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Insurance News 12/2015



Zurich Insurance CEO to Step Down
Mr. Senn, who joined Zurich Insurance in 2006 as chief investment officer before later assuming the CEO role in 2010, oversaw the company through a trying period that included the tragic death of a top executive, a series of management changes, and a ...

Finally, Life Insurance For People Living With HIV
The life insurance industry routinely covers people with other chronic diseases, including cancer and Hepatitis C, although at a higher price than for healthy applicants. But HIV-positive people typically cannot buy individual life insurance policies ...

Insurance 'Sting' Aims to Catch Cargo Thieves During Their Busy Holiday Season
Cargo theft has become a huge problem that the FBI says causes $15 billion to $30 billion in losses each year in the U.S. Law enforcement and the insurance industry are fighting back by tempting thieves with “sting trailers” laden with cameras and GPS ...

Unaffordable insurance under Obamacare hurting small business, owners say
The sudden collapse of Health Republic Insurance of New York, by far the largest nonprofit health insurance cooperative created by Obamacare, is having repercussions in New York. More than 200,000 people are scrambling to find alternative insurance ...

Covering Transgender Care Is Good Economics for Insurance Companies
Some insurance companies, Padula says, also end up refusing transgender patients some forms of preventive care—for example, if a trans man with a cervix gets a pap smear, and his gender is officially changed to male on his license and birth ...

US Climate Risk Insurance Announcement
Today, at a meeting with leaders of small island nations, President Obama announced a U.S. contribution of $30 million to climate risk insurance initiatives in the Pacific, Central America, and Africa. As part of a broader set of actions to help ...

Best, Worst States for Insurance Regulation
Vermont, Utah, Iowa, Virginia and Kentucky get an “A” and North Carolina an “F” in one think tank's annual grading of states on how they regulate the property/casualty insurance industry. The 2015 Insurance Regulation Report Card, the R Street ...

What Happens If Kentucky Dismantles Its Health Insurance Exchange?
Kentucky Gov.-elect Matt Bevin, who takes office Dec. 8, plans to dismantle the state's successful health insurance exchange and shift consumers to the federal one. It's a campaign promise that has sparked controversy in the state. Supporters of ...

Obama unveils $30 mln for climate risk insurance to protect poor
PARIS, Dec 1 (Thomson Reuters Foundation) - The United States will contribute $30 million to climate risk insurance schemes in the Pacific, Central America and Africa, President Barack Obama announced at a meeting with leaders of small island nations ...

Insurance claim denied because no one was home
And then we've spent an additional $2,000 to $3,000 putting it back together ourselves." But when she contacted her insurer -- Northern Kentucky Home Insurance in Alexandria -- she got some terrible, horrible, no good, very bad news. "They denied the ...

Some physicians turning away CHA insurance
The founder of CHA, Jerry Burgess, said it's likely some doctors were unwilling to accept his company's insurance because of a serious rumor. Burgess said many people believe the company is bankrupt, because it's going out of business. However, he said ...

Cancer patients may lose insurance
The American Cancer Society told Channel 2 they can financially assist patients losing coverage, “We actually have a Health Insurance Assistance Team dedicated to assisting cancer patients, survivors, constituents with symptoms, concerned family ...

Questions and answers about federal employee health insurance
Open season for the Federal Employees Health Benefits program is a time for workers and retirees to consider the many health insurance offerings available to them and to make any changes. Open season ends on Dec. 14. This is the first year for ...

Mass. AG faults insurers' use of data for rate hikes
Attorney General Maura Healey has found that two of the state's largest insurance companies won excessive and unwarranted rate increases of about 9 percent for homeowners policies by taking advantage of last winter's record snowfall and other ...

To improve health, raise 'insurance literacy,' experts say
“Consumers would rather go to the gym or pay taxes than shop for health insurance,” said Lynn Quincy, director of the Health Care Value Hub at Consumers Union. In focus groups, even those with the knowledge to pick the best plan often had little ...

Canada's Sun Life Boosts Indian Insurance Venture Stake
Toronto-based Sun Life said it would pay about 340 million Canadian dollars (about $254 million) for the additional interest in Birla Sun Life Insurance Co., its joint venture with Indian conglomerate Aditya Birla Group. “Increasing our ownership ...

Phuket wants to require tourists to have insurance
Many travelers are covered by health insurance in their home country. However, this protection does not travel with them when they go abroad. Perhaps these uninsured globetrotters are unaware that their coverage is not worldwide. Most people probably ...

