach group. Insurance premiums for ...

Refocus on facts: Citizens insurance still a time bomb
Florida's recent luck with Mother Nature has distracted the state's media, which is investigating relatively small issues at Citizens Property Insurance Corp. while ignoring the fiscal time bomb that is our property insurance market. Some editorials ...

Earthquake insurance offers some peace of mind
A crew removes loose bricks from turrets at St. Gregory's University in Shawnee on Nov. 6, a day after a 5.6-magnitude earthquake damaged buildings. The cost for earthquake insurance coverage can be about $100 to $150 a year, and earthquake insurance ...

In North Carolina, student insurance costs rise under Obamacare
Charlotte, North Carolina (CNN) - President Obama's health care reform law, which expands preventative care and lets young people remain on their parents' health insurance plans well into their 20s, is a central part of his election year pitch to ...

Social Insurance and Layoffs
Unemployment insurance is often available when the worker was laid off and continues to look for work. Disability insurance is available when a worker's health makes it too difficult to remain on the job. Social Security's old-age insurance program ...

RBS insurance unit plans 900 job cuts
LONDON (AP) — The insurance division of Royal Bank of Scotland says it plans to cut nearly 900 jobs as it prepares for a stock market flotation. The European Commission has set a deadline of 2014 for RBS to dispose of Direct Line Group as a condition ...