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Insurance News 05/2016



Insurance Helpline | Insurance companies are not a law unto themselves!
The article that I wrote two weeks ago, 'Lightning knocks out Tacuma, insurer won't pay', has effects well beyond the frustrated claimant who brought the matter to public attention. Why? This is because even as a so-called Third World country ...

Court pulls up insurance firm, says good health is fundamental right
New Delhi: "Good health is a justiciable fundamental right", a Delhi court has said while observing that Prime Minister Narendra Modi's ambitious project for health insurance cover for everyone would bring about an "evolution" in India's health ...

When Should You Make Your Spouse Get Life Insurance? Patch Advisor
If you happen to live in a film noir movie, or you're a character in a certain vintage of mystery novel, you should be extremely suspicious when your spouse insists on purchasing a generous life insurance policy. This goes double if it comes on the ...

WA insurance scheme expands to help injured
It comes too late to help Matt Cook but the catastrophically injured tetraplegic bravely turned out today to lend his support to the State's expanded motor vehicle insurance cover. Mr Cook suffered a brain stem stroke as a 25-year old in a crash on ...

No need to know Chinese: Hong Kong's new insurance regulator looking for global talent as head
The head of Hong Kong's new insurance regulator will be chosen through a global search and is not required to know Chinese. The newly established Insurance Authority has appointed a head hunting firm to recruit about 300 staff, the chief executive and ...

Travelling? Go in for an insurance first
If the recent attacks in Brussels are any indication, then travellers today need to protect themselves from being stranded cashless in a foreign country. While family and friends can help you with the emotional distress, the right travel insurance can ...

1 800 lose insurance coverage
Their medical insurance carrier, the Insurance Corporation of Barbados Limited (ICBL), has dropped the workers who are members of the NUPW Insurance Agent Inc. (NUPWIA)-managed plan and unless they can find another carrier in a hurry, would be ...

Cleveland Browns expected to add insurance for Cameron Erving in form of Texas A&M center Mike Matthews
BEREA, Ohio – Cameron Erving expects to start at center this fall, but his confidence didn't prevent the Browns from signing an insurance policy. An insurance policy with Hall-of-Fame bloodlines. The Browns are adding Texas A&M center Mike Matthews as ...

Proposal Advances Requiring Insurance Coverage For Lyme Disease
BOSTON (AP) — Massachusetts lawmakers have advanced a proposal that would require insurance companies to provide coverage for doctor-prescribed Lyme Disease treatments. The measure was tacked on to the nearly $40 billion state budget that was ...

Could your genetic makeup be jacking up your insurance premiums?
Stainsby, a 33-year-old chiropractor in Toronto, tells Day 6 she started shopping around for life and disability insurance when she decided to set up her own practice, and that three insurance companies told her she'd be denied coverage unless she ...

City should demand UberX drivers prove proper insurance: Taxi industry
In other words, cabbies will still have to provide proof, while Uber can “ensure” its drivers have insurance. The taxi industry argues Uber cannot be trusted to comply and points to the company's misleading claims that its $5-million liability policy ...

Insurance companies feel activists' heat for underwriting fossil fuels
Climate activists are targeting the role of insurance companies in the expansion of fossil fuel production, highlighting the impact of extreme weather events on their bottom line. “We've already targeted banks and super funds, so insurance companies ...

Firefighters tackle flames at insurance building in Desert Hot Springs
Firefighters are investigating the cause of a fire that broke out at an insurance agency office in Desert Hot Springs Sunday morning. Crews said the fire broke out around 6 a.m. at the Farmer's Insurance building at the 12300 block of Palm Drive, south ...

Laws for condominium insurance can be tricky
Q: I am a unit owner in a high-rise condominium. At a recent board meeting which I attended, the issue of insurance was discussed. The board stated unit owners are not required to carry insurance. Is that right? I thought the condominium law mandated ...

A remote Himalayan village in India runs its own insurance scheme for its extraordinary horses
On a sunny May day last year, with not a cloud to mar the blue sky, Kishan Kumar opened the barn doors and led the whinnying horses and nickering foals out. They joined the steady stream of equine traffic in the narrow alley of Sagnam village on the ...

Super fund members wear price rise for less disability insurance
Insurance premiums paid by workers via their superannuation funds have soared, prompting the regulator and other industry experts to question if they are getting value for money. New research from SuperRatings released on Monday showed a median 50.5 ...

