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Insurance News 10/2017



Battle lines drawn in latest try at auto insurance reform
Detroit Mayor Mike Duggan and House Speaker Tom Leonard's sweeping proposed changes to Michigan's no-fault auto insurance system has drawn battle lines in Lansing as lawmakers try again to tackle the state's highest-in-the-nation premiums. Hospitals ...

Auto insurance rates, amnesty for drivers' fees up for debate in Legislature
LANSING — Auto insurance rates will take front and center stage in Lansing this week as hearings begin on a bill aimed at reducing Michigan's highest-in-the-nation premiums. "For far too long, action on this issue has been waylaid and stymied by ...

How to get ahead in corporate wellness insurance
Digital disruption is huge news for the insurance sector, putting data front and center of how insurance providers measure risk and establish premiums. However, there's one insurance niche where many of the benefits of digital disruption are yet to ...

What is identity theft insurance?
Identity theft insurance doesn't work quite the same way as your standard auto or homeowner's policy. Despite the name, identity theft policies don't reimburse you for the money that fraudsters stole from you. Instead, your identity theft insurance ...

9 million kids get health insurance under CHIP. Congress just let it expire.
Congress just allowed the Children's Health Insurance Program, which provided low-cost health insurance to 9 million children, to expire. If action is not taken soon to restore the funding, the effects will become obvious in schools across the country ...

INSURANCE FOR TWO-WHEELER
It is an economic vehicle which you can ride easily through populated roads, but there a few things like a mandatory insurance that you must keep in mind to ensure a stress-free journey on the roads. The Motor Vehicles Act of India has made it ...

People who buy their own health insurance face even higher costs under Trump
WASHINGTON — Jim Hansen and his wife considered themselves fortunate when they retired five years ago. The Denver couple, both electrical engineers, were healthy. They'd socked away an ample nest egg. And they found health insurance that, if not ...

Trump's plan for selling insurance across state lines could mean fewer protections for consumers
President Trump is expected to issue an executive order during the next few weeks that would allow people to buy health insurance across state lines, but the arrangement looks different from the idea conservatives have described in the past, and ...

Cleveland Clinic to enter the Medicare insurance market
CLEVELAND, Ohio - For the second time this year, the Cleveland Clinic is entering a new insurance market. Starting Oct. 15, in Cuyahoga County, the Clinic will offer two co-branded Medicare plans with Humana, a Louisville, Kentucky-based insurance ...

Switching To A Whole Life Insurance Policy
Have you considered your life insurance lately? Does the life insurance policy that you bought years ago still fit your family needs? If you have a term life insurance policy, it may make sense for you to consider switching it to a whole life policy ...

Chubb expects Hurricane Maria-related third quarter insurance losses of $200 million
(Reuters) - Property and casualty insurer Chubb Ltd (CB.N) on Monday estimated that the maximum net insurance and net reinsurance losses related to Hurricane Maria would be about $200 million after tax for the third quarter. The world's largest listed ...

Hurricane Claim Insurance Checks Drive New Car Sales
As Hurricane Harvey poured on Houston, Frank Rodriguez feared for his 2014 GMC Sierra. Once he saw the pickup's soaking-wet interior and center console full of water, he knew it was a lost cause. He just hoped his insurance company would agree and cut ...

QIS: AI Poised to Revolutionize Insurance Industry
PLEASANTON, Calif., Oct. 2, 2017 /PRNewswire-iReach/ -- According to a recent report from Accenture, three-quarters of surveyed insurance executives believe that artificial intelligence will transform the insurance industry within three years.1 "At the ...

Congress Threatens to Take Health Insurance Away From 9 Million Kids, Just Because
A program that provides health coverage to some 9 million children was allowed by the Republican-controlled Congress to expire over the weekend. The Children's Health Insurance Program, or CHIP, a bipartisan initiative that was originally co-sponsored ...

Irma flood victim goes to war with insurance company, wins
"The insurance carriers, even in that particular case, the insurance carriers are going to carry a certain amount of liability coverage, and they'll realize that there's going to be some grace periods where maybe some of these policies can be executed ...

Irma-related insurance claims mount in Florida
“As we enter the second stage of Irma recovery, we're focusing on making sure that insurance professionals have the tools they need to adjust and close your claims as efficiently and effectively as possible – helping your family return to normal faster ...

Combined Insurance holds annual charity golf event
“Combined Insurance colleagues enjoyed a beautiful day of golf and goodwill to support USO of Illinois and all the terrific work they do for our Active Duty, Guard and Reserve military and their families,” said Combined Insurance vice-president of ...

