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Insurance News 09/2016



'Act of God': Church's flood damage not covered by insurance
Perhaps even worse than the damage itself is that the church's insurer, Church Mutual Insurance, has informed the place of worship that it must pay for the damage out of pocket, because flooding is an 'Act of God'. While 'Act of God' is a common term ...

Lawley rises one spot on top 100 insurance list
Industry publication Insurance Journal ranked the Buffalo-headquartered company at No. 45 based on property-casualty revenue in 2015, which totaled $36.8 million. That's up roughly 10 percent compared to 2014 revenues. In total, Lawley earned $54.2 ...

A flood of insurance rate hikes
The once delayed massive increases in National Flood Insurance Program rates are just beginning. The insurance tide began swelling on April 1 with premium increases on policy renewals. Annual rate hikes of 9 percent to more than 20 percent should be ...

Four things to know about new health insurance premiums expected today
Affected will be people who buy individual insurance plans - about 300,000 people today, of whom 70,000 buy through the state-run MNsure exchange and about 230,000 directly from insurers. People who get health insurance from providers or from ...

With explosions like the SpaceX rocket, here's who pays
That's why many of today's launches — especially those putting commercial satellites into orbit — are covered by space insurance policies to prevent catastrophic financial losses. But insuring a payload on the tip of a rocket is entirely different ...

The Insurance Every Dirt Bike Owner Needs
Considering the potential costs of medical bills, damage to property or damage to a dirt bike itself, even wealthy owners should get insurance to avoid paying those costs out of pocket. Purchasing an insurance policy is the only way to mitigate that ...

What You Need to Know About the Insurance Industry Before You Start a Medical Claims Billing Service
There's much more to medical billing than meets the eye. Even though the CMS 1500 from the U.S. Centers for Medicare and Medicaid Services mainstreamed the claim form, the world of medical claims billers (MIBs) is full of corporate and governmental ...

Farmers Insurance® Offers Innovative New Food Truck Insurance Product in Oklahoma
WOODLAND HILLS, Calif., Sept. 1, 2016 /PRNewswire/ -- Farmers Insurance®, one of the nation's largest multiline insurer groups, today announced the launch of an innovative food truck insurance policy in Oklahoma, marking the company's first official ...

Life Insurance Customers Push Back Over Surprise Cost Increases
Americans are starting to fight back against a wave of insurance-price increases on decades-old life policies. Over the past year, several major insurers have notified tens of thousands of people of higher costs to keep their policies in force, with ...

Hermine Won't Blow Over the Property-Insurance Industry
Hermine could be the first hurricane to land in Florida since 2005, if it strengthens as anticipated. But the superlatives for the storm may end there. Wall Street insurance analysts have been putting out notes over the past few days saying that the ...

Top official says health law's insurance markets are viable
WASHINGTON – Addressing concerns about rising premiums and dwindling competition, Health and Human Services Secretary Sylvia Burwell asserted Thursday that the federal health law's insurance markets clearly are sustainable. Willingness by ...

Minnesota insurers propose massive increase in individual health insurance rates
These new proposed rates would affect only people who buy individual insurance plans. About 300,000 Minnesotans are in that category, of whom 70,000 buy their plan through the state-run MNsure exchange and 230,000 directly from insurers. People who ...

MN Healthcare System in Crisis After Insurance Rates Skyrocket
The Dayton Administration announced skyrocketing cost increases of anywhere from 47% to 108% for Minnesotans who buy their own health insurance for 2017. Blue Cross Blue Shield, which has the predominant share of policies sold in greater Minnesota, ...

Maine health insurance cooperative leaves NH market, reeling from losses
The company drew attention in 2014 when it was reported to be the only health insurance cooperative in the country to make money, then drew attention of a different kind in 2015 when, after expanding into New Hampshire, it reported a staggering $31 ...

SpaceX Explosion Draws Attention to Insurance for Rocket Science
Some of the largest firms, including American International Group Inc., Munich Re, Swiss Re and Allianz SE, have units that offer space insurance. AIG says it's one of the few insurers able to offer a policy spanning as long as five years, as well as ...

Vizant Welcomes Builders Mutual Insurance Company as a New Client
Builders Mutual Insurance Company, (www.buildersmutual.com) headquartered in Raleigh, North Carolina, is a leading writer of commercial insurance for the construction industry in the Southeast and Mid-Atlantic. Builders Mutual provides insurance ...

