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Insurance News 02/2016



2016 Could Be a “Perfect Storm” for California Insurance Sales
El Niño may have ushered 2016 in with above average rainfall. However, we may be witnessing the perfect storm for the California insurance industry. The following facts indicate that insurance agents would be wise to help their customers weather the ...

Farmers Insurance Open 2016: Monday TV schedule, tee times and how to watch online
The Farmers Insurance Open at Torrey Pines usually evades any major delays. The first two days are played on two courses when the field is larger, and a delay would throw the schedule off significantly. The marine layer, or heavy fog, that moves in off ...

5 Ways The IoT Will Transform The Insurance Industry
The U.S. Insurance industry is the world's largest insurance market where 6,118 companies, employing 2.5 million people, have net annual premiums of $1.1 trillion. Yet, despite its size and overall financial health, the insurance industry is likely to ...

After struggling with medical ordeal and insurance delays, woman finally awaits transplant
Heather Carlock's life revolves around awaiting her "new normal." It will involve a lifetime of dietary restrictions and medications and probably adoption rather than pregnancy. But it will be a relief from the pain and uncertainty that overtook ...

How Automation Will Whack Up to 25% of Insurance Jobs: McKinsey
Automation could leave up to 25 percent of the insurance industry's current full-time positions consolidated or replaced over the next decade, McKinsey & Co. said in a new report, Automating the Insurance Industry. The consultancy urged insurers to ...

Driving Usage Based Insurance Information to the Claims Process
While information derived from usage based insurance telematics hasn't been fully utilized in the claims process, the benefits it can provide – consistency, efficiency and accuracy – offer a way to reduce claims costs according to David Lukens ...

Patrick Reed's early withdrawal at Farmers Insurance Open starts PGA Tour beef
Patrick Reed slogged his way to a third-round 81 on Saturday at the Farmers Insurance Open. Torrey Pines is already a tough course with thicker rough and unpredictable poa greens, but the wind made things much harder on Saturday. Those conditions ...

The health insurance industry's identity crisis
As lawmakers and policy groups debated the mechanics of what would become the Affordable Care Act, health insurers saw the writing on the wall. The public viewed as intolerable insurance strategies that denied coverage to people with pre-existing ...

New insurance puts hold on Knoxville man's chemo
KNOXVILLE (WATE) – A Knoxville man who has cancer is not sure if he'll be able to continue his chemotherapy treatments. There had apparently been some miscommunication when he signed up for his new health insurance in early December and his ...

Will Your Insurance Pay for Wind Damage?
State Farm Insurance agent Walt Waggener said most wind damage is generally covered -- but not all. "Typically if your tree falls over in your yard, that is excluded by most homeowner's policies," said Waggener. "You're going to have to go ahead and ...

Show Proof Of Insurance Up Front - And Response
The problem here is that many insurance agents don't like Uninsured Coverage because the premiums are low. There are reports that many agents just get the insured to sign the waivers without explaining the potential dangers. Many tell the insured that ...

Three more insurance companies settle with Minnesota regulators
Three more life insurance companies that owed unpaid claims to policy beneficiaries have settled with the Minnesota Department of Commerce. That brings to nine the number of companies out of 16 examined that have agreed to pay $143 million to ...

Will insurance cover wind and tree damage?
"The tree falling, the wind damage is generally covered under any homeowners' policy, but just verify that with your own insurance company," said Beyer. You should always check with your agent to make sure the cost to repair isn't less than your ...

Why Critical Illness Insurance Is Gaining Popularity
Critical care insurance pays out a lump sum for any kind of expense if someone is diagnosed with a serious illness. It's now popular but other kinds of insurance may already cover needed expenses. DAVID GREENE, HOST: All right, let's look now at a ...

China's Latest Measure Against Outflows Caps Insurance Purchases
Chinese people have been flocking to Hong Kong to buy insurance policies, which typically come with better service than on the mainland and also offer them a way to skirt controls on how much capital they can move abroad. Purchases of insurance ...

Opportunities In The Risk Business Abound As Insurance Is Ready For Disruption
We take it for granted, but insurance is an incredible financial instrument for consumers and businesses: give a small and steady stream of payments today to avoid getting stuck with catastrophic payment(s) in the future. Whether medical, automotive ...

Dallas ZIP 75207 has highest insurance
Residents of ZIP code 75207 just west of downtown off Stemmons Freeway get whacked with the highest average car insurance in the area – and the second most expensive rates in Texas, according to a new analysis by CarInsurance.com. The analysis did ...

