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Insurance News 07/2017



Starting today, Michigan auto insurance gets more expensive
The Insurance Alliance of Michigan in a press release this week pointed to Michigan's unlimited lifetime medical care as driving the increase. "Michigan drivers are tired of opening their pocketbooks to pay more and more for a costly mandate that many ...

Should GOP health bill prevail, say goodbye to insurance rebates
"When they struggle to pay premiums, when they're making those sacrifices, [consumers] want most of the value of those premiums to go to actual medical care," said Mila Kofman, a former insurance commissioner in Maine, who now runs the D.C. Health ...

6 flood insurance myths debunked
Whether your homeowners insurance will cover damage from a flood depends on the value of your home, the amount of water damage and whether you have a flood insurance policy. Here are six persistent myths about flood insurance — and the truths you ...

Small Business Spotlight: Lawley Insurance's Rochester office
Phil Andolina has no pretense about his career choice. He's had the discussion with his son several times, he said. If you're looking for excitement in your job, try race car driving or stunt work in the movies. Insurance? Not so much. But there are ...

Democratic Superdelegate, in Room Full of Health Insurance Executives, Laughs Off Prospect of Single Payer
The mere prospect of single payer, however, has elicited swift derision from some corners of the party, with Dick Gephardt, the former Democratic House minority leader, laughing off the idea at a health insurance conference earlier this month. “Not in ...

Here's how Alaskans get their health insurance
Medicaid is also the spending conduit for the Indian Health Service, by which many Alaska Natives receive health insurance. More than one quarter of Native adults are covered by Medicaid, and two-thirds of Native children, according to the Kaiser ...

Nevada health insurance rates face proposed increases
She says the division will diligently review the proposed rates before they are approved. Dollar amounts for the increased premium costs for 2018 weren't available Friday. Those figures will be released in October. Four insurance companies will be ...

Memo to Congress: Keep flood insurance affordable: Editorial
After badly flawed flood insurance legislation passed Congress in 2012, homeowners in Louisiana and other communities at risk of flooding were threatened with massive increases in premiums. In January 2014, Florida Republican Sen. Marco Rubio said ...

UPDATE: Judge grants injunction for magistrates over insurance
A Beaufort County judge has granted a temporary injunction against the county's cancellation of health insurance for magistrates. Judge Carmen Mullen in the Court of Common Pleas granted the request for a injunction made by seven Beaufort County ...

Tom Price: CBO's health insurance projections are significantly off
Health and Human Services Secretary Tom Price said his administration doesn't have great faith in the Congressional Budget Office estimates of people who would no longer have health insurance under the Senate GOP's healthcare bill. Last Monday, the ...

Before opening business, know your insurance needs
On the list is insurance. While most people would realize they need to insure the building, contents and any vehicles, some new business owners may not realize that they also may need professional indemnity, product liability and business interruption ...

Insurance companies move to dismiss Connecticut homeowners' class-action lawsuit
More than two dozen insurance companies being sued in federal court by 40 homeowners recently filed court documents asking a judge to dismiss the class-action lawsuit for a variety of reasons, including that the plaintiffs are only covered if their ...

Medical rip-off: Is this how insurance billing really works?
This time, I'd had it and decided to let the billing people know they ripped me off, ripped off my insurance companies and, in general, are making a mockery of the practice of medicine. I received a summary of medical bill for a recent minor incident ...

Centennial: 71 years for CC Cooper and Sons Insurance
Cooper decided to test his luck in the insurance business in April 1946, opening up C.C. Cooper Insurance out of a small office adjacent to the historic Varsity Theatre on Second Street. The office remained there from 1946 until 2005, when the company ...

Insurance companies can't function with short-term plans
The letter to the editor from Mary Priske of Coralville [Many are one call away from financial ruin, June 29] unknowingly brought up a fact that highlights the reason why the Affordable Care Act is having problems, why insurers are leaving the health ...

How job-based health insurance in changing in central Pennsylvania
Health savings accounts allow people to avoid payroll taxes on money for medical costs, and are restricted to those covered only by high-deductible health plans, which require people to pay at least $1,300 per individual or $2,600 per family before ...

Tom McCollum's return to Griffins adds insurance and intrigue in goal
Tom McCollum's return to the Detroit Red Wings organization after a one-year absence adds insurance and some intrigue to what the goalie situation will be next season. McCollum, traded Saturday from Calgary for a conditional seventh-round pick in 2018, ...

