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Insurance News 06/2016



Munich Re to Spend $1.1 Billion on Primary Insurance Revamp
As a life-insurance contract can run for 30 years or more, it's difficult to meet these obligations with German 10-year government bonds paying less than 0.2 percent. The average interest guarantee of German life insurers was 2.59 percent last year ...

Erie Insurance Names NeCastro to Succeed Cavanaugh as Next CEO
NeCastro joined Erie Insurance in 1996 as manager of internal auditing and was promoted to senior vice president and controller in 1997. In 2008, he was named senior vice president of product and policy services, overseeing customer service, personal ...

Feds Want to Block Life Insurance Payout to Family of the San Bernardino Shooter
Federal prosecutors moved on Tuesday to block the family of alleged San Bernardino shooter Syed Rizwan Farook from receiving $275,000 in life insurance payouts, according to a statement from the United States Attorney's Office for the Central District ...

Your car insurance covers THAT?!?!
Nerd Wallet looked at all kinds of crazy things your car insurance could pay for including vet bills if your pet happened to get hurt while riding in your car. The three top companies that offer pet injury coverage are Progressive, Erie and Chubb. The ...

Insurance rates going up: New concerns for Obamacare
WASHINGTON — Fresh problems for “Obamacare”: The largest health insurer in Texas wants to raise its rates on individual policies by an average of nearly 60 percent, a new sign that President Barack Obama's overhaul hasn't solved the problem of price ...

Health insurance mega-deals aren't winning over large employers
Federal and state insurance regulators are determining the fate of the pending health insurance mergers, and many large employers won't be disappointed if officials torpedo the deals. Several surveys of Fortune 500 companies and other big employers ...

Louisiana Citizens Property Insurance names new CEO
Richard Newberry has been named CEO of Louisiana Citizens Property Insurance Corp., the state's insurer of last resort. Newberry takes the reins from Vijay Ramachandran who stepped in to lead Citizens as interim CEO last year. Newberry joins Citizens ...

With Hurricane Season Here, Time to Check Home Insurance
But that storm, and the official start of the 2016 hurricane season on Wednesday, make this a good time for homeowners to check their insurance policies to see what is covered if a big storm hits. In coastal states, damage caused by hurricanes or, in ...

Deadline approaches for moped riders to get insurance
(WITN) - The clock is ticking for moped riders in North Carolina to start carrying insurance. The state Department of Motor Vehicles is sending nearly 27,000 letters to moped owners reminding them about the new law that will require the vehicles to ...

Proposed Minneapolis ballot item would require police to carry insurance
A measure that would require police officers to carry professional liability insurance could be on Minneapolis ballots in November's general election. Members of the Committee for Professional Policing, a local police accountability group, plan to ...

Uber, Lyft legislation focuses on insurance
McDonald said he thinks the insurance standards for Uber and Lyft drivers are too high. "We're playing off New York City," he said. If the bill is approved, the legislation would still require Uber and Lyft to get approval from individual ...

Securing proper insurance for motorcycles
The driver said he had no insurance. The van he was driving belonged to the company he worked for. I broke my wrist, and my bike is a wreck. What can I do?” A: Thank you for your question, Rob. I started riding motorcycles as a teenager and, as a ...

Dubai health insurance deadline extended to end-2016
Less than a month before the mandatory health insurance deadline hits, the Dubai Health Authority (DHA) has decided to extend a grace period. Dr Haider Al Yousuf, director of Health Funding at DHA, said individuals will be given a grace period until ...

Insurance rates signal new problems for Obamacare
WASHINGTON (AP) -- Fresh problems for "Obamacare": The largest health insurer in Texas wants to raise its rates on individual policies by an average of nearly 60 percent, a new sign that President Barack Obama's overhaul hasn't solved the problem of ...

Exclusive: Dah Sing to sell insurance unit to China's Thaihot for $1.4 billion
The deal is the latest in a series of insurance M&A launched by Chinese investment firms as they seek to diversify risks out of a slowing economy. Chinese insurers and investment firms are also trying cut exposure to the renminbi on worries the ...

North Carolina mopeds must have insurance July 1
Moped owners must provide DMV with proof of liability insurance coverage from their provider, or take a certificate of liability insurance form, available from their insurance carrier, to their local license plate agency. Owners may also provide the ...

For Cheaper Insurance, Head to Obamacare Exchanges
Commonwealth looked at data from the “unified rate review template” for 2016 that insurers are required to file with Center for Medicaid and Medicare Services Center for Consumer Information and Insurance Oversight, showing how they set their premium ...

