Morris purchases new cyber insurance policy

Cyber Insurance policies commissioners industry

City of Morris has acquired cyber insurance protection to guard against digital risks Morris, Illinois, residents will now be protected by cyber insurance coverage. The Morris City Council voted earlier this week to purchase $2 million in cyber insurance protection from the HCC Insurance Group. According to the city council, this coverage will cost approximately $7,183 a year. The policy that the city has purchased will ensure that residents will have access to services that can aid them if the city’s information system where every compromised by a cyber attack.…

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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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Illinois can no longer pay health insurance claims for state employees

Health Insurance Illinois

State agency cannot cover the cost of claims The Illinois Department of Central Management Services has announced that it will no longer be able to pay state employee health insurance claims without a state budget. The claims are coming from those that receive coverage through the State Employees Group Insurance Program. Since the agency can no longer pay for the claims being made by policyholders, some 150,000 people could face higher out-of-pocket costs associated with their health insurance coverage. Those with self-insured plans will be hit the hardest by lack…

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Ad campaign in Illinois seeks to promote health insurance among young adults

health insurance marketing young woman

New ad campaign launched in Illinois to connect with young consumers A new ad campaign has been launched in Illinois that seeks to raise awareness about health insurance and the state’s exchange. The new campaign has a very specific focus on young adults, a notoriously elusive market for the health insurance industry. Many young adults believe themselves to be proverbially invincible and see little need for insurance coverage of any kind. Others see insurance as an expensive investment that will never benefit them and avoid coverage in order to save…

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Health insurance refunds coming to 75,000 retired Illinois workers

Health Insurance Illinois

State workers to receive insurance refunds from the state due to ruling by the Illinois Supreme Court Approximately 75,000 retired Illinois workers may be receiving refunds on their health insurance coverage in February next year. The refunds are part of an ongoing legal battle that began centered on a law that was passed in 2012. The law required retired workers to cover the insurance costs with a portion of their pensions. A recent ruling from the Illinois Supreme Court requires insurance companies to return this money to policyholders. State law…

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Health insurance rate proposals opened to the public in Illinois

Health Insurance Illinois

State officials make rate filings from insurers open to the public Illinois officials have granted the public with access to rate proposals filed by the state’s health insurance companies. These proposals contain detailed information about the rates that insurance companies charge for the coverage that they provide. Insurers have submitted proposals for rate increases recently, which will affect policies in 2015, and many companies have had to offer sufficient evidence that these rate increases are necessary. State officials believe that such information should be available to the public. State residents…

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Climate Change and the Insurance Industry

climate change insurance industry

Climate change is a controversial issue, but mostly because of political and philosophical beliefs. The insurance industry has been well aware of the potential impact a changing climate can have on the global environment and has been encouraging efforts to mitigate this impact. Climate change has the potential to bankrupt the insurance industry, as the phenomenon would be responsible for the increasing frequency in major natural disasters that disrupt the global economy and put a strain on the world’s resources. The insurance industry has been working to steel itself against…

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