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Insurance News 01/2016



Cyber insurance 2015: Inside a robust and rapidly changing market
2015 will be remembered as the year the Cyber insurance market began to really take shape. The market remains robust and continues to present for insurers opportunities for unprecedented growth. However, the market conditions for large and small to ...

Good time to review insurance policies
Before the work begins, check to see if you need to increase your insurance coverage. By doing so, the addition or upgrade will be covered in case it's damaged or destroyed during construction. Also, be sure to notify your agent if you've installed a ...

New floods but same problems – the need to have adequate insurance and a ...
New floods but same problems – the need to have adequate insurance and a ...

Finding affordable auto insurance for teen drivers
What tips do you have for getting less expensive car insurance without losing decent coverage? A. Ah, yes. A new driver in the house. Learning to drive is an exciting time for teenagers – a rite of passage of sorts. But for parents, this time can be ...

Drones flying high in Boulder County, but owners should check their insurance
State Insurance Division officials said in a recent news release that the Federal Aviation Administration has estimated that more than 1 million drones, also known as unmanned air vehicles or unmanned aircraft systems, would be sold nationally for ...

Former county leader running for insurance commissioner
In the primary, he'll face Mike Causey, an adopt-a-highway coordinator who has run for the job four other times, and Ronald Pierce, an insurance company owner who faced fraud charges from the Department of Insurance. Charges against Pierce were ...

NJ Factory Turns To Medicaid To Insure Lowest-Paid Employees
And while some employees did sign up for the insurance — the company doubled the number of people on its health plan over previous years — about two-thirds of the employees declined the coverage. With monthly premiums of roughly $350 for a family of ...

Businesses have options for insurance
While the insurance holder's policy is different for businesses, the matter of earthquake insurance is fairly similar for businesses and homeowners. “It's relatively straight-forward,” said Gordon Amini, general council with the Oklahoma Insurance ...

How Halifax penalises its insurance customers for their loyalty
How much should the buildings insurance be on a £250,000 terrace house in Redcar, north-east England? It probably wouldn't be difficult to find quotes for less than £200. Yet what the son of the elderly woman living alone in the house found after going ...

Understanding Workers' Compensation Insurance and Its Importance to Your Self ...
Understanding Workers' Compensation Insurance and Its Importance to Your Self ...

Lack of insurance costs residents
Mike Rieman, who represents the Georgia Emergency Management Agency, said property insurance doesn't typically cover flood damage, but the National Flood Insurance Program, or NFIP, can help provide financial protection. Flooding is the most common ...

State insurance regulators: Look out for yourself
The Consumer Federation of America touched off the debate with a 2014 report that obtained rate filings in Wisconsin by Northbrook-based Allstate and claimed they provided “clear evidence” the auto and home insurance giant was basing rates it charges ...

Flood insurance 'a necessary evil' for businesses in high-risk areas
ALTON — Flood insurance is a necessary evil for businesses and homeowners in high-risk areas, says Jeff Luken, owner of Luken Insurance. It's expensive, coverage is limited and businesses are often required to afford rates that have been going up for ...

Election of new officers at Southern Mutual Insurance Company
Dan DeLamater was elected president of Southern Mutual Insurance Company effective Friday, at the Board of Directors' meeting. The Board of Directors also elected Kim McClain as vice president and secretary, Mitch Parham as assistant vice president and ...

We need a last-ditch push for Insure Tennessee
Bill Haslam's Insure Tennessee plan, which he thought had been carefully crafted to meet legislators' objections about how Tennessee should accept federal Medicaid expansion funding, which would be about $1.4 billion a year, to provide health insurance ...

Former New Milford mayor promises bonuses, insurance coverage in
NEW MILFORD — Two former mayoral assistants are fighting for perks — more than $10,000 worth of bonuses and continued health insurance — they were promised by Pat Murphy in her final days of office that have since been denied by the new ...

Misconceptions hamper flood insurance purchases
The owners of Rivers Bend did not have flood insurance, which is not uncommon even in areas that are at a high risk for a flood, said Dean Ownby, branch chief for floodplain management and insurance in Region VII for the Federal Emergency Management ...