Travel Question of the Day: Simon Calder on travel insurance for people over 70
A As you will have discovered, once you begin your eighth decade, premiums for travel insurance can escalate sharply. This practice is often characterised as profiteering on the part of the insurers. But from what I can see it is mostly a reflection of ...

How to Avoid Pricey Homeowners Insurance Claims
Sure, that spring breeze wafting through the open windows is nice (unless you have allergies), but wind has a nasty side, too: Wind damage is responsible for about one in four homeowners' claims, according to Travelers Insurance, making it the most ...

How an Umbrella Insurance Policy Could Save You From Financial Ruin
Of course you'll want a home insurance policy to cover you in case of disaster. You already knew that, right? But in the case of major accidents or incidents on your property, you might find you need a whole lot more than what your traditional home ...

Some Iowa families don't have insurance for autism treatment
Some eastern Iowa parents who have children with autism are not able to depend on insurance. According to Autism Speaks, there are many Iowa families who have children with autism that do not have private insurance coverage. A bill to change this ...

How to shop for affordable homeowners insurance
Kevin Brasler is executive editor of Consumers' Checkbook. You're probably paying too much for homeowners insurance coverage. Each year, most Washington-area homeowners let hundreds of dollars — and, for many, more than $1,000 — slip through ...

Warren Buffett says that self-driving cars will be bad for insurance companies
Anything that makes cars safer is very pro-social, and it's bad for the auto insurance industry. But nevertheless, the auto insurance industry has always worked on making cars safer. I mean, they've led the way on things like seat belts and all that ...

PSU insurance cos to see Rs 675 crore outgo on 13.5% wage hike
MUMBAI: The employees of five public sector insurance companies have got the wage hike of 13.5 per cent with retrospective effect from August 2012, involving an outgo of Rs 675 crore including the arrears. The wage settlement was implemented in ...

Florida leaders choose new insurance commissioner
Florida Gov. Rick Scott and state Chief Financial Officer Jeff Atwater promoted Deputy Commissioner David Altmaier to lead the Florida Office of Insurance Regulation, several media outlets reported on Friday. Altmaier succeeds Kevin M. McCarty, who has ...

Insurance brokerage is broken
I've worked on a number of projects over the past year as an MBA Associate with the General Catalyst team. One of my principal areas of focus has been a deep dive into the emerging field of insurance technology startups, piggybacking GC's early work in ...

Private flood insurance support bill now in Senate hands
Called the Flood Insurance Market Parity and Modernization Act, the bill is that rarest of animals in the House — widely supported by Republicans and Democrats and by a broad coalition of environmental organizations, insurance lobbying groups ...

Homeowner insurance rates in Maine continue to climb at modest rate
Tony Payne, vice president of business for Clark Insurance of Maine, said the company's rates are rising less than 5 percent on average, and Laurie Noel, vice president of personal lines for Cross Insurance, said her agency also is seeing increases “in ...

Central Basin must wait to get its insurance back after JPIA puts off decision
COMMERCE >> Central Basin Municipal Water District will have to wait until at least December before it can get insurance from a regional joint powers authority that had cancelled the district's policy two years ago. A slim majority of board of ...

Driverless cars to dent insurance industry, warns Volvo chief
“Volvo believes the insurance industry will have no choice but to react to these seismic challenges to its existing business model by fundamentally restructuring – or face competition from new entrants into its market from technology-savvy disrupting ...

Driverless cars may lead to more crashes, says UK insurance group
Driverless car technology may give consumers a “false sense of security” that leads to an increase in the number of accidents in the short term, a leading insurance trade body has cautioned. The warning from the Association of British Insurers goes ...

'My pet insurance premiums have already risen 233pc - with more to come. This is what I'll do...'
Was I wrong to cancel his insurance? The renewal notice last summer took his premiums up from £23 to £30 a month. Once, they cost just £9. By comparison, my wife and I pay £25 a month to insure both of our lives. Can I really justify spending more on ...

Insurance companies adding staff for Fort Smith hail claims
Extra insurance agents are being called into the Fort Smith area this week to pick up some slack on the hail storm that hit the area Friday. Homes, cars and gardens in Fort Smith and parts of Crawford County were pummelled with golf ball-sized hail ...

Metro ensures clients have insurance advocates
You call your insurance company expecting they will honor your policy and cover all expenses once you have met your deductible. The insurance company sends out an insurance adjuster and determines you are owed only a fraction of your expenses, ...