5 Simple Ways to Save Money on Health Insurance
Insurance policies are a boon for business owners that are going to be protected from the risk of loss or any type of damages. Today, availing the treatment at a hospital is not affordable for a considerable share of nation's population. Insurance ...

What you should know about terrorism and travel insurance
After booking your hotel, flights, transportation and activities, it's easy to want to skip on travel coverage. After all, it can tack hundreds onto your bill, and really, what are the chances you'll actually need it? But terrorist threats are real ...

Insurance issue cancels annual off-road event
Last year's Spring Jamboree was also canceled because of insurance issues, but NOHVA President and co-founder Dan Nitzel was able to find an insurance provider in time to hold the fall event. But once again, the organization established in 1992 has run ...

InHealth insurance leaves local customers hanging
Coordinated Health Mutual, which insures nearly 22,000 Ohioans under its InHealth Mutual brand, was taken over by the state late last month after the Ohio Department of Insurance determined it didn't have enough money to cover claims and remain in ...

Hudson County hospital chain dumps N.J.'s largest insurance network
TRENTON — Two for-profit hospitals in Hudson County have declined to renew their in-network agreement with New Jersey's largest insurance company, a move likely to make thousands of north Jersey patients think twice about where they can afford to ...

Nationwide Insurance Review 2016
Although it's probably best known for selling car insurance, Ohio-based Nationwide Insurance offers a robust line of products. From auto, home, renters and life to specialty insurance like policies for pets, identity theft and weddings, the company ...

Indiana health insurance costs expected to climb in 2017
Individual health insurance costs are expected to climb across Indiana in 2017 as insurers continue to grapple with rising health care expenses and a market that was only recently overhauled by the federal Affordable Care Act. Many who purchase ...

Swiss Re Corporate Solutions Launches Cyber Risk Insurance Product in UK
“As British companies become more aware of cyber threats, they want more advanced insurance offerings,” says Marc Davis, Swiss Re Corporate Solutions' head for the UK, Ireland, the Middle East and North Africa. “Through our collaboration with ...

Rate hikes possible for GA insurance customers
Humana customers may see their insurance premiums soar next year as the insurance company is still struggling with the Affordable Care Act. The insurance company has filed a rate increase proposal with the state asking to raise rates by a whopping 65% ...

House OKs Repeal Of Inadvertent Auto Insurance Tax Credit
“This legislation results in a $40 per car increase in auto insurance premiums, which are already some of the highest prices in the nation, with no real effort to reform a system with skyrocketing costs,” said Mark Fisk, spokesman for the Michigan ...

SpaceX and insurance underwriters will discuss risks of reusing rockets
In the next two weeks, the Hawthorne space company will brief domestic and international insurance underwriters on its progress. As part of that regular annual review, they will discuss upgrades to the company's Falcon 9 rockets, as well as its plans ...

Liberty Mutual Announces 3 Commercial Insurance Leadership Appointments
Mike Fallon is appointed president, National Insurance, which helps large and specialized businesses with risk management. Steve McAnena is appointed president, Business Insurance, which serves small and mid-size accounts. Tracy Ryan is appointed ...

Consumer Group Demands Insurance Commissioner Recuse Herself On Cigna Merger
Washington – A consumer group says Gov. Dannel P. Malloy should avoid "going back to the days of Corrupticut" and replace Insurance Commissioner Kathleen Wade as the key state regulator on a proposed mega-merger between Anthem and Cigna ...

Thousands of banking and insurance jobs for the chop if UK leaves EU, firms warn
Giant US investment bank JP Morgan could cut British jobs if voters decide to leave the EU, while insurance market Lloyds of London has warned Brexit could put thousands of financiers out of work. "A material number" of the 34,000 jobs in the London ...

Abacus Insurance Brokers Launches Professional Small Business Program
Since 1998, Abacus has managed insurance programs that function entirely online. Brokers can access specialty programs through Abacus' online platform that handles all aspects of the insurance transaction including quoting, order placement, policy ...

Phoenix apartment manager wins multimillion-dollar insurance verdict from 2010 hail storm
The owner of two west Phoenix apartment complexes won a multimillion-dollar verdict against an insurance company related to damage caused by a freak wind and hail storm that pummeled the Valley in October 2010. A U.S. District Court jury in Phoenix on ...

