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Insurance News 07/2015



Tech Upended Banks and Stock Trading. Insurance Is Next
The World Economic Forum released a report this week examining how fintech startups—the venture-backed upstarts out to reinvent financial services—are changing the finance industry. Sounds like a cure for insomnia, right? Not for the global financial ...

Greece's white flag; Insurance mega merger; New Balance's new groove
Investors on both sides of the Atlantic are applauding the possibility of a deal between Greece and its creditors this morning. Stocks (^GSPC) (^IXIC) (^DJI) are rallying on news Greek Prime Minister Alexis Tsipras may accept most of the bailout terms ...

New regs for Thursday: Baby chairs, cooking, auto insurance
Auto insurance: The Department of the Treasury is looking into the affordability of consumer automobile insurance. The Treasury Department's Federal Insurance Office (FIO) is proposing to define what constitutes affordable auto insurance for minorities ...

Tax Secrets: Why do the rich buy so much life insurance?
Say you die with a $10 million policy on your life owned by an irrevocable life insurance trust (ILIT) and your wife is beneficiary. No estate tax at your death. Your wife dies many years later — the amount in the ILIT has grown to $12 million. Every ...

Why Chubb's $28.3 Billion Takeover May Fuel More Insurance Deals
The takeover of Chubb, which offers both business and consumer products including home and auto insurance, is the latest in a long line of ACE purchases as CEO Evan Greenberg, the son of legendary former AIG (AIG) CEO Hank Greenberg, focuses on ...

New Laws Push Uber And Lyft To Bump Up Insurance Coverage, But A Collision ...
New Laws Push Uber And Lyft To Bump Up Insurance Coverage, But A Collision ...

The Questions Still Facing Marriage Equality and Health Insurance
Just 10 years ago, the only way a lesbian or gay worker could hope to obtain health insurance for a partner through an employer was through “domestic partner benefits.” At that time, only one state permitted same-sex couples to marry, making spousal ...

California Forces Uber and Its Rivals to Bolster Insurance
Starting today, California's strict new insurance rules for Uber and its ride-hailing rivals take effect. The law, passed close to a year ago, aims to clear up the ambiguity around when drivers are truly on the roads working versus just driving around ...

Insurance for Olympics won't cover every risk
The goal is to create a web of insurance policies to cover nearly every possible cause for a cost overrun and to protect taxpayers from having to pick up the bill. The policies, likely spread among dozens of insurers, would make the Boston Olympics the ...

New California law provides insurance coverage to ride-share drivers during ...
New California law provides insurance coverage to ride-share drivers during ...

Beazley Launches Business Travel Insurance in Australia
Commenting on the choice to launch the product in Australia, Beazley underwriter Andrew May, said: “We have offered non-business travel insurance for seven years, and felt it was timely to expand our offer to the business travel insurance market to ...

Car Rental Insurance? Don't Get Taken For a Ride This Summer
NEW YORK (MainStreet) -- Summer travelers may have their favorite and highly specific vacation destinations (think camping, beaches, or their favorite overseas ports of call), but when it comes to buying auto rental insurance on the trip, they're in ...

Insurance acquisition: Centene buying Health Net
The consolidation steamboat that's charging its way through the health care insurance industry added another target as St. Louis-based Centene Corp. agreed to acquire Los Angeles-based Health Net in a deal valued at $6.8 billion. The companies said ...

Alliant Insurance Services Acquires Preferred Concepts in New York
Specialty insurance brokerage Alliant Insurance Services announced today it has expanded its managing general agent (MGA) practice through the acquisition of Preferred Concepts, an insurance program underwriter and wholesale broker based in New ...

Gov. Bentley appoints work group to study coastal insurance
Robert Bentley wants to take another shot at cracking the coastal insurance code, appointing a work group to study ways to lessen the burden of property insurance for businesses and homeowners along the Gulf Coast. Two Coastal Alabama lawmakers will ...

5 Insurance Options for Protecting Your Business and Gear as a Photographer
Photo Care's insurance covers loss due to fire, in addition to photo equipment and computer hardware breakage. If a piece of your kit breaks, it will be replaced at the current value. Your first deductible would cost $250, with a $500 deductible for ...