Why Google's Not So Smart or Fast and Insurance Agents Aren't Dead… Yet
Insurance agents aren't dead yet, but even underwriters participating in the personal automobile insurance market may be looking for another line of work within the next two decades, industry observers said at a recent conference. “The most radical ...

Mitsui Sumitomo Insurance Completes Acquisition of 'MS Amlin'
Amlin plc announced the completion of its acquisition by Mitsui Sumitomo Insurance Co. Ltd., a wholly owned subsidiary of MS&AD Insurance Group Holdings Inc., following receipt of regulatory and legal approvals. MSI has acquired the entire issued and ...

AG: Neptune, Lakewood businesses face insurance fraud
A grand jury indicted five officials who they say were involved in a fraud scheme between a recycling company in Lakewood and an insurance agency in Neptune that stole $600,000 from an insurance carrier, authorities said. Employees Supreme Asset ...

High title insurance costs spur calls for reform
AUSTIN -- Complaining that Texans now pay the highest title-insurance rates in the country, a powerful duo of business and conservative groups called Tuesday for sweeping reforms to lower the costs by dropping anti-competition rules. In a morning ...

Lansing employs 20 percent of state's insurance industry
LANSING – Michigan's insurance industry had a $37.1 billion economic footprint in 2014, according to a new report on the industry. The industry spent $16.4 billion in the state that year, including $3 billion in wages to its more than 41,000 direct ...

Insurance Fraud: A Growing Problem In SC
From fake car crashes to bogus medical bills, South Carolina leaders say insurance fraud is a growing problem in the state. Here's why you should care. It affects your premiums. Today leaders discussed how to combat insurance fraud at a summit in ...

Private flood insurance could save Pennsylvania homeowners money
Derry Township resident Mike Megoulas found out his house was in a flood zone more than a decade after he initially bought it. Private flood insurance is more affordable for him than insurance through the National Flood Insurance Program. (Rachel Bunn ...

City fire rating could mean cheaper property insurance
Some Rochester home and business owners could see a drop in property insurance rates, thanks to an upgrade in the city's fire protection rating from a national insurance group, city officials said Tuesday. The Insurance Services Office, which advises ...

AIA, Manulife Slump on Concern China to Curb Insurance Sales
24, after people familiar with the situation told Bloomberg that China's State Administration of Foreign Exchange will cap the use of UnionPay bankcards to buy insurance products overseas. Manulife lost 5.6 percent. Prudential Plc, which operates in 12 ...

Zurich Insurance Ready to Shrink to Cut Claims, Risk Chief Says
"We were surprised, obviously, by the poor underwriting results in the general insurance business,” she said in an interview at the company's headquarters in Zurich. “We need to either re-price or, if we cannot get the right level of compensation to ...

China UnionPay Clamps Down on Foreign Insurance Purchases
China's dominant credit-card issuer said it would crack down on local customers spending thousands of dollars on insurance policies abroad, a move that comes as Beijing is trying to stem heavy capital outflows from the country. China UnionPay told The ...

Race for Iran oil cargoes could be false start -insurance officials
While companies jockey for position after world powers lifted curbs on Tehran's banking, insurance and shipping sectors last month as part of a nuclear deal with Iran, international insurers are no nearer to resolving concerns over U.S. sanctions that ...

Wyckoff cardiologist accused of double billing insurance companies for more than $600000
Coletti is also charged with one count each of insurance fraud and attempted theft by deception after he allegedly filed fraudulent claims to Horizon Blue Cross Blue Shield of New Jersey, UnitedHealthcare Inc. and Aetna Insurance Company between April ...

State workers' health insurance may be cut
Following orders from the General Assembly to save money, North Carolina officials are discussing eliminating the state health insurance plan's most popular offering, a step a workers' group says would harm teachers and state employees whose paychecks ...

7 Georgians accused of staging fires to get $392K in insurance money
A joint investigation by the Georgia Department of Insurance's Fraud Division and Fire Investigation Unit found that six Colquitt County residents and a Clayton County woman allegedly staged numerous fires, residential burglaries and automobile ...

Proposed bill would do away with fine for not having insurance card on hand
OKLAHOMA CITY – An Oklahoma representative is taking on a law that would punish drivers who don't have proof of insurance on hand. House Bill 2473 would remove the penalty for failure to show proof of insurance when an officer is able to verify that ...