Tesla is planning to offer custom insurance plans - Business Insider
Tesla will soon launch a program that offers customized car insurance plans tailored to its vehicles, according to Electrek. The new program is called ...

New insurance rules in New York have boxing on the ropes
"The law gives the commission the power to adjust the amount of insurance needed for a traumatic brain injury, but that was not done on Wednesday. You would hope they will adjust and realize the damage done to the state financially because of the ...

QA: Livestock insurance helps African herders survive droughts
The index-based insurance uses satellite imagery revealing how much foliage has been lost to calculate the projected impact on the herds. It eliminates the need for an actual census of dead animals. More than 3 million pastoralist households in ...

Insurance chief: You might qualify for health care exemption
Iowa Insurance Commissioner Nick Gerhart can hardly believe he's giving some consumers this advice: If you can't find an affordable, full-fledged health insurance policy, he tells them, maybe you should consider going without one. The Affordable Care ...

Allstate Insurance embraces drone technology to process claims faster
Allstate — an American insurance company — used drones to inspect over 20 home roofs in an area outside of San Antonio Tuesday. Each of the homes had varying levels of damage caused by (in some cases) softball-sized hail that left holes in roofs “you ...

Connecticut insurance regulators approve double-digit rate increases for some plans, deny others
HARTFORD >> The state Insurance Department approved double-digit rate increases for several individual and small group health insurance plans but denied rate requests from ConnectiCare Insurance Co. and Anthem Health Plans because they were ...

Insurance requirement for contact sports hides ugly reality
The attorney for brain-damaged boxer Magomed Abdusalamov said the $1 million insurance policy requirement rubber stamped by the New York State Athletic Commission this week for combat sports was passed by legislators to protect the state from liability ...

Sound Off: Earthquake insurance—pros and cons
A: The largest benefit of earthquake insurance is peace of mind. The primary function of earthquake insurance is to put a roof back over your head, not to replace all that you lost. Typically the coverage for personal property is low, though it can be ...

Drug, insurance companies need more regulation
Drug companies spend millions on advertising, whereas doctors should be the ones who tell us what drugs we need, not the TV. Insurance companies spend millions on salaries. Insurance prices go up, as do drug prices. In the end, everyone else has ...

Insurance company wants nothing do with Gawker's next Hogan fight
An insurance company wants nothing to do with Hulk Hogan's second lawsuit against Gawker over the alleged leak of racist comments he made, according to a new court filing. St. Paul Fire and Marine Insurance Company says its policy doesn't cover claims ...

Strategize your insurance game plan after Hermine
(WCTV) -- As homeowners across the Big Bend assess damage from Hermine, many are considering whether to file a claim with their insurance company. WCTV Eyewitness News had an opportunity to sit down with Lynne McChristian, Executive Director of ...

Church Insurance Cites 'Act of God' in Not Paying for Church's Flood Damage
In the legal world, primarily the legal insurance world, “act of god” is a catch all favored by the industry to deny covering damages that they claim are outside human control for which no-one can be held responsible, especially god. It was ironic ...

Insurance Company Uses Drone to Assess Claim Damage | Digital ...
Insurance Company Uses Drone to Assess Claim Damage | Digital ...

Obamacare Insurance Markets on Verge of Collapse
The administration has claimed Obamacare — officially designated the Affordable Care Act — to be a great success, insisting that 20 million previously uninsured Americans now have insurance. But according to a report at The Guardian, that “success ...

Homeowner gets 'rapid response' from insurance company
A neighbor's pine tree was a direct hit above the master bedroom Dr. Myrle Grate and his wife Joan. When it crashed through the roof of their Hannon Hill Drive home in Betton Hills, the tree burst a pipe and sent water gushing in. “At 3 a.m. we heard ...

Insurance industry evolving to meet food truck owners' policy needs
Food truck revenue in 2015 topped $1.2 billion, a growth of more than 12 percent in five years, and the thriving industry is pushing new insurance products onto the market. Farmers Insurance began selling food truck insurance in Kansas on Sept. 1 in an ...

NH policymakers: Insurance rates hindering opioid treatment
With all the attention and, of late, money focusing on the state's opioid epidemic, policymakers say one persistent problem continues to be the lack of treatment providers. And financial reimbursement is playing a role. The state insurance department ...