Top insurance brokers, No. 5: BB&T Insurance Holdings Inc.
While integrating a big wholesale insurance operation was the main task for management at BB&T Insurance Holdings Inc. in 2017, future expansion will likely focus on its retail operations. The insurance unit of BB&T Corp. continues to be an earnings ...

Top insurance brokers, No. 10: USI Insurance Services LLC
In a $4.3 billion transaction announced in March, Kohlberg Kravis Roberts & Co. L.P. partnered with Montreal-based pension fund Caisse de dépôt et placement du Québec to buy USI, with KKR using money directly from its balance sheet rather than an ...

Top insurance brokers, No. 1: Marsh & McLennan Cos. Inc.
Last year marked the company's sixth consecutive year of underlying organic growth greater than 3%, which Peter Zaffino, CEO of Marsh L.L.C. and chairman of the risk and insurance services segment of Marsh & McLennan, attributed to the broker's ability ...

Top insurance brokers, No. 7: Hub International Ltd.
The purchases helped drive its brokerage revenue up 12.1% to $1.65 billion making it the world's seventh-largest commercial insurance brokerage in Business Insurance's 2017 ranking. Hub tends to acquire “small to medium-size multiline insurance brokers ...

Top insurance brokers, No. 3: Willis Towers Watson PLC
Eighteen months after one the largest mergers in the insurance broking and consulting sector, Willis Towers Watson P.L.C. is looking to switch from integrating two distinct businesses to growing as a unified company. The $18 billion deal, which brought ...

Mt. Franklin Insurance acquires Meridian office
El Paso-based Mt. Franklin Insurance has acquired the El Paso office of Meridian Insurance, creating the largest locally owned and independent insurance agency in El Paso. Bill Carvajal and Shane Lipson, principals of Mt. Franklin Insurance, led the ...

Aviation insurance sector analysis: Allianz exec
“Considering the limited size of our market compared to the wider P&C world, we offer some of the broadest and most extensive coverage in the insurance industry which we are rightly proud of – for example, a major airline has circa $2 billion of ...

Ontario Insurance celebrates 140th anniversary
Ontario County Patrons' Fire Relief Association, now known as Ontario Insurance Co., was launched June 12, 1877, to protect farmers from the financial devastation endured when fire claimed barns or damaged other property. “Times have changed, and so ...

Who pays when someone without insurance shows up in the ER?
It also doesn't mean that hospitals won't try to bill someone without insurance. And the bill they send will be higher than for an insured patient because there's no carrier to negotiate lower prices. As a result, the uninsured are more likely to be ...

The Narrow Path Forward For The GOP Health Insurance Bill
Conservatives such as Cruz argue that premiums are too high under Obamacare because health insurance has too many requirements. And if you are relatively healthy, Cruz's proposal could save you money, since you could buy a cheaper insurance plan ...

Central schools expand insurance coverage after flood
After undergoing its first major natural disaster and realizing its school properties are worth more than officials had realized, the Central school district has increased its property insurance, covering itself for the first time for floods and ...

Brothers sentenced for masterminding massive insurance fraud ...
Brothers sentenced for masterminding massive insurance fraud ...

Paying for longterm care insurance with your life insurance policy
Longterm care (LTC) insurance can be an effective way to protect your nest egg against these expenses and preserve it for the next generation, but premiums for these policies can be expensive. Here's where your life insurance policy could enter in. A ...

Lawrence police keep pressure on insurance fraud fight
In June, a year and a half after Guerrero reported that damage to Arbella Insurance, the 38-year-old Water Street woman was arrested and charged on a warrant for filing a false insurance claim and attempting to commit larceny over $250, according to ...

Insurance companies shying away from mountain properties
Many insurance companies are giving mountain residents the cold shoulder when it comes to renewing their policies. It all boils down to insurance companies deciding that the risk is not worth the reward. Homes surrounded by giant trees have the ...

Progressive Insurance denies metro couple's claim after driver crashes into their two parked cars
KANSAS CITY, Mo. -- A young Kansas City couple recently became victims twice. The first time was when a driver crashed into both their cars parked in their driveway, totaling them. The second time was when that driver's insurance company refused to pay ...