Farmers Insurance will refund millions for overcharges under court ruling
AUSTIN – A proposed settlement between Farmers Insurance and the state that would resolve a long-running lawsuit alleging massive overcharges by the company in its homeowners policies more than a dozen years ago was tentatively approved by a state ...

Oregon Backs Hefty Rise in Health-Insurance Premiums
Oregon's insurance regulator has approved big premium increases sought by health plans for 2016 under the health law, and in some cases ordered higher raises than insurers requested, signaling that the cost of insurance for people who buy it on their ...

Experts urge home, business owners to understand storm insurance
STRIKES. LAURA: INSURANCE IS THERE TO REPLACE YOUR PROPERTY WHEN SEVERE WEATHER STRIKES, BUT IT DOESN'T ALWAYS HAPPEN THAT WAY. A LOT OF CLAIMS, ESPECIALLY RECENTLY, HAVE BEEN MOST PEOPLE HAVE BEEN ...

Nursing moms fight for insurance coverage of breast-feeding benefits
Recently a nonprofit that advocates for breast-feeding mothers sent a letter to the Illinois Department of Insurance requesting that insurers be forced to pay for the services of certified lactation consultants. "Moms are not getting what they're ...

Check Insurance Coverage When Renting a Car
If you carry auto insurance to protect yourself and your own car, your policy probably covers you and a rental car. Still, it's best to contact your insurance agent to clarify the specifics before you leave on a trip, said Arlene Lester, a spokeswoman ...

Aetna to Buy Humana for $37 Billion in Largest Insurance Deal
Health insurer Aetna Inc. said Friday it would buy smaller rival Humana Inc. for about $37 billion in cash and stock, in the largest ever deal in the insurance industry. The combination will push Aetna close to Anthem Inc.'s No.2 insurer spot by ...

Insurance companies to provide eating disorder treatment coverage in Missouri
Although eating disorders can affect anyone, one of the most prevalent places they're found is on college campuses. “It's kind of a recipe in a way for eating disorders if you are vulnerable to developing one,” Claire Mysko, director of programs at the ...

Aetna Announces $37 Billion Merger With Health Insurance Rival Humana
In what could prove the largest-ever merger in the insurance industry, Aetna has announced a $37 billion deal to acquire rival Humana. The agreement, announced by the Hartford, Conn.-based Aetna, "would bolster Aetna's presence in the state- and ...

Aetna to Buy Humana for $37 Billion in Largest insurance Industry Deal
The Justice Department, which reviews insurance mergers, will scrutinize deals city-by-city to see if the combination would have a monopoly in any metropolitan area, said Andre Barlow, a veteran of the department who is now at Washington law firm Doyle ...

Health Insurance Companies Seek Big Rate Increases for 2016
WASHINGTON — Health insurance companies around the country are seeking rate increases of 20 percent to 40 percent or more, saying their new customers under the Affordable Care Act turned out to be sicker than expected. Federal officials say they are ...

Aetna To Buy Insurance Rival Humana For $37 Billion
The health insurance company Aetna announced Friday it will buy rival Humana for $37 billion. The merger comes as other health insurers consider consolidating to cut costs. More From Business. Politics. Donald Trump Controversy Highlights Influence Of ...

State budget provision exempts Enbridge from Dane County insurance ...
State budget provision exempts Enbridge from Dane County insurance ...

Tools ease choice of health insurance
As the number of people with higher-deducible health insurance plans increases, and consumers clamor for a better understanding of costs, more insurance providers are providing tools to aid in transparency. An annual census by the national trade ...

Texans' average home insurance premium increases 7% to 8%
State Farm insurance claims representative Sheldon Goethe assessed the roof damage to Vanessa Smith's home in Lancaster. Insurance industry representatives say higher costs for replacing roofs and an increasing number of lawsuits filed by homeowners ...

Insurance and Reaganomics
Leave aside the question of whether supply-siders know anything at all about how to achieve prosperity; even when prosperity does come, or at least when they can claim it has come, how does this affect health insurance? Specifically, how did insurance ...

Why being loyal to your auto insurance carrier can cost you
When Jonathan G. Stein, 41, became unhappy with his longtime car insurance carrier this year, the lawyer from Elk Grove, Calif., switched to a new company. How was he rewarded for his disloyalty after nine years? With savings of about $300 a year and a ...