South Carolina insurance costs rise as insurance fraud increases
Laurie Langford, a private investigator with Tracker Investigations in the Charleston area says not as many insurance companies are hiring private investigators to look into insurance fraud as they used to. She thinks that may be the reason insurance ...

How Chinese Used Insurance to Dodge Currency Controls
Before the Chinese regulator stepped in this week with measures against the insurance industry aimed at curbing the country's $1 trillion worth of capital outflows in 2015, hundreds of thousands of mainland Chinese had been flocking to Hong Kong to buy ...

New insurance code aims at helping elderly stay in own home
The House committee is chaired by Will Infantine, president of Aspen Insurance Agency in Manchester and the chairman of the New Hampshire Association of Insurance Agents. When Infantine learned of a proposed Senate bill that would have amended the ...

The Real Reasons Insurance Companies Are Complaining About Obamacare
Some insurance companies haven't been shy about their criticisms of Obamacare lately, giving conservatives fodder for their political arguments that the law is a failure that is destroying the entire health care market. But there is more going on than ...

Proposed legislation would implement stricter penalties for unemployment insurance fraud
An Assembly committee passed a bill Tuesday that would elevate the consequences unemployment insurance fraud offenders face. The bill, proposed by Rep. Samantha Kerkman, R-Salem, and Sen. Chris Kapenga, R-Delafield, would raise the penalties for ...

Understanding endorsements and insurance for truckers
Under the MCS-90 endorsement, interstate motor carrier insurers are required to pay any final judgment "recovered against the insured for public liability" as a result of the negligent operation of any vehicle — regardless of whether the involved ...

Buying Supplemental Insurance Can Be Hard For Younger Medicare Beneficiaries
Almost one in four Medicare beneficiaries has such a policy, known as Medigap, which is sold by private insurance companies. It can help pay for costs Medicare doesn't cover, including the 20 percent coinsurance required for medical expenses, including ...

NC insurance commissioner criticizes federal health care law
RALEIGH — North Carolina's insurance commission says the federal health care law is causing havoc in the insurance market in the state. The News & Observer of Raleigh reported that commissioner Wayne Goodwin says the Affordable Care Act might ...

How a huge insurance company screwed up on Obamacare
UnitedHealth Group is the nation's biggest private health insurer, so when its executives started whining last year about how it was losing millions on Affordable Care Act exchange plans and threatened to leave the ACA market as early as 2017, people ...

Senator works to change insurance laws
Consumer Reports came out with a new study addressing how insurance companies use credit scores to determine insurance rates, which is said to be a contributing factor for those driving without insurance. State Sen. Rob Standridge wants to introduce a ...

Down Payment Insurance on a Home Purchase
I set out recently to write about a new program of down payment (henceforth DP) insurance, but quickly realized that such an article required an extensive preface that clarifies what the DP is and what it is not. The new program is discussed after that ...

Agents Raid Former Insurance Magnate's Offices
Federal investigators recently searched the Manhattan offices of an investment firm once headed by young insurance magnate Alexander Chatfield Burns, whose empire collapsed in 2014 amid allegations that millions of dollars had been siphoned off into ...

Nearly 13 Million Sign Up for Obamacare Health Insurance
About 12.7 million Americans signed up for 2016 health insurance coverage through the government insurance exchanges, surpassing its expectations, U.S. Health and Human Services Secretary Sylvia Burwell said on Thursday. That means Republicans ...

Insurance abuse reform bills show signs of stalling
Proposed laws aimed at curbing what insurance companies call fraud by contractors hired to repair non-weather-related water damages show signs of stalling for a fourth-straight year, a statewide insurance reform group says. House and Senate versions of ...

Faking It: How you're the victim of health insurance fraud
“If you took those bills and stretched them, they'd go to the moon and back 17 times,” said James Quiggle, Coalition Against Insurance Fraud. That's how much money is stolen every year by insurance fraud. “Our homes are burned our bank accounts are ...

Companies Form Health-Insurance Alliance
The 2010 health-care overhaul made relatively small changes to employer-sponsored insurance. Some companies whose workers have variable shifts cut back on their hours to limit their exposure to new requirements that they offer benefits to most ...

Budget crisis won't impact Montana university insurance coverage
Budget and position cuts have plagued the University of Montana this year. NBC Montana dug through their budgets and health insurance information. According to Montana University System benefit reports, the state pays the entire health insurance ...