Virginia health insurance to lose Anthem next year

portsmouth virginia health insurance commissioner

The insurer announced it will officially leave the state’s exchange for the 2018 marketplace. Anthem recently announced its intentions to step out of the Virginia health insurance marketplace for 2018. Moreover, it has also revealed that it will be reducing the number of health plans it sells in Bristol, as well as Washington and Scott counties. The withdrawal from the insurance exchange occurred after Republicans failed to repeal the Affordable Care Act. This news was also made on the heels of President Trump’s threat to slash healthcare subsidy payments which…

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New Hampshire insurance exchange won’t lose any insurers in 2018

ACA health insurance registrations exchange

Regardless of the uncertainty in the industry, all companies have indicated their intent to return. The New Hampshire insurance exchange won’t be following the trend of states losing insurers next year. Instead, the marketplace has managed to hang on to the companies currently selling health plans there. The uncertainty regarding the future of the Affordable Care Act caused doubts in some states. There are four insurers selling on the New Hampshire insurance exchange and each have now submitted their applications to do so next year. The New Hampshire Insurance Department…

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Cyber insurance premiums are falling as major digital attacks drop in frequency

Premiums are beginning to decline due to the growing rarity of major cyber attacks Cyber insurance premiums are beginning to fall thanks to a decline in the number of major data breaches that have been reported. Major data breaches have made headlines in the past few years, but the frequency at which these digital attacks are occurring has fallen. As a result, cyber insurance rates have fallen during the first three months of this year for several high-risk industries, such as the retail and health care spaces. Large companies have…

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Insurance industry would prefer data security to tech innovation

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Cybersecurity is already among the top trends in many markets but especially among insurers. As the year is launched with the announcement of all new forms of technology, such as those being demoed at the Consumer Electronics Show (CES), the insurance industry is hoping that a larger focus will be placed on cybersecurity and data security. A number of high profile data breaches occurred throughout 2015, including among large insurance companies. Following the data breaches of health insurers Anthem and Premera, the insurance industry was given the evidence it needed…

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Aetna and Anthem show faith in health insurance exchanges

Health insurance rates

Insurers see promise in exchange marketplaces throughout the United States Amidst concerns that health insurance exchanges in the United States may be bad marketplaces for insurers, Aetna and Anthem have begun working to reassure investors that this is not the case. Recently, many insurers have been reporting losses due to their participation in insurance exchanges. These losses have lead UnitedHealth, the country’s largest health insurance provider, to exit from all exchanges throughout the country. This has caused a great deal of worry for those receiving coverage through exchanges as well…

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Privacy breach may have some impact on the insurance industry in Illinois

Illinois Insurance industry

State agency announces privacy breach, revealing Social Security Numbers of health care providers The Illinois Department of Insurance has announced that it has mistakenly allowed the Social Security Numbers of health care providers to be publicly posted. The number of health care providers affected by this privacy breach has not yet been disclosed, but the event may have some impact on the insurance industry. State officials recently learned of the privacy breach after receiving complaints. It is unclear how long the Social Security Numbers of health care professionals were visible…

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New coalition takes aims at health insurance mergers in the US

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Consumer groups form coalition to target mergers of health insurance providers Two consumer advocacy groups in the United States have formed a new coalition in order to create pressure of antitrust regulators concerning the merger of large insurance providers. These mergers would cut the number of for-profit health insurance companies from five to three, which may have a dramatic impact on consumers in terms of insurance options and costs. The coalition may be able to shed more light on the potential impact that mergers will have, encouraging state regulators to…

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Hacks are causing cyber insurance rates to skyrocket

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Insurers are raising premiums for the cyber insurance coverage that they provide Over the past two years, companies in the United States have been targeted by aggressive cyber attacks. This has prompted insurers to increase premiums on cyber insurance coverage by a massive margin. Some companies are perceived as being a high risk, which means that they are seeing higher costs when it comes to protecting themselves from digital attacks. Insurers are not just raising premiums on cyber insurance coverage, however, and many companies are looking for a solution to…

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Anthem insurance company to purchase Cigna for $54 billion

Cigna's Headquarters in Philadelphia insurance company

Massive acquisition to take place as one insurer purchases the other for cash and stock. It was recently announced that Anthem will be buying the Cigna insurance company for a tremendous buyout of $54 billion in cash and stock, making this the latest huge purchase by the insurer. The buyout is for 55 percent cash in addition to the remaining 45 percent in stock. Anthem has agreed to purchase each Cigna share for $188. The combined insurance company will be serving an estimated 53 million plan members. This new acquisition…

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Insurance companies scramble to find out if Chinese hack reached them

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The industry is attempting to determine if the hackers that breached government employee files also affected them. Cybersecurity experts are cautioning insurance companies that the same Chinese hackers that were behind the data breach of a minimum of four million government employee files may also have been responsible for similar data thefts at two health care giants: Premera and Anthem. The tremendous hack to the Office of Personnel Management was likely not the first large scale American hack for the group. There have been a series of different attacks that…

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