How long should I keep my term life insurance?
Question: I am in my early 30s and the sole breadwinner for my family. We both want her to be able to stay home with our children, so I need to get some life insurance on me. How much should I get and how long should the term be? And how does it work ...

Lawmakers enjoy cheap insurance as they debate merits of Medicaid expansion ...
Lawmakers enjoy cheap insurance as they debate merits of Medicaid expansion ...

Be sure your travel insurance will pay out if disaster strikes
Thousands of people who believe they have been sensible by taking out travel insurance before jetting off on holiday will find that their insurer ultimately rejects their claim when things go wrong. The problem is likely to be particularly acute this ...

Insurance Companies Start Noticing The Legal Cannabis Industry
The marijuana industry's shady past and current illegal status at the federal level have kept most insurance companies from offering policies to the new industry. “Few and far between,” is the way Paul Warshaw CEO of GreenRush in California describes ...

Thanks, Obama. Health insurance rates jumping up… again
It's apparently our job to “put pressure” on state insurance regulators so they can scrutinize the rate increase requests. Yeah… that should do the trick. Meanwhile the Kaiser Family Foundation is still insisting that you'll only see “modest” rate ...

ACA Holdouts, Cost and Employer-Provided Insurance
At first blush “Meet the Health-Law Holdouts” (page one, June 25) brings to mind the “freeloaders” to which former Massachusetts Gov. Romney referred when he vigorously defended the individual mandate to be insured under the Massachusetts ...

Insurance: Next to Go Robo?
A new report by the World Economic Forum examines how fintech is changing the financial services industry. As we've seen in the advisory space with the rise of online advice platforms, it's disrupting things. But the insurance industry is next in line ...

UT changes student insurance policy
Many University of Toledo students no longer will be required to have health insurance, at least not by UT. UT changed its student health insurance policy to reflect national health care reforms and the ability to purchase plans through a health ...

Seasoned insurance company opens new office in Butler
At Zirpolo Insurance agency in Butler, prospective customers can get one-stop shopping for insurance and other needs. Shown here (from left to right) are Richard Cruz, a phone and computer repair technician; Cruz Deschamps, who does travel packages; ...

You're about to pay A LOT more for health insurance
WASHINGTON — Health insurance companies around the country are seeking rate increases of 20 percent to 40 percent or more, saying their new customers under the Affordable Care Act turned out to be sicker than expected. Federal officials say they are ...

Prevent Water Damage And Cut Insurance Costs
Five words or less (NewsUSA) – Water damage is the second most common reason for homeowners to file claims with their insurance companies; only home fires are associated with more damage and more claims. Water damage can stem from a variety of ...

3 Insurance Company Stocks to Buy Right Now
NEW YORK (TheStreet) -- With insurance company ACE Ltd. (ACE) recently acquiring Chubb Corp. (CB) for more than $28 billion (making it one of the largest companies in the industry), and insurer Centene Corp. (CNC) acquiring Health Net Inc. (HNT) for ...

Health Insurance Mergers Falling Into Place
Over the long weekend, the first move toward an acquisition was made in the health insurance industry. This has been long awaited since the Affordable Care Act came into play. As this is the first move, investors are looking to see where the others ...

From fitness trackers to drones, how the Internet of Things is transforming ...
From fitness trackers to drones, how the Internet of Things is transforming ...

Sanders battles big insurance premium increases
The New York Times has recently reported that big insurance companies are now planning gigantic increases in insurance premiums that could rise, if insurers get their way, by a staggering 20 percent to 40 percent. Leading the fight against this ...

Here's How to Figure Out How Much Life Insurance You Need
Q: How much insurance should I have? I was recently married and have been considering acquiring life insurance. We do not have any children, and I cannot really find any information on how much I should get. — Marcus Smail. A: It's a smart move to get ...

Another looming crisis: Social Security Disability Insurance
The Puerto Rican fraud scheme cost the Social Security Disability Insurance (SSDI) program more than $100 million and interrupted benefits for many disabled people. If the charges prove true, the West Virginia-Kentucky case will cost the program even ...

New fire rating can save Hollywood residents money on insurance
HOLLYWOOD, Ala. – In March, the Hollywood Fire Department was under evaluation by Insurance Services Office, or ISO, Now the results are in, and it's good news for the town. Hollywood Fire Chief Patrick Allen wants people to contact their insurance ...