Hub purchases shares of Alaska-based insurance agency
Last month, Hub International purchased Delisle Agencies in Saskatchewan, Canada. The global insurance brokerage also acquired Integro Canada at around the same period. Both Canadian acquisitions were reported as surprises, as several private equity ...

Q & A: Congress let the Children's Health Insurance Program expire. What now for Pa. and NJ kids?
Among them: the Children's Health Insurance Program (CHIP), created 20 years ago with bipartisan support to help kids from low- and moderate-income families. Because Congress didn't act, the program's funding expired Saturday, though states still have ...

Hurricane Maria Packs a One-Two Punch for Insurance
The losses in the U.S. territory—still cut off in large areas from power and communications—may even surpass the more than $50 billion caused by hurricanes Harvey and Irma in a way that now looks more likely to push up insurance rates. Unlike other ...

Consumer lending, insurance issues to weigh on Wells' CEO's Senate appearance on Tuesday
Wells Fargo CEO Tim Sloan will be questioned about sales practices, mischarging customers for auto insurance, and complaints about mortgage fees at the bank's consumer lending unit when he testifies before U.S. senators on Tuesday. The U.S.'s ...

Why Investors remained buoyant on: Heritage Insurance Holdings, Inc. (HRTG), Abercrombie & Fitch Co. (ANF)
Heritage Insurance Holdings, Inc. (NYSE:HRTG) market capitalization at present is $405.30M at the rate of $14.00 a share. The firm's price-to-sales ratio was noted 0.00 in contrast with an overall industry average of 90.87. Most of the active traders ...

Brazil's Caixa Seguridade kicks off insurance partners search
SAO PAULO, Oct 3 (Reuters) - Brazilian insurer Caixa Seguridade Participações SA said in a securities filing late on Monday it is looking for strategic partners to sell a variety of products including property and auto insurance. The process kicked off ...

Lakewood business owner who defrauded NJM Insurance lands in prison
TOMS RIVER - The owner of Supreme Asset Management Recovery in Lakewood has been sentenced to three years in prison for misclassifying workers to get lower workers' compensation rates. Albert Boufarah, 50, of Toms River and his company were ...

Turmoil in Washington adds uncertainty to health insurance enrollment
President Trump tweeted this summer that he might end cost-sharing subsidies to health insurance companies if Congress can't get together on long-promised plans to repeal and replace the Affordable Care Act, or Obamacare. So open enrollment in ...

Wells Fargo accused of lying to Congress about auto insurance scandal
Wells Fargo was just accused of lying to Congress last year by failing to disclose a brewing scandal in the bank's auto insurance business. The startling allegation came from Senator Sherrod Brown on Tuesday during a Senate hearing on Wells Fargo's ...

Newest attempt at Michigan auto insurance reform debated
LANSING, Mich. -- Legislation introduced last week claims it would cut Michigan car insurance rates by an average of 40 percent. Garnering bipartisan support, House Bill 5013 was debated at the House Insurance Committee Tuesday morning. "We're going ...

States Gird for Worst as Congress Wrestles with Children's Insurance Program
In statehouses around the country, officials are preparing for the worst as lawmakers in Washington struggle to find money for the popular Children's Health Insurance Program, which insures nearly nine million children but lost its spending authority ...

Why the Insurance Industry Needs a Toothbrush and Other Notes from Record-Breaking InsureTech Connect Conference
Insurance company employees wondering where all their bosses are this week should not be worried. It's a good bet the executives are safe in Las Vegas at the second annual InsureTech Connect Conference. More than 3,800 insurance and technology ...

Obama Vets Plan Health Insurance Sign-Up Campaign Because Trump Won't
Two former officials who worked on the sign-up campaigns for the Affordable Care Act's health insurance exchanges when Barack Obama was president launched an initiative Wednesday called Get America Covered. In essence, it seeks to stand in for a ...

Insurtech Pie Insurance Eyes Slice of Workers' Comp Market with $4.3M Funding and Pricing Tool
Oddly-named Pie Insurance took an initial step toward entering the workers' compensation insurance market at the InsureTech Connect conference in Las Vegas by introducing an interactive pricing tool for small and medium-sized businesses. The pricing ...

Rising hacker threat will trigger boom in cyber crime insurance, Tryg says
CO) expects 90 percent of its corporate customers to buy cyber crime insurance within five years as the threat from hackers and viruses to crucial data and IT systems grows. Tryg, Denmark's biggest insurer, has sold 5,000 cyber crime insurance policies ...