Los Altos acupuncturist charged with filing bogus insurance claims
The California Department of Insurance received a tip in December 2014 that Su had billed insurance companies for visits that never happened, according to prosecutors. Two patients, a husband and wife, later discovered that Su had allegedly billed for ...

Travel insurance: Everything you need to know to buy the perfect policy
A travel insurance policy covers a wide range of potential pitfalls, starting with the possibility that you may not take the trip at all. Almost any holiday involves paying money well in advance, and losing some or all of it if you can't travel ...

Breaking down health insurance for young adults
BANGOR, Maine (NEWS CENTER) — Current law allows people to stay on their parent's health insurance until they are 26. So many young adults don't have to think about how it works. With healthcare reform dominating national headlines, all the insurance ...

UBS Wealth Unit Recommends Buying Gold Near $1200 for Insurance
Gold could also act as insurance if the labor market doesn't show further improvement in the U.S. and inflation doesn't pick up, which would make the Fed pause on its tightening path, or if global growth slows, said Gordon. “We like the insurance ...

Insurance Basics: Disability
BOSTON (CBS) – If you are unable to work due to an accident or an illness it is disability insurance that will protect you and provide an income stream for you and your dependents. Recently I was made aware of a website, the Council for Disability ...

Insurance carriers request rate hikes in Kentucky
Insurance rates for individual and small group plans in Kentucky could increase between 6.5 and 47.7 percent next year. Insurance carriers have filed their requested rate increases with the Kentucky Department of Insurance for 2018. The requests cover ...

Letters: Health insurance, Bob Corker
A recent letter suggests that people should give up on obtaining affordable health insurance because insurance is expensive and people are responsible for their own ill health because they don't eat and exercise properly. Nothing could be further from ...

Calling the insurance provider without filing a claim could end up costing you
“C.L.U.E stands for comprehensive loss underwriting exchange,” said WSB consumer advisor, Clark Howard. He explained your C.L.U.E is similar to a credit report, but for insurance. He said it can impact you in more ways than one. “What it does is it ...

China to prosecute ex-chief of People's Insurance after corruption probe
The party's corruption watchdog said Wang, who was also the vice-chairman and executive director of People's Insurance, had been expelled from the party for "serious discipline violations," the usual euphemism for corruption. In a notice on its ...

Should GOP Health Bill Prevail, Say Bye-Bye To Insurance Rebates
“When they struggle to pay premiums, when they're making those sacrifices, [consumers] want most of the value of those premiums to go to actual medical care,” said Mila Kofman, a former insurance commissioner in Maine, who now runs the D.C. Health ...

Insurance Professionals Face NY Cyber Requirements
“For companies that are not that heavily regulated, such as mortgage brokers, insurance agents and licensed lenders, this regulation will present many new issues that they probably hadn't considered before,” said Joseph Simon, an attorney and partner ...

El Paso insurance broker makes 8th acquisition
El Paso insurance broker makes 8th acquisition A Texas-based insurer has acquired the El Paso office of another insurer, making it the largest locally owned independent insurance agency in El Paso. Mt. Franklin Insurance acquired the El Paso office of ...

Roadshow: How carpool-lane cheating can raise your insurance rates
However, as an insurance salesman, I very often have clients surprised when they realize the nice CHP officer wrote them a citation for some other related violation, such as an illegal merge (in and out of the HOV lane), failure to obey a road sign ...

Senate health bill threatens to leave vulnerable Maine children without health insurance
At my practice in Belfast, over half of my young patients rely on MaineCare or the Children's Health Insurance Program for health coverage. As a result, they can get care when they are sick or injured, and they also can get the preventive care they ...

How Consumers Pay Their Insurance Bills: Aite Group
Aite Group study finds that on average consumers will pay their auto insurance eight times per year and their property insurance five times a year. The Aite Group report, P&C Insurance: How Consumers Pay Their Bills, examines consumer preferences in ...

Should Retirees Have Life Insurance?
Conventional wisdom suggests you don't need life insurance during retirement. By this point, the children are likely grown and financially self-sufficient and you've amassed a sizable enough nest egg to make life insurance superfluous. Or so the ...

The First Tee Southeast Pure Insurance Championship participants
Lauren Thompson reveals to The First Tee participant Meredith Kiernan of the Southeast region that she that will compete in the Pure Insurance Championship at Pebble Beach. PlaylistTrending. The First Tee Southeast Pure Insurance Championship ...