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Insurance News 08/2016



Transferring business risks with insurance
Peter Hedberg, an executive with the Hiscox Insurance Co. was a recent guest on my podcast series, “Been There, Done That! with Dennis Zink.” I asked Hedberg what types of risks small-business owners confront and should protect against. Here is an ...

Denied Coverage For Surgery, Transgender Man Sues His Insurance Provider
A transgender man in Phoenix is suing his employer in federal court to pay for sex reassignment surgery. The costs of the procedures are substantial; insurance plans only recently began covering them. Facebook; Twitter. Google+. Email ...

Michigan auto insurance rates to go up in October
In October, an estimated 2 million Michigan drivers can expect to pay $40 more per vehicle for their auto insurance. Auto insurers blame the rate increase on the removal of an $80 million tax credit from the state's 2016-2017 budget. State lawmakers ...

Why are insurance companies lagging in climate risk?
Just one out of every eight insurance companies is taking tangible action on protecting their portfolios on climate risk, according to the Asset Owners Disclosure Project's (AODP) annual Global Climate 500 Index, which analyzed 116 insurers with $15.3 ...

California wildfire continues to rage – what it means for insurance rates
Combined with the ongoing drought and fires in the past two years, insurance rates have skyrocketed as much as 30% in some areas. The rising premiums have pushed some from their homes, while others must shop for homeowners and business insurance ...

Internet of things set to revolutionize insurance world
NAPLES, Fla. — The internet of things promises to be the next industrial revolution, an issue for which risk managers and others must prepare, according to an insurance executive. Brian Murdock, Atlanta-based managing director of Georgia, Alabama and ...

Athletes play hardball over concussions
Additionally, as a fresh wave of concussion-related litigation hit several professional sports leagues last month, pricing for professional athletes' insurance could rise, they say. While the 3rd U.S. Circuit Court of Appeals in Philadelphia approved a ...

Can insurance help if you cancel a trip out of fear?
Police officers patrol the Grand Place in central Brussels in 2015. The country suffered a terrorist attack in April. Standard trip insurance may cover cancellations to a destination hit by terrorism for a period of days following an attack. (AP Photo ...

3000% jump in claims: The toll heroin, painkillers take on insurers
The same analysis by Fair Health also found other disturbingly sharp spikes upward in the number of private insurance claims related to opioid abuse, drug dependence by pregnant women and heroin overdoses since 2011. "The United States is in the midst ...

Insurer group to cover cyber security liability
According to Bala Cynwyd, Pennsylvania-based Philadelphia Insurance Cos., the endorsement offers first- and third-party protection for multiple classes of business. Coverage includes attorney fees, computer forensic costs, regulatory fines and ...

Thomas, Eaton chime in on NBA retirees' health insurance
While I was on vacation last week, news came that the National Basketball Players Association had agreed to fund a health insurance plan for all former players who had played at least three years in the league. The decision addressed what has been a ...

Another Big Long-Term Care Insurance Premium Hike - Forbes
Last week, the federal government announced that premiums for nearly all of its existing long-term care insurance policies will increase—by an average of 83 ...

NY / Region|Long Island Company Charged in Insurance Scheme After Hurricane Sandy
Matthew Pappalardo, a former director of GEB Hi-Rise Engineering, leaving the courthouse on Monday. Mr. Pappalardo was accused of forging documents and engaging in illegal business practices. Credit Uli Seit for The New York Times. A Long Island ...

The car insurance industry has a huge blindspot
Last year, car insurance companies raked in over $200 billion in premiums, about a third of which were collected by the property-casualty industry. However, the car insurance business has a huge blindspot: the self driving car. Autonomous vehicles ...

Talks to ease insurance barriers between U.S., E.U. gain traction ...
Talks to ease insurance barriers between U.S., E.U. gain traction ...

Colorado health insurance study: Single geographic area could lead to higher premiums
Glenwood Springs residents from left to right Kerri Newland, Dana Marlatt, her husband Richard Backe and Robin Waters, right, are pictured at the home of Backe on January 19, 2016 in Glenwood Springs. Health insurance premiums are exorbitant in the ...

Higher Colorado Rural Health Costs Drive Insurance, Regulators Say
DENVER (AP) – Colorado's rural areas can't escape higher health insurance costs because it's costlier to deliver health care, the state Division of Insurance concluded Monday in a study on Colorado's nine geographic rating regions. The insurance ...