Flood insurance can cover what homeowners insurance does not
Many people buy insurance to shift the cost of rebuilding, repairing or replacing homes and belongings to an insurance company. However, homeowners insurance is not designed to pay for every loss that happens. Flood-damaged property falls into this ...

Q&A: Mark Sektnan, Association of California Insurance Companies
Mark Sektnan, president of the Sacramento-based Association of California Insurance Companies, says a workers compensation prescription formulary approved in October will be an important tool in preventing unnecessary dispensing of narcotic painkillers ...

Oklahoma Insurance Department offers assistance to those affected by severe ...
Oklahoma Insurance Department offers assistance to those affected by severe ...

Insurance reform has long history in Colorado
Insurance reform has long history in Colorado. By Paul Wahl Montrose Daily Press Managing Editor; 6 hrs ago; 0. Two years before Barack Obama was elected president, Colorado was already looking at health insurance reform. “The prevailing idea was that ...

Auto insurance, energy top Cotter's agenda
LANSING -- Kevin Cotter has four chief priorities as he enters his second and final year as House speaker, and an overhaul and bailout of Detroit's school district isn't among them. Auto insurance changes, an update to energy laws, criminal justice ...

Solvency II rules set to spark M&A surge
After 13 years, 3,200 pages and hundreds of millions of dollars in set-up costs, a new era has dawned in insurance. The Solvency II capital regime — an EU reform whose origins go back to 2002 — finally came into force on January 1. The new rules are ...

Is Your Life Insurance Dying?
There may be a cancer eating away at your life insurance policy -- causing it to die before you do! If you have a "universal life" policy -- one with flexible premiums and/or investment choices within the policy, the insurance industry is taking a ...

Crowdfunding sites helping us care for ailing parents. Insurance companies not ...
Crowdfunding sites helping us care for ailing parents. Insurance companies not ...

2015 marked by improved insurance consumer protection, new product approvals ...
2015 marked by improved insurance consumer protection, new product approvals ...

Auto insurance, energy top Cotter's 2016 agenda
Auto insurance changes, an update to energy laws, criminal justice spending and the broader state budget will top the agenda, at least for now. He said he is “greatly” concerned with a key component of GOP Gov. Rick Snyder's education plan — creating ...

Face-to-face help with insurance questions
Open enrollment for health insurance plans offered through the Maryland Health Connection insurance marketplace began on Nov. 1, but according to state officials, there are still an estimated 11,000 uninsured people in Carroll County. If you're one of ...

Not all North Dakota Farmers Embracing New Type of Crop Insurance
Officials think education could increase interest in a new type of crop insurance that also might give farmers who diversify a boost. Whole farm crop insurance became available in North Dakota this past growing season. No policies were sold, but ...

Filing an Insurance Claim: Critical Steps for Self-Storage Operators
All smart self-storage owners know they need insurance to limit their business risk. You purchase a package policy to protect against facility damage, theft, tenant claims, injuries or other losses that may occur at your site. But do you know what to ...

Natural disaster insurance costs fall to six-year low
Germany-based reinsurer Munich Re published its annual Natural Disaster Review on Monday claiming "El Niño" had helped reduce global insurance costs from natural catastrophes in 2015. The climate phenomenon is caused by the warming of waters in ...

Farmers Insurance® Launches New Rideshare Insurance Coverage in Ohio; Offering ...
Farmers Insurance® Launches New Rideshare Insurance Coverage in Ohio; Offering ...

Cybersecurity Insurance Explosion Poses Challenges
That expected rapid sales growth is occurring as the cybersecurity insurance market is still viewed by many specialists as a product in its nascent stages with no real standardization surrounding its pricing, terms and conditions, and even the language ...

Fitch Expects Modest Gains for US Insurance Brokers in 2016
Revenues and earnings for public U.S. insurance brokers are likely to modestly improve in 2016 relative to levels reported through nine months of 2015, according to Fitch Ratings' 2016 U.S. Insurance Broker Outlook report. The ratings agency said near ...