Why did President Obama Just Commit $30 Million for Climate Risk Insurance?
This week at the U.N. climate conference in Paris, President Obama announced that the United States would be contributing $30 million to climate risk insurance initiatives in the Pacific, the Caribbean, and Africa. The announcement — made during the ...

What Silicon Valley Is Saying About Disrupting Insurance
There were many loud-enough-to-be-heard, smart, rational and innovative voices calling for change to the historic model for insurance at last month's gathering of insurance disruptors in Palo Alto. And most encouraging is that these voices were coming ...

Prudential Offers Life Insurance to People With HIV
Prudential Financial, one of the nation's largest insurance companies, has started offering life insurance to people with HIV, the company announced Tuesday, on World AIDS Day. Previously, people living with HIV and AIDS have had very limited options ...

As people with HIV live longer, life insurance companies see a new market
Now that people with HIV are living longer, thanks to medical and public health advances, life insurers are taking notice. Prudential Financial Inc. (NYSE: PRU), one of the nation's largest life insurers, and HIV-AIDS specialist Aequalis, are joining ...

5 Annoying Reasons You're Not Getting the Best Car Insurance Rates
The formulas used to price car insurance can be a real black box. Your insurance rates might be affected by factors you can't control and might not even know about. A recent study from NerdWallet found that people can save an average of $859 a year ...

Prudential to offer life insurance for people living with HIV
Prudential Financial Inc. said it will make life insurance coverage available to people living with HIV, becoming the first major insurer to do so, according to California Insurance Commissioner Dave Jones. People with HIV will be eligible for 10- and ...

Lawmaker wants officials to reconsider insurance rate hikes
The chairman of a powerful state Senate committee on Wednesday called on the Division of Insurance to reconsider the substantial rate increases granted to two of the state's largest home insurance companies and open hearings on whether increases are ...

Mt. Pleasant insurance agency collects 'Suits for Soldiers'
Mt. Pleasant's Randy Hohol, insurance and financial services Agent for the borough's Farmers Insurance branch, displays several of the suits his agency has collected recently as part of the company's participation in the 'Suits for Soldiers' program ...

ACE Appoints Commercial P&C Leaders for Overseas General Insurance Division
ACE Ltd. has appointed the commercial property & casualty leadership team for the company's Overseas General Insurance division. The leadership appointments will take effect upon completion of the acquisition of Chubb, which is expected in the first ...

Vienna Insurance CEO to Leave Over Strategic Differences; Stadler Is Successor
Vienna Insurance Group AG, Austria's biggest insurer, said Chief Executive Officer Peter Hagen will leave the company over strategic differences later this month, more than two years before the end of his term. The company named Elisabeth Stadler as a ...

Zurich Insurance Raises Job Cut Plans to Affect at Least 1800
Zurich Insurance Group AG, Switzerland's biggest insurer, is increasing job cuts and relocations to a total of at least 1,800 at the company reduces costs and overhauls its biggest unit. The company will move 300 positions in group operations out of ...

Don't Make These Mistakes When Filing an Insurance Claim
The biggest insurance mistake you can make is not having insurance. That sounds like an advertisement for an insurance company, but generally, it's true. If you're driving without car insurance, you're breaking the law. If you don't have health ...

5 legal decisions that impacted the insurance industry in 2015
For example, the U.S. Supreme Court upheld a key provision of Obamacare in a decision embraced by health insurers. On the other end of the spectrum, the Supreme Court stunned homeowner insurers with a Fair Housing Act decision that may require them ...

Zurich Insurance Increases Job Cuts & Relocations to at Least 1800 Positions
While the review of general insurance under its new chief, Kristof Terryn, is complete, measures to improve the unit are ongoing. Zurich said last week it would no longer write general insurancebusiness in the Middle East from this month because growth ...

House restores crop insurance program
U.S. House members voted to restore the crop insurance program Thursday that was previously eliminated in October, preserving what had been considered the centerpiece safety net provision of the 2013 Farm Bill. The crop insurance program was tucked ...

Mass Shootings Convince Companies to Explore 'Active Shooter' Insurance
Three months ago, Willis, a large insurance broker, began selling policies that cover gun violence. The policies are called active shooter insurance. Willis originally pitched the insurance to universities, but over the past few months, the brokerage ...