Some — but not all — will look to insurance after floods
Flood damage in Ellicott City and elsewhere in the region could rise into the tens of millions of dollars, but many people may not be covered for floods by insurance, experts said Monday. While comprehensive car insurance usually addresses flooding, ...

NY Attorney General: Nation's Flood Insurance Program Defrauding Taxpayers
A new report by the New York Attorney General's office finds that a lack of accountability in the nation's flood insurance program is costing taxpayers millions. The office also announced 50 felony charges against an engineering firm for allegedly ...

Shock Your Doctor: Ditch Insurance And Pay In Cash
Receipt in hand, my wife and I walked off to surgery prep, pleased to have paid our provider for health care and not one dime to an insurance company. We belong to a growing minority of American patients who not only lack health insurance—we like ...

Bucks bank acquires insurance agency
Quaint Oak Bancorp has acquired the rights to a portfolio of personal and commercial insurance policies from a Bucks County agency. Financial terms were not disclosed. Effective Aug. 1, the business from Signature Insurance Services of New Britain will ...

Public hearing on proposed insurance rate increases set for Wednesday
The hearing will be from 9 a.m. to 3:30 p.m. in the Montana State University Billings Library building, room 148, and will include presentations by Monica Lindeen, state securities and insurance commissioner, and all three insurance providers in ...

Four insurance brokers in WNY make top 100 list
A trio of bank-owned insurance brokers and the largest insurance company in Western New York are among the top 100 brokers in the country, according to a special report from Business Insurance. All four brokers saw revenue increases, but they didn't ...

N.C. Insurance Commissioner's lower homeowners rates upheld by appeals court
A three-judge panel has affirmed state Insurance Commissioner Wayne Goodwin's rejection of an industry request to raise homeowners insurance rates by an average of 25.6 percent, leaving in place the commissioner's decision to instead reduce rates by an ...

Public hearing set for proposed Citizens insurance rate hike
Rate hike proposals averaging nearly 10 percent next year for South Florida customers of Citizens Property Insurance Corp. will be scrutinized in public hearings in Tallahassee on Aug. 18. State law requires annual hearings by the state Office of ...

Health insurance rates to rise in Iowa, too
The Iowa Insurance Division, Des Moines, held public hearings on the proposed rate increases for insurance premiums in late July, and consumers were frustrated by the size of the increases, according to healthinsurance.org, an online source for health ...

New rates for health insurance vary widely
Projected premium increases for the two largest providers of health insurance in New Hampshire range from 4.2 percent to nearly 10 percent for individual plans, according to preliminary rate information filed by insurance companies with the federal ...

Health insurance rate increase hearing
In this Oct. 6, 2015 file photo, the HealthCare.gov website, where people can buy health insurance, is displayed on a laptop screen in Washington. The Obama administration says it expects only slight coverage gains next year for the health care law's ...

Adding a Non-Family Member to an Insurance Policy is a Big Risk
Renters insurance does not cover roommates unless they are added to a policy, but policyholders should think twice before doing that. It is widely recommended that roommates purchase their own renters insurance. Most people share a residence with ...

Hub's Totten Insurance Group Buys Canadian Resources Insurance Solutions
As a managing general agent, Totten Insurance Group offers “niche products and innovative solutions,” the company said. It is comprised of six divisions: personal lines, commercial property, commercial casualty, hospitality, construction and ...

876 Syracuse properties added to flood zone, requiring costly insurance
In this 2012 file photo residents of Midland Ave. and concerned citizens of the area stand in front of 469 Midland Ave., the home of Mercedes Bloodworth who along with other homeowners near Onondaga Creek might be forced to buy flood insurance ...

Judge Orders Insurance Company to Reimburse Archdiocese for ...
Judge Orders Insurance Company to Reimburse Archdiocese for ...

Cost of homeowners insurance may rise in mountains
ASHEVILLE – A ruling by the state Court of Appeals may result in significant increases in insurance rates paid by homeowners across Western North Carolina. The court on Tuesday upheld a December 2014 ruling by state Insurance Commissioner Wayne ...

Here's What's Really Making Your Health Insurance Premiums Go Up
Analytics firm Avalere Health examined the main causes for spikes in 2017 private health insurance premiums (including big increases in Obamacare plan premiums) in the individual and small group markets of nine states. The study found that hospital ...