Connecticut Groups Call For Dan Malloy To Remove Insurance Regulator In Anthem-Cigna Merger
Two prominent grassroots groups in Connecticut on Thursday called on Connecticut Gov. Dannel Malloy to remove his insurance regulator over her ties to a giant health insurance conglomerate that is seeking merger approval from her agency. That call was ...

The Insurance Industry Unleashed A Monster When It Backed ObamaCare
Health Care: Shortly after President Obama took office, the insurance industry announced that it would help him pass health reform. It has since learned that getting in bed with the government often comes at a steep price. “You have our commitment to ...

Car insurance rates in Michigan might be going up
In a late night session going until 11:55, the house passed two bills revoking a tax credit from auto insurance companies. Repealing the bill passed in 2013, which changed how medical costs for accident victims are covered, inadvertently allowed ...

Fed releases proposed insurer capital standards
Insurers have been clamoring for further clarification of the rules since three of them — American International Group Inc., Metlife Inc. and Prudential Insurance Co. — were identified by the Fed's Financial Stability Oversight Council as ...

Finding appropriate insurance coverage at the right price
Each year, most Bay Area homeowners let hundreds of dollars — and, for many, over $1,000 — slip through their fingers because they buy coverage from major companies. Using reports issued by the California Department of Insurance, nonprofit consumer ...

Alaska Senate OKs bill to help stabilize insurance market
JUNEAU, Alaska (AP) - The Alaska Senate has passed legislation aimed at helping stabilize an individual health insurance market that's been plagued by rising rates and, starting next year, will be down to one insurer. Under the bill, claims for high ...

Couple's Travel Insurance Doesn't Include Zika Virus Concerns
CASTLE ROCK, Colo. (CBS4) – An expecting husband and wife who cancelled their trip in the Caribbean due to concerns over the Zika virus, feel frustrated that their travel insurance is refusing to reimburse them. Toby and Autumn Titone had planned on ...

San Jose dentist faces insurance fraud charges
... the criminal charges against Lund. Vice said the case also has been referred to the Attorney General's office for an administrative investigation.He said insurance fraud could range from performing unnecessary dental work on patients to falsifying ...

Hoosiers likely to see insurance costs soar
INDIANAPOLIS – Individual health insurance costs are expected to climb across Indiana in 2017 as insurers continue to grapple with rising health care expenses and a market that was only recently overhauled by the federal Affordable Care Act. Many who ...

Lawsuit: Horizon misled on how it selected N.J. hospitals for top insurance tier
TRENTON — A group of hospitals suing Horizon Blue Cross Blue Shield of New Jersey for excluding them from a new line of discount health plans claims they have proof the insurance giant based its decision not on quality or cost, despite its marketing ...

The Different Insurance Situations You May Face After a Car Accident
You proceed with the usual routine-- check on the other driver, assess the damage, and then the dreaded exchanging of insurance information. The hard part is about to begin. Filing an auto insurance claim can be a frustrating and tedious process, made ...

How Modifying Your Car Affects Your Auto Insurance
Since the advent of the automobile, drivers have been modifying the appearance and performance of cars and those changes can have a significant impact on auto insurance. Bootleggers during the U.S. Prohibition altered their cars to improve performance ...

Obama's Mistake On Social Security Expansion: It's An Insurance Program, Not A Pension Plan
President Obama has floated the idea of expanding social security. Making the benefits more generous, especially to those formerly on low incomes, and financing it all by lifting the payroll cap on who has to pay in to fund the system. If Social ...

6 misconceptions about auto, home insurance
Plenty of American adults have homeowner insurance, and most have auto coverage. Yet many people hardly give their policies a second thought until the need arises. This can lead to misunderstanding about what coverage is included, what premiums are ...

Insurance bailout buys time for state to sort out health care insurance mess
I don't know who in Alaska has to battle this tragic disease or any of the particulars, except that the health insurance bills stemming from one or more MPS patients in Alaska have been the single most costly claim filed in the individual health ...

Investigators fear others victimized in insurance fraud
State investigators are looking for any former clients of an ex-insurance broker being prosecuted in Mesa County for a bevy of insurance fraud and forgery counts. Investigators believe others might have paid for fraudulent policies. Two years after ...

Dubai mandatory health insurance deadline extended
Individual sponsors will not be penalised if they fail to insure themselves, employees and dependents in Dubai by the stipulated deadline of June 30 under the mandatory health insurance scheme. The Dubai Health Authority has confirmed that a six-month ...