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Insurance News 05/2017



Court rulings, big rate increases concentrate reform efforts in Florida
The National Council on Compensation Insurance Inc. initially sought a 19.6% increase in state workers comp rates in response to these court decisions last year, but the Florida Office of Insurance Regulation approved only a 14.5% rate increase that ...

View from the Top: Art Lynch, Coventry Workers' Comp Services
He spoke to Business Insurance Deputy Editor Gloria Gonzalez about the opioid epidemic, return-to-work programs and how technology can help improve treatment outcomes for injured workers. Edited excerpts follow. Q: What do you see as the key issues in ...

Jim Obermiller: Crop insurance critical to farmers
Crop insurance is a unique public-private partnership that protects my investments and protects taxpayers, who no longer have to fund all of the farm safety net. Before crop insurance, farmers went to Congress after every disaster and asked for help ...

New Kentucky Insurance Commissioner Named | Kentucky News ...
New Kentucky Insurance Commissioner Named | Kentucky News ...

How the insurance industry could change the game for security
The recent growth in the cyber insurance market is already improving cybersecurity in some industry segments, and has the potential to do more -- if the industry is able to address its data problem. One area where cyber insurance has already made an ...

The State of Cybersecurity Insurance Today
Cyber incidents are considered the No. 1 emerging risk for enterprises long-term. No surprise, then, that cybersecurity insurance policy premiums are approaching $2.75 billion a year. Some experts believe this figure will grow to roughly $20 billion by ...

Bamboozled: Paying too much for car insurance? It could be your mysterious insurance credit score
New Jersey's car insurance rates have never been cheap. A recent study said the Garden State's rates are the third highest in the country, behind only Michigan and Montana. With the average Jersey bill at $1,905, we're paying 44 percent more than the ...

Medicaid Expansion Did Not Pull From Private Insurance
Data on public and private insurance coverage from 2008 through 2015, the second year of the Affordable Care Act's Medicaid expansion, show no reductions in private coverage, a new study has found. That implies that Medicaid enrolment in those states ...

More than 18000 post-Matthew insurance claims filed in Beaufort County
Insurance companies have paid out more than $159.3 million on nearly 18,200 claims from Hurricane Matthew in Beaufort County since the October storm, Ray Farmer, the S.C. Department of Insurance director, said Monday. While some in the region are still ...

Officials: Tips for handling insurance claims following severe storms
If a tree or limb hits a home or another insured structure, standard homeowners insurance provides coverage for the damage the tree does to the structure and the contents inside it. It does not matter if you own the tree. If a tree causes damage to ...

Insurance policy pays off big time for UM's Jake Butt
He took out an insurance policy that paid him $10,000 for each pick he dropped below the middle of the third round. According to ESPN, Butt will receive $543,000 tax free because of his draft-day tumble. The policy would have paid a maximum of $2 ...

Report finds increased insurance coverage in rural Minnesota
A new state report finds health insurance coverage grew significantly in rural Minnesota during the early years of the federal health law. Overall, the uninsured rate among residents under age 65 declined significantly between 2011 and 2015 in both ...

Kennedy bill lets FEMA fire flood insurance consultants
U.S. Sen. John Kennedy says he's filing a bill on Capitol Hill this week to give FEMA direct power to fire engineers and other consultants if they are accused of mishandling insurance claims under the National Flood Insurance Program. Kennedy said his ...

Maine 2011 health insurance law praised in national debate
AUGUSTA, Maine (NEWS CENTER) -- Maine could become a key to helping Congress agree on a new health insurance law. Republicans in Congress are still trying to come up with a replacement or re-write of ObamaCare, the Affordable Care Act. As those ...

Catastrophe bond issuance continues apace in 2017
The storm killed about 46 people in the United States, according to the Insurance Information Institute Inc., and insured losses range from $1.5 billion to $7 billion in the U.S.. “It's been a good year,” Mr. Dubinsky said. “Investors did have some ...

Shumer Joins Signature B&B from Professional Medical Insurance Services
The Signature B&B Companies (SBB), a New York-based regional independent insurance brokerage and an Acrisure Agency Partner, has hired Julie Shumer as senior vice president. Shumer, a 28-year veteran in the medical professional liability industry, ...

Christie expands public worker fertility insurance coverage to include lesbians
TRENTON -- Lesbians and other people who want to use non-conventional means to conceive a child are entitled to insurance coverage for fertility treatments if they work for state government or the public schools, under a measure Gov. Chris Christie ...

