Insurers have begun excluding certain procedures for patients out of the country. American health insurance companies have started placing a limit on the procedures they will cover for patients traveling to other countries to get them. Patients had been traveling to cities such as Tijuana to receive their medical procedures. According to the Tijuana Convention and Tourism Committee, medical tourism has plummeted as US health insurance companies have started limiting the procedures their policyholders are covered for outside the country. The new regulations implemented by the insurers are impacting both…
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News from around the world and how change in this industry affects other lines of business globally.
UnitedHealth is still the biggest insurance company in the world
For the ninth year in a row, the insurer has held onto the top spot based on net premiums written. UnitedHealth Group Incorporated has once again taken the title of largest insurance company in the world, ranking at the top of AM Best’s list of the 25 biggest insurers. The insurer has been the biggest in the world for nine consecutive years on AM Best’s list. The size of the insurance company was measured based on net premiums written. UnitedHealth’s net premiums written (NPW) grew by 14 percent in 2022,…
Read MoreIranian state-controlled insurance company sees tanking net profits
The first insurer of its kind in the country experienced substantial losses last year. The first Iranian government-controlled insurance company saw considerable net profit losses next year, when it dropped by 300 percent when compared to its 2021 figures. The insurer was first established in 1935 and has locations around the globe, including the United Kingdom. The insurance company had already been seeing losses in previous years, but last year marked a new level of loss in its profits under the management of political appointees. In 2014, the market share…
Read MoreMillions of people abandon the Chinese health insurance system
The state program has already lost tens of millions of plan members, and the trend is continuing. The state health insurance system in China is bleeding plan members as tens of millions of them have left the coverage, citing higher costs as a primary reason. The expense associated with the coverage is increasingly viewed as unaffordable for many people in China. While the Chinese health insurance system was already too expensive for many people in China who continue to struggle within the economic downturn that has followed the pandemic, increasing…
Read MoreInsurance industry reform call by Hillary Clinton at COP28 climate panel
The former US Secretary of State said that it’s time for countries to “rethink” the coverage sector. Former US Secretary of State Hillary Clinton spoke at a COP28 climate panel at the start of this month, calling for insurance industry reforms. The purpose is to address the sector’s issues as insurers increasingly withdraw protection against climate perils. Among the countries and people most impacted by climate change are those in lower-income nations. They also face the greatest struggle to access coverage to protect themselves against economic effects. “We need to…
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