Louisiana workers compensation sees few claims but high costs

Louisiana workers compensation - Worker - Construction

Employees in the state are less likely to be injured than in any other place across the country. The Louisiana workers compensation program functions in a curious way. Despite the fact that employees in the state are less likely to be injured than those in any other state, the coverage still comes with high costs. The costs of workers compensation insurance in the state have been steadily falling for years. Comparing the cost of Louisiana workers compensation clearly shows that the actual costs are dropping. In fact, this has been…

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Insurance drone use spikes as hurricane season gets rolling

Insurance Drone Use - Drone

With each new season of potential natural disasters comes a much larger investment in this tech. Insurance drone use has been taking off – so to speak – with each new hurricane season. This year has been no exception. Every year, the tech proves itself in terms of improved safety for claims adjusters while simultaneously lowering costs. Insurance companies need to carefully plan their reactions to natural disasters for speed and reliability. When a hurricane happens, insurance companies need to move quickly. This requires substantial planning as well as tech…

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Doctors seek alternatives to having to accept health insurance

Accept health insurance - Doctor

A growing trend is sending doctors to use monthly membership fees instead of payments from insurers. A growing number of doctors are refusing to accept health insurance in favor of other systems such as monthly membership fees. This has been a response to challenges that they have faced with insurers as well as struggles they’ve seen among their patients. Doctors feel held back by a system encouraging them to consistently see high patient numbers. Struggles with claims processes and rising costs have also frustrated their patients. Doctors feel as though…

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Ohio health insurance companies release recommendations to fight opioid abuse crisis

Opioid abuse crisis - Ohio health insurance - hands reaching for pills

Eight of the largest insurers in the state issued fifteen recommendations to combat the epidemic. Eight of Ohio’s largest health insurance companies have issued a list of 15 recommendations to fight the opioid abuse crisis. The misuse of these serious drugs has reached epidemic proportions within Ohio and many other states. The insurance companies have attempted to find areas where reasonable action is possible in combating the opioid abuse crisis. Among the recommendations are efforts to identify pregnant addicts to make certain they obtain the treatment they need. That said,…

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Alibaba and Tencent’s insurer rolls out blockchain health insurance technology

Blockchain health insurance - Technology - Health Logo

The new infrastructure tech is already being used with 100 hospitals in China. ZhongAn, a massive insurer in China, recently started using blockchain health insurance technology in a partnership with 100 hospitals. The insurance company is a massive one, providing infrastructure to 10 local providers. The importance of this technology in the Chinese and global insurance sectors The insurance industry, the health care industry and technology are deeply intertwined among each other. They are now dependent on each other as well. Now, Alibaba and Tencent’s insurer has entered into one…

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2018 Hurricane Season should be an average one, says Munich Re

2018 Hurricane Season - Hurricane - Storm - Florida

The Germany based reinsurer is predicting fewer storms than 2017’s record breaking year. Munich Re is predicting an average 2018 Hurricane Season. This comes as somewhat of a relief following the record-breaking destruction left behind last year. The 2017 season brought insurance companies approximately $135 billion in costs. Munich Re is the second largest reinsurance company in the world and releases its predictions publicly. The world’s second biggest reinsurance company predicts that there will be notably fewer powerful tropical storms in the 2018 Hurricane Season than there were last year.…

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Georgia purchase largest US cyber insurance policy

Cyber insurance policy - Hacker - malware - online attack

The state is adding to its protection against hackers following a massive March ransomware attack. Georgia has added a new layer of protection against hackers by purchasing the largest cyber insurance policy in the United States. The coverage is a component of the state’s new strategy against cyberattacks. Last March it fell victim to a ransomware attack. The Georgia Department of Agriculture’s website was taken down unless the state would pay. Hackers demanded $50,000 in the ransomware attack. Despite the hackers’ demands, the state would not pay the ransom. Instead,…

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Hawaii lava damage will be covered, says Insurance Commissioner

Hawaii lava damage - Volcano lava flowing

Destroyed homes will be covered by standard homeowners policies, according to Gordon Ito. The Hawaii lava damage caused by Kilauea’s eruption will be covered by homeowners insurance policies, said Hawaiian Insurance Commissioner, Gordon Ito. Ito made it clear that homes damaged or destroyed by the lava flow into a Big Island neighborhood will be covered. This should come as a relief to homeowners previously uncertain as to their coverage, as reported by Live Insurance News. Ito has been Hawaii’s insurance commissioner since 2010 and is NAIC Western Zone chair. Ito…

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This weekend, review your homeowners insurance for Hurricane Preparedness Week

Hurricane Preparedness Week - Hurricane in Key West

Saturday and Sunday are wrapping up the awareness week to remind us to be ready for weather. Hurricane Preparedness Week is coming to a close, but it’s time to take what we’ve learned and put it into action. The only way this awareness week will have been a success is if you make the right changes to keep yourself safe. This week includes a number of things to prepare for an emergency, such as reviewing your policies. The insurance industry likes to take the opportunity of Hurricane Preparedness Week to…

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California wildfire insurance stirs up heat between industry and state lawmakers

California wildfire insurance - forest fire

The state Senate Insurance Committee is taking on the insurance industry regarding this coverage. California wildfire insurance was a hot topic, so to speak, between insurers and the State Insurance Committee. The committee is chaired by Senator Steve Glazer (D), widely considered to be the most moderate senator in the upper house. The Senate Insurance Committee voted on to bills that will dictate the future of wildfire coverage. The vote took place on Friday for the two bills. These bills were designed to make significant changes to the way California…

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