6 Ways Marijuana Use Affects Your Insurance
Auto insurance. Getting caught driving while high is no different than driving while under the influence of alcohol – there's no separate law or violation for it. Even though there isn't an equivalent breathalyzer test for cannabis, you could be ...

Hub International Acquires Assets of City Insurance Services in California
City is a multi-lines insurance solutions provider including commercial and personal lines insurance as well as employee benefits solutions. Chicago, Ill.-based Hub is an insurance brokerage that provides property/casualty, life and health, employee ...

YOUR MONEY - Is pet insurance worth it?
The reason pet insurance got started in North America in the first place was to help owners avoid making life or death decisions about pets based on their ability to pay. Dr. Jack Stephens, a veterinarian from Boise, Idaho, started the first policy in ...

GOP Rep: People who 'keep their bodies healthy' deserve to pay less for health insurance
Tapper noted to Brooks that although President Donald Trump claimed that the new plan still prohibited insurance carriers from discriminating based on pre-existing conditions, that notion wasn't entirely accurate because it also allows for states to ...

OneBeacon Insurance Group (OB) Agrees to be Acquired for $18.10/Share
OneBeacon Insurance Group, Ltd. (NYSE: OB) has entered into a definitive merger agreement under which Intact Financial Corporation (TSX: IFC) will acquire all outstanding OneBeacon shares for $18.10 in cash per share. The $18.10 per share acquisition ...

Obamacare 101: Will sick Americans still be able to get insurance under the House Republican bill?
As they scramble to get votes to advance legislation to roll back the Affordable Care Act, President Trump and House Republican leaders insist their bill would protect Americans who have preexisting medical conditions. But most healthcare experts and ...

Despite $1350 average, Michigan car insurance premiums on rise again
In 2016, Liberty Mutual filed and received approval from the Michigan Department of Insurance for an increase in auto insurance rates that went into effect this year. The company cites more people on the roads, more crashes due to distracted driving ...

Yes, your credit history can affect your home insurance rates
Like it or not, insurance companies can include your credit score as a factor in calculating the insurance score they use in determining what you pay. It's been a big complaint for years among consumers who learn their auto insurance rates are affected ...

A Legislative Showdown Over Teacher Health Insurance | Off ...
A Legislative Showdown Over Teacher Health Insurance | Off ...

New Commercial Insurer, Motorists Insurance, to Launch in Tennessee
Motorists Insurance Group, based in Columbus, Ohio, has launched a new commercial lines company – Motorists Insurance – in Michigan and Tennessee. The company features state-of-the-art technology to make the process from quoting to issuance and ...

Your life insurance cost is written all over your face
Several life insurance companies are testing Lapetus technology that uses facial analytics and other data to estimate life expectancy, he says. (Lapetus would not disclose the names of companies testing its product.) Insurers use life expectancy ...

Pennsylvania's Insurance Services United Purchases Lewis Casualty
Lewis Casualty has provided insurance services throughout Southeastern Pennsylvania for 36 years. Although Lewis Casualty's current Lancaster office will close due to the purchase, the company's President, John Lewis, will join the ISU team and will ...

Madison School Board OKs big change in employee health insurance options
Officials said early action on the insurance portion of the budget plan and some of its compensation provisions was important to ease teacher recruitment and to ensure a smooth transition for employees forced to switch coverage to GHC or Dean, the ...

Canadian insurance firm buys Plymouth-based OneBeacon for $1.7 billion
OneBeacon Insurance Group, one of Minnesota's largest financial firms, agreed to be sold to Intact Financial Corp., a Canadian insurance company, for $1.7 billion. The combination forms a specialty insurance company with more than $1.5 billion in ...

Startup Next Insurance Raises $29 Million from Insurers, Other Investors
“The small business sector is vast and extremely varied, yet the small business insurance market is digitally underserved. This is especially true for independent business owners like photographers and personal trainers that we're already serving ...

More than 9000 Florida Blue customers have excessive withdrawals for insurance premiums
Florida Blue officials told insurance regulators that they are beginning the process of refunds and reimbursement. Officials are still looking into how the excessive withdrawals happened. But the Office of Insurance Regulation said it appears to be a ...

What Health Insurance Options Might Exist?
Part One of this series clarified differences between the delivery of healthcare services and how we fund the insurance to pay for them. Part Two addressed why it's hard to understand (let alone control) medical services costs and outlines the Patient ...