Commercial Auto Insurance Remains a Loser on the Whole: Fitch
While the property/casualty industry has reported three consecutive years of significant underwriting profits, the commercial auto market as a whole reported an underwriting loss for the fifth consecutive year in 2015. In short, U.S. commercial auto ...

USI Insurance Services acquires benefits specialty agency
USI Insurance Services L.L.C. said on Tuesday that it has acquired Plymouth, Minnesota-based Hanratty & Associates Inc. The terms of the transaction were not disclosed. Hanratty & Associates is an insurance agency that provides employee benefits ...

How Your Relatives' Health Affects Your Life Insurance Rates
You probably know your health will affect prices when you shop for life insurance coverage. What you might not realize is that your family's health history can also influence your rates. Life insurers consider your parents' and sometimes your siblings ...

Japan-to-U.S. Insurance M&A Wave Not Over Yet, Bankers Say
Japanese buyers' willingness to keep striking deals in the U.S. should help buoy an otherwise slow market for U.S. insurance dealmaking in 2016, panelists said. New rules aimed at curbing so-called inversion deals have put a chill on cross-border deals ...

An Insurance Exodus From Obamacare Could Come in 2017
Insurers with narrow provider networks appear to have done relatively well, while the Affordable Care Act created health insurance cooperatives (co-ops), established with government funding, incurred the greatest losses. Additionally, the authors ...

John McManus: the great motor insurance price hike mystery
Quinn Insurance headed by Seán Quinn entered the Irish market in the 1990s and started to aggressively drive down prices. The other players in the market all expressed their bafflement at how Quinn could write insurance profitably at such prices, but ...

Why You Should Consider Buying Flood Insurance
The storms are a reminder that it can be a good idea to have flood insurance, even if you don't live in a recognized flood zone. Floods can take place at any time and in unexpected places, according to the National Flood Insurance Program, which ...

AXA to Sell Its UK Life and Insurance Business
PARIS—French insurer AXA SA AXAHY -1.19 % is in talks to sell its entire U.K. life and savings business for about 650 million pounds ($952 million), as the French insurer continues its withdrawal from parts of Europe plagued by sluggish growth. AXA ...

Don't leave it to last minute: Book your holiday and insurance now
If you have not booked your holiday, do not leave it any longer as all the best deals could soon be snapped up. Even if you have your booking sorted there is plenty more you need to do, such as taking out travel insurance or ordering your hire car ...

What is cyber insurance and why you need it
A cyber insurance policy, also referred to as cyber risk insurance or cyber liability insurance coverage (CLIC), is designed to help an organization mitigate risk exposure by offsetting costs involved with recovery after a cyber-related security breach ...

How One Infraction Can Wreck Your Auto Insurance
Though the Insurance Information Institute (III) likes to point out that the annual cost of auto insurance has been nearly flat in recent years -- rising from $798 in 2011 to $815 in 2012, according to a December 2014 report from the National ...

HSB Offers Identity Theft Insurance Through Employers
HARTFORD, Conn.--(BUSINESS WIRE)--The Hartford Steam Boiler Inspection and Insurance Company (HSB), part of Munich Re, is extending the availability of its identity theft insurance and services to the employees of small to mid-sized businesses as a ...

Insurance cost of DWIs in Louisiana among lowest in US
If you're convicted of driving under the influence in Louisiana, the increase in your automobile insurance will be far less than in nearly every other state, according to new research. The website ValuePenguin, which provides information on insurance ...

One Infraction Can Wreck Your Auto Insurance: Here's How
Though the Insurance Information Institute (III) likes to point out that the annual cost of auto insurance has been nearly flat in recent years -- rising from $798 in 2011 to $815 in 2012, according to a December 2014 report from the National ...

Looking for an alternative to long-term-care insurance?
Unfortunately, Medicare and most Medigap health-insurance policies don't cover nursing-home care. So the default is Medicaid for those who reach poverty levels. I've seen some examples of such poor Medicaid assistance they can't help but make you cry, ...

Bermuda Insurance Institute to give Stephen Catlin lifetime achievement award
Stephen Catlin is on tap to receive the Bermuda Insurance Institute's lifetime achievement award as one of the winners of the 2015 Insurance Industry Awards. The awards honor “exceptional companies and individuals whose contributions to the (re ...

Vero Beach insurance agent charged with fraud
INDIAN RIVER COUNTY — An insurance agent was charged Tuesday with falsifying workers' compensation records for a construction company, according to state officials. Robin Yencho, 50, of Professional Insurance Providers of Vero Beach, was charged ...