How to score the best deal on auto insurance
She said the first thing you should do is talk with relatives and friends about what kind of auto insurance they have and get several estimates. "Get an estimate from each one of them and then put it down on paper or in a spread sheet, and compare what ...

Ex-Obama officials begin health insurance sign-up campaign
The former Obama officials said their campaign, set to begin Wednesday, will focus on young adults and try to encourage people to sign up for government-backed private health insurance because of subsidies available to cushion the impact of rising ...

Congressman Accuses Wells Fargo Of Lying To Congress About Auto Insurance Scandal
A Wells Fargo executive on Tuesday visited the U.S. Congress, where a Senate committee held a hearing on the financial institution's various scandals—including one that involved wrongly forcing 800,000 customers to purchase auto insurance they didn't ...

Federal employee health insurance premiums to rise by 6.1 percent
Health insurance premiums paid by federal employees and retirees will increase 6.1 percent on average in 2018, the Office of Personnel Management (OPM) announced Wednesday. Open season, when individuals can shop around and choose health ...

Parties fight over funding children's health insurance
Republicans pushed a bill extending financing for a popular health insurance program for children through a House committee Wednesday, but partisan divisions over how to pay for it suggest that congressional approval will take time despite growing ...

White House Seeks $29B for Disaster Aid, Flood Insurance
White House budget director Mick Mulvaney told lawmakers in officially submitting the request that the federal flood insurance program "is not designed to handle catastrophic losses like those caused by Harvey, Irma, and Maria. The NFIP is simply not ...

The Latest: House panel approves money for kids' insurance
A Republican-run House committee has approved a bill financing a health insurance program for low-income children for five more years. But the two parties are divided over how to pay for the extension. That suggests that final congressional approval ...

Get Very Used to Drone Usage in the Insurance Industry
One major insurance carrier already has a program underway to train claims adjusters to visit accident sites and fly drones to gather data. American Family Insurance started working on developing a drone program around 2013, and the company now has a ...

Insurance group changes name
BancFirst entered the property and casualty insurance business in 2004 with the acquisition of the independent Tulsa insurance agency, Wilcox and Jones. In 2007, BancFirst acquired Ed McGrath's Armor Assurance Group in Muskogee. As a result of the ...

Parties fight over funding children's health insurance program that expired
Republicans pushed a bill extending financing for a popular health insurance program for children through a House committee Wednesday, but partisan divisions over how to pay for it suggest that congressional approval will take time despite growing ...

Alabama's All Kids health insurance program facing a potential shutdown
MADISON COUNTY, Ala. - Last month, Congress failed to renew the Children's Health Insurance Program, which means state Medicaid funding could be slashed, and a pivotal Alabama program, called All Kids that insures thousands of low income children, ...

Insurance Companies Should Not Get A 'Pass' On Gun Violence
After all, when selling a home insurance policy, insurance agents generally ask if homeowners own a dog or have a swimming pool or trampoline, since the risk of injury and death is considered higher if they do. But guns are far more likely to result in ...

Georgia Insurance Agent Arrested For Pocketing $2K in Client Premiums
A Georgia insurance agent has been arrested on seven counts of insurance fraud and three counts of forgery in the first-degree for taking insurance premiums from her clients and issuing them fraudulent payment receipts, according to a statement from ...

Premiums rising: 80000 in Massachusetts may see drastic increases in health insurance costs
The group overseeing the state's online insurance market is preparing an aggressive outreach campaign to help up to 80,000 people who could see drastic increases to their insurance premiums. The state is bracing for uncertainty around whether the ...

One fast way to cut your insurance premiums by $322 each year
When it comes to your insurance bill, more can be less. Insurer discounts for having two or more policies (aka bundling) are common and an easy way to cut premiums. A new report from InsuranceQuotes.com estimates average national savings of just more ...

One way Trump could change health insurance
Under association health plans, small businesses can join associations — based on certain types of professional, trade or interest groups — that offer insurance to members. Republicans for decades have favored such arrangements, seeing them as a way ...

JPMorgan says hurricanes will cost insurance industry $100 billion but will help some of the stocks
"We think industry insured losses from the 3Q hurricanes will approach or exceed $100bn, which should be sufficient to result in higher property insurance and reinsurance prices given it would wipe out most of the industry's excess capital," the firm's ...

Julia Louis-Dreyfus Said She's 'Lucky' to Have Insurance — Here's What It's Like to Have Breast Cancer Without It
When Julia Louis-Dreyfus announced that she has breast cancer, she made sure to point out that she was “lucky” to have great insurance — and renewed the call for universal health care. Because every day there are 11 million women in the United States ...