Atkins Takes Over as Kentucky Insurance Commissioner as Maynard Steps Down
Nancy G. Atkins has been appointed Commissioner of the Kentucky Department of Insurance (KYDOI), in the wake of Brian Maynard's decision to vacate the post. Maynard stepped down as commissioner of KYDOI effective April 30, to return to the private ...

XL Catlin Expands M&A Insurance Product Suite, Adds New Staff to Global Team
XL Catlin has expanded its suite of mergers & acquisitions (M&A) insurance products aimed at supporting deals in the global transactional risk market, and has further strengthened its global team with three key hires. The coverages are designed for ...

Got a Pre-Existing Condition? Your Premium Could Rise Sharply Under New GOP Plan
And they point out that people with pre-existing conditions are especially likely to have gaps in insurance, because if they become too sick to work they may lose coverage through their employer, says Sara Collins, vice president of health care ...

Report: Drivers in minority neighborhoods pay more for car insurance
Your age, your vehicle, even your credit score all affect what you pay for car insurance, but a new study reveals something else at play. Otis Nash is one example. He spent his entire life in a mostly minority neighborhood in the Chicago area. Nash is ...

Medica: Ability to stay in Iowa insurance market 'in question'
Medica issued a statement that indicated it likely would pull out of Iowa's individual insurance market, barring changes with the Affordable Care Act at the national level. The Minnesota-based insurer said it needs to “proceed with caution” after “the ...

Is it time to change Michigan's unique no-fault auto insurance law?
GRAND RAPIDS, MICH. - If you are tired of your auto insurance rates going up, you're not alone. Some say it's the biggest issue facing Michigan right now, and they point to our unique no fault auto insurance law. Should Michigan drivers be required to ...

Why You Should Consider Buying Flood Insurance
Record flooding in Missouri—and the threat of more torrential rains, flash floods, and windstorms throughout the Ozarks and mid-Mississippi Valley—are a reminder that it can be a good idea to have flood insurance, and to buy it early enough to make a ...

Ousted insurance exec: 'People are afraid of the administration'
Mario Molina has been the most outspoken health insurance executive in the country. The CEO of Molina Healthcare was a vocal proponent of Obamacare, despite his company's recent struggles in the exchange marketplaces, and has blasted congressional ...

Next Insurance raises $29 million to create customized policies for small businesses
Next Insurance, a startup that wants to make it simpler for small businesses to find coverage, has raised a $29 million Series A. The round was led by Munich Re/HSB Ventures, the venture capital arm of German insurance company Munich Re. Existing ...

New maps could stem rising Lansing flood insurance costs
LANSING -- Julie Cole pays more than $1,000 a year for flood insurance she believes she doesn't need. She's already sold FEMA one rental home in the Baker Donora neighborhood through a program designed to end property ownership in areas with high ...

How the Republican health bill could affect those with employer insurance, too
Many people who obtain health insurance through their employers—about half of the country—could be at risk of losing protections that limit out-of-pocket costs for catastrophic illnesses, due to a little-noticed provision of the House Republican ...

insurance profits hit by lower premiums, bad weather
The U.S. insurance industry is suffering from lower property-casualty premiums, bad weather claims and interest rates that are still too low to move the needle. Across the industry, insurers had to pay out higher claims for catastrophes due to extreme ...

Here's why employer insurance plans are threatened by the GOP health-care bill
Employer health plans today are the single-largest source of health insurance in the U.S., data show. Nearly 160 million Americans receive coverage through their work. A provision in the Republicans' new health bill could change how employers are ...

GOP healthcare plan could gut employer-provided health insurance for 159 million Americans
The House GOP plan to repeal and replace parts of the Affordable Care Act could put 159 million Americans who get their health insurance through their employers at risk of losing some protections. The Wall Street Journal reported Thursday that the ...

One-minute read: Why you might need wedding insurance
FILE - In this Aug. 8, 2014, file photo, a bride and groom lean over the east balcony as they pose for a photograph in Grand Central Terminal in New York. If you're busy planning a wedding, you might want to consider insuring it. Wedding insurance ...

Can employers make you rely on Medicare and drop their insurance?
The law firm has only 11 employees, but joined a state bar association insurance group and thus is considered part of a large group employer with more than 20 employees. We are seeking a new insurance plan, and the senior partners here want to drop the ...