Alexandria man accused of keeping insurance monies
The Louisiana State Police Insurance Fraud and Auto Theft Unit's Alexandria office got a referral from the state Department of Insurance on June 29 about Sandy Demon Wright, alleging that Wright was breaking the law, according to a State Police ...

Public input wanted before health insurance rates increase
Between now and then, the insurance division will be looking at requests for an increase in rates by certain insurance companies. You can go to the division's website and see what those increases are. And the insurance division says it wants to know ...

Miami Agent Gets 2-Year Prison Sentence for Issuing Fake Insurance Policies
Rodriguez's arrest resulted from a case worked by the Department's Division of Insurance Agent and Agency Services and the DIFS, which revealed that Rodriguez defrauded at least four clients by stealing their insurance premium payments and issuing them ...

With better fire fighting ranking, Redding may see insurance savings
Redding homeowners may see savings in their insurance premiums after the city's fire-fighting class rating got upgraded. The class 2 ranking from 3 places Redding in the top 2 percent of some 50,000 communities that are surveyed by Insurance Service ...

Renters insurance: A not-so-sexy necessity
Talking about renters insurance. I mean, talking about insurance in general isn't a sexy thing (unless of course there's some kind of “sexiness insurance” out there). But in the pantheon of insurances, renters insurance is often ignored. And that's a ...

Will health insurance companies succeed where the GOP couldn't—in killing Obamacare?
Congressional Republicans have tried in vain over the years to repeal or overturn all or part of the Affordable Care Act, President Barack Obama's keystone legislation that has given more than 20 million Americans health insurance coverage in the world ...

Nationwide to tout more than insurance during Olympics
Nationwide, known for selling auto and homeowners insurance, now wants people to know it can help with retirement planning and other needs, too. The Columbus-based insurer is launching the new television advertising campaign in conjunction with the ...

Do college students need renter's insurance?
You may think you only have a car full of things with you at school and it may not be worth the price of insurance but Jacob Piekarski, a Nationwide Insurance Agent says renters insurance can often times be bundled with other things like your car ...

Greenlight Announces Insurance Partner, Policy Discounts
“We are well known for offering innovative and affordable insurance solutions for commercial and delivery vehicles, and our partner insurance carriers recognize the value of this technology for both public safety, risk management and underwriting ...

Big Brother, Big Insurance: Perfect Together
Regarding your editorial “ObamaCare and Big Insurance” (July 25): So the FTC is trying to block health-care insurance mergers that it deems anticompetitive; i.e., it's doing its job. The smallest of the Big Five health insurers has a $26 billion market ...

Insurance Department Begins Review of Rate Increases
HARTFORD — The sustainability of the Obamacare individual plan exchange in Connecticut hangs on the decisions the Connecticut Insurance Department makes this year, several speakers said at a rate increase hearing Thursday. Anthem, the largest ...

Experts offer tips for buying from online health insurance brokers
Increasingly, technology companies are entering the world of healthcare, offering mainly small to midsize employers software-as-a-service (SaaS) HR tools -- sometimes for free -- that allow companies to manage their health insurance needs. Some do so ...

The Parents Guide to Insurance for College Students
Saying the last goodbye in the dorm parking lot, you realize more than ever that you can't protect your child from every risk. It's time to let go. But back at home, you can assemble a strong financial safety net. Knowing what your current insurance ...

Judge for US lawsuits to stop insurance mergers may drop one case
WASHINGTON The judge assigned to rule whether the U.S. government can block the mega-mergers of health insurers Aetna Inc (AET.N) and Humana Inc (HUM.N), and Anthem Inc (ANTM.N) and Cigna Corp (CI.N) said on Thursday it would be difficult for ...

Sandy Spring Insurance Acquires The Advantage Group in Maryland
Sandy Spring Insurance Corp., a subsidiary of Md. headquartered Sandy Spring Bancorp Inc., has acquired The Advantage Group Inc. Following the acquisition, The Advantage Group will continue to operate under its current name. It will ultimately rebrand ...

You Might Be Surprised What Brides are Covering with Their Wedding Insurance
"We understand that extreme or severe weather can happen unexpectedly — 16 percent of all wedding insurance claim payments over the past five years were due to weather. There is a difference, however, between a rainy day and truly catastrophic weather ...