Quake insurance available in Oklahoma, but market under scrutiny
The market for earthquake insurance has experienced concentration into a handful of carriers in the past five years, according to data complied by Brian Gabbert, chief of market regulation for the Oklahoma Insurance Department. Four companies have 55 ...

Insurance giving Native Americans more health care choices
Kevin Howlett, director of the Confederated Salish and Kootenai Tribal Health Department, sits outside the tribal Health Center in St. Ignatius recently. Howlett's transformation of the tribe's health care system, in part by building revenues from ...

Nurses Set to Strike Over Insurance at 5 Minnesota Hospitals
Thousands of nurses at five Minnesota hospitals are scheduled to go on strike at 7 a.m. Monday, Labor Day, in a dispute over health insurance, workplace safety and staffing levels. Here's a look at some of the issues: ———. WHICH HOSPITALS ARE ...

Insurance rates and reimbursement are challenges in opioid treatment, policymakers report
Reimbursement from commercial health insurance providers for "substance use disorders" or SUDS, is substantially lower than Medicare rates, the state insurance department said in a report last month. Tyler Brannen, health policy analyst in the ...

Monadnock health insurance pool dispute goes to arbitration
The Monadnock District Education Association says its four-year contract with the district, which expired in June, allows it to use the funds left over in a health insurance pool to reimburse its members for insurance premiums they paid during the time ...

Life's moments, your legacy and life insurance
While marriage in itself does not require you to have life insurance, the financial circumstances that go along with marriage may increase the need for life insurance. Often times, being married means sharing expenses. Whether those expenses come from ...

Affordable Care Act: Access to insurance is no guarantee a person will have access to care
Annette Fetchko, administrator at the Catholic Charities Free Health Care Center, Downtown, said the center has helped secretaries, security guards, custodians, seasonal construction workers and others who have insurance but who still can't afford to ...

Axa Mulls 650 Insurance Job Cuts in Belgium in 'Transformation'
As part of the plan, Axa's Belgian unit will stop selling some individual life-coverage at the start of 2017 as it focuses on offering pension insurance and property-and-casualty products. The division will also invest 200 million euros ($223 million ...

Nurses Strike Over Insurance at 5 Minnesota Hospitals
A nurse adds her signature to scores of signatures that fill a large poster of the Minnesota Nurses Associations as community, labor leaders and faith-based groups gather at Stewart Park Wednesday, Aug. 31, 2016 in Minneapolis for a rally to show ...

Narrating Medicine: When The Insurance Company Brings A Therapist To Tears
My patients' dilemmas — John's struggle with alcohol addiction and Susan's recent cancer diagnosis — dwarf my insurance company problem and make me embarrassed to be so overwrought. Nonetheless, the insurer's unwillingness to listen to me and ...

Brexit is threatening to sink London's insurance market
Insurance market Lloyd's of London may shift some of its business from the UK if it loses single-market access after Brexit, its chairman has warned. John Nelson said that London's position as a global hub of specialist insurance was under threat, with ...

Kansas Health Institute's Annual Insurance Update reports 10.5% of Kansans without health insurance in 2014
The Kansas Health Institute released its Annual Insurance Update in August, revealing that over 10 percent of Kansans were without health insurance in 2014 despite it being the first full year of expansion provisions from the Affordable Care Act. The ...

Insurance prices putting the squeeze on UM, state, budgets
A steep hike in the state's cost of insurance is putting pressure on the University of Montana's budget – pushing up tort and liability 29 percent in one year and property insurance up 28 percent, according to a UM budget document. The university is ...

'Shadow insurance' deals spark debate about practice
Joseph M. Belth of Indiana University has been an outspoken critic of the practice of “shadow insurance,” in which life insurers create subsidiaries to take on some of their liabilities. He calls the practice “a shell game” that puts policyholders and ...

Oklahoma earthquake has some wondering about insurance
Gary Silverman is an independent insurance agent in Chesterfield. He says homeowners, renters and businesses should check their insurance policies about earthquake coverage. If the images of earthquake damage out of Oklahoma last weekend made ...

SpaceX Keeps Insurance Terms Secret
SpaceX said in an email to Reuters that it does not disclose contract or insurance terms. The company is not public, and it has not said what insurance it had for the rocket or to cover launch pad damages beyond what was required by the Federal ...

Health Insurance Premiums
My health insurance company advertises a lot. I see their ads on TV once or twice a day. I also see their ads in newspapers, on billboards, and online, and hear them on radio. Do these advertisements add much to my health-insurance premiums? Should I ...