Just what the heck is hybrid insurance?
But at some point, you'll likely need to consult an insurance professional. Meet with one who has access to multiple carriers, said Henske, "because clients are going to have different needs, and you don't want to be speaking to someone who just ...

Cruise insurance may cover trip interruptions but not missed destinations
The funny thing about interruption provisions in cruise insurance is that they don't cover interruptions in itinerary. Take the case of the Island Princess, which was two days into a 12-night Mediterranean cruise when an announcement interrupted a ...

Pillsbury Hires Insurance Chair from Orrick
Pillsbury Winthrop Shaw Pittman has hired the chair of Orrick Herrington & Sutcliffe's insurance recovery practice in Washington, D.C., along with six colleagues. The group consists of three partners: Mark Plumer, the chair of Orrick's insurance ...

4 ways insurance companies are trying to cheat you after a car accident
This story is sponsored by Robert J. DeBry—more than 200 years of combined experience practicing personal injury law. Everyone is trying to save a dollar here and there, and there is absolutely nothing wrong with that. But when it's your insurance ...

Weather dominates insurance claims in 2015: Munich Re
The insurance industry lobbied governments to take action to curb climate change in the run-up to the UN climate summit in Paris last year, citing both rising payouts in heavily-insured rich country markets and a lack of affordable insurance in ...

Insurance Plans For 'Critical illness' Rise In Popularity
ST. PAUL, Minn. (AP) — “Critical illness” insurance is surging in popularity as consumers look for ways to fill holes in their coverage. The specialized coverage can help people who might struggle to pay out-of-pocket costs because it pays for things ...

Higher insurance rates follow last year's winter storms
The Boston Globe reports that more homeowners are getting stuck with higher insurance bills following last year's record-setting snowfall. Filings from the state Division of Insurance indicate that about a dozen home insurance companies are increasing ...

Auto Insurance for the Rich Often Covers and Costs More
It may be surprising, but your level of wealth can impact your car insurance coverage needs, and a standard policy may not be the best way to protect yourself. What's so special about auto insurance for the rich? Many affluent individuals need coverage ...

6 Forecasts for P/C Insurance in 2016
Some, but not all, experts see an improving U.S. economy in 2016 helping to boost the property/casualty (P/C) insurance sector. Some of these prognosticators are more optimistic than others. But most also anticipate continued low interest rates ...

Police: Southwest suburban man tried to stab mother to death for insurance money
A southwest suburban man tried to stab his mother to death Monday morning for insurance money to pay for his college tuition, police said. Michael J. Bernhard, 22, was charged with attempted murder, aggravated unlawful use of a weapon and aggravated ...

Oklahomans confused about earthquake insurance coverage
In December, Oklahoma Insurance Commissioner John Doak asked insurance companies to send out a letter to those with an earthquake endorsement to clarify what was covered under their policy. But commission spokesman Buddy Combs said the process ...

China insurance fund to invest in Russia's Yamal LNG
The new firm, China Insurance Investment Ltd, will boost China's energy security by directing part of its first fund to finance Russia's $27 billion Yamal liquefied natural gas (LNG) project, the China Insurance Regulatory Commission (CIRC) said in an ...

Insurance cost of natural disasters falls in 2015: Munich Re
The climate phenomenon known as 'El Niño' last year helped reduce the development of hurricanes in the North Atlantic, which traditionally cause some of the heaviest claims for the insurance industry, the world's largest reinsurer said in its annual ...

Hillary Clinton wants Georgia to expand autism insurance
The Democratic candidate is set to discuss her plan for expanded autism insurance and new screening and treatment initiatives on Tuesday at a town hall meeting in Iowa. It would require insurance plans offered through state health exchanges in Georgia ...

Even Insured Can Face Crushing Medical Debt, Study Finds
The number of uninsured Americans has fallen by an estimated 15 million since 2013, thanks largely to the Affordable Care Act. But a new survey, the first detailed study of Americans struggling with medical bills, shows that insurance often fails as a ...

Are you eligible for the health insurance premium tax credit?
Eligibility for advance PTC payments is established during the process of determining if you are eligible to purchase coverage through the health insurance marketplace. The marketplace must verify that you are not eligible for minimum essential ...