6 N.J. residents charged with insurance fraud, authorities say
All six residents, including a mother and daughter, were charged with one count of third-degree insurance fraud this week for the "crash-and-buy schemes," the New Jersey Attorney General's Office and the Office of the Insurance Fraud Prosecutor ...

Family insurance business expands to Tea
Tyndall-based Koch Insurance has opened an office in Tea. It was founded by Royal Koch in 1953 and later expanded when his son Marty joined the business with offices in Tabor, Springfield and Yankton. The Tea office is at 910 N. Main Ave. and will be ...

Candidate for Kansas House seat lost insurance license last month
Robert Pinkerton, 53, worked as an insurance agent for State Farm from 2000 until July of this year, when his employment was terminated. Last month the Insurance Commissioner's office revoked his license, finding that Pinkerton had misappropriated ...

Colo. insurance costs to rise in 2016
“Sticker shock” may best describe residents' reactions to double-digit hikes to health insurance rates — provided four choice letters don't do it better — but the implications of higher coverage costs in Colorado may stretch farther than one's purse ...

Surprise: Your Life-Insurance Rates Are Going Up
Major insurers are breaking a long-standing industry taboo of raising rates on life-insurance policies they sold to consumers years ago, in the latest fallout from a prolonged stretch of low interest rates. In recent months, several insurers have ...

Highway Bill Restores Crop Insurance Funding Cut in Budget Deal
“The crop insurance industry fully supports efforts to return crop insurance to where it was before the budget bill was passed. The budget bill contained a disastrous provision that would have devastated crop insurance as we know it today, harming U.S. ...

Connecticut Bans Use of Price Optimization in Insurance Rates
Connecticut has joined the growing number of states that have banned the practice of “price optimization” in insurance pricing. Connecticut Insurance Commissioner Katharine L. Wade announced Friday that the state's Insurance Department has officially ...

How Insurance Companies Drive Up the Cost of Live-Saving Drugs for Patients
Before doctors can prescribe a treatment, they must deal with the bureaucracy and red tape of the patient's insurance company that often puts its bottom line ahead of patient health. Insurance companies get between patients and the most-effective drug ...

Google Compare and the insurance industry: Threat or opportunity?
Speaking at the Annual Insurance Executive Conference held in New York City, Weng Kan said that Google wants to partner with carriers to make the buying experience better for the consumer while delivering more qualified leads to carriers, agents and ...

House gone; bank wants flood insurance anyway
Bank of America demanded that Lakewood resident James McKinley buy flood insurance for his house on Barnegat Bay in Brick. That's not unusual, right? But McKinley's house is long gone, demolished more than two years ago after taking serious damage ...

NAIA Adds Strategic Benefit & Insurance Advisors as Member Agency in NH
North American Insurance Alliance (NAIA), an agency alliance based in Rangeley, Maine, announced that Strategic Benefit & Insurance Advisors (SBIA) of Bedford, New Hampshire, has joined as a member agency. SBIA has 13 employees led by Donald ...

Interest in 'active shooter' insurance grows
Amid growing concern about gun violence in the U.S., one insurer has seen increased interest in a policy covering shootings at companies. Insurance broker Willis started selling so-called active shooter insurance three months ago, and has received ...

Floridians invited to weigh in on proposed mergers of insurance giants
Floridians who want to make their views heard on proposed mergers involving four health insurance giants are invited to take part in public hearings next week at the state Capitol in Tallahassee. But South Florida residents need not make the eight-hour ...

Billy Kurtz: Be thankful for health insurance and pass Insure Tennessee
Thanksgiving gave all of us fortunate enough to have health insurance an occasion to give thanks for the security and peace of mind insurance provides. The holiday season also is a time to reflect on the plight of 280,000 of our fellow Tennesseans who ...

Title insurance protects homebuyers
Whether you're purchasing a new or existing home, or refinancing, title insurance protects you against any problems affecting the title to your home. Depending on the type of transaction, purchase or refinance, there are different coverages that ...

Residents get help enrolling in health insurance at Norwich event
NORWICH — More than two dozen people were scheduled to stop in at Norwich United Community & Family Services office on Saturday to get help signing up for health insurance. Inside the The Edward & Mary Lord Family Health Center on Town Street, ...

Life insurance enriches your family
Turning the insurance tax table on the IRS is always a tax victory. I'm talking about big dollars. Your dollars. Most business owners pour their life insurance dollars down two unnecessary money losing holes. The first hole while they are alive ...