Missouri earthquake insurance market is getting very shaky

Missouri earthquake insurance - US Flag, Missouri Flag, Jefferson National

The state D.O.I. published a new report showing the lack of high-magnitude tremor readiness. A new Missouri earthquake insurance report was recently published by the state’s Department of Insurance (D.O.I.), highlighting some troubling details about the market there. The “Earthquake Insurance Market Report” showed a lack of preparedness in the event of a large quake. The Missouri earthquake insurance report revealed some troubling facts about the readiness of the state’s market to recover if a high magnitude quake should occur. This is particularly worrying as the southeast of the state…

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Missouri homeowners are being encouraged to purchase flood insurance coverage

storm flood homeowners insurance rain

Consumers and businesses alike are being urged to acquire flood insurance Missouri homeowners, business owners, and renters are being encouraged to purchase flood insurance coverage, even if their properties are not located in risk-prone areas. Floods have caused significant damage in the past due to heavy rainfall and powerful storms. In Missouri, those without flood protection are being urged to acquire coverage in order to adequately protect themselves and their properties. Typically, however, the only place for people to find coverage is through the National Flood Insurance Program. Agencies in…

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Missouri officials ban insurance industry from using price optimization

Missouri insurance industry

Department of Insurance bans the use of controversial price optimization practice The Missouri Department of Insurance has officially banned the use of price optimization among insurance providers. Insurance Commissioner John Huff has issued a warning to insurers using this pricing method that they will be faced with severe penalties if they continue to do so. This decision affects the insurance industry in the state, applying to a variety of companies, especially property and casualty insurance companies. Price optimization continues to cause problems for the insurance industry Price optimization has become…

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Missouri falls behind in mitigate increase in health insurance rates

health insurance deadline enrollment

State has been unable to halt the growth of health insurance premiums Missouri may be falling behind in protecting its residents from significant health insurance rate increases. In 2016, insurance policies are set to become more expensive nationwide due proposals from insurers. Typically, state regulators investigate rate increase proposals in order to determine whether or not they are needed. In Missouri, however, regulators are not tasked to investigate rate proposals. Instead, this burden falls to the federal government, which may be leaving consumers open to significant rate increases that could…

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Good insurance news for Missouri consumers who recently made claims

Insurance News payment in quarters

The state department has now helped them to obtain additional payments for their early 2015 claims. For many consumers across Missouri, the insurance news has been good, as many of those who filed complaints against their insurers received assistance from the state Insurance Department and will be receiving additional claim payments. A total of $6.3 million in additional payments will be made for many claims made in the first half of the year. The majority if this insurance news has to do with claims made on health plans. That type…

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Health insurance provider hit with major fine in Missouri

Missouri Health Insurance news

Aetna faces $4.5 million fine for violating insurance laws in Missouri Missouri Governor Jay Nixon has announced that health insurance provider Aetna will be paying $4.5 million in fees for violating state law. One of these violations has to do with Aetna covering elective abortions even though some policies did not allow for such coverage. This represents the single largest insurance penalty imposed against a company in Missouri’s history. Notably, the health insurance company is holding itself accountable for any violations of state law, also acknowledging that it had violated…

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Insurance news not transparent enough with Missouri prices

Missouri Health Insurance news

The state, which participates in the federal health plan exchange will include at least three insurers. This fall, the latest insurance news is showing that when residents of Missouri head to the HealthCare.gov website, they will likely be able to compare and shop for health plans that are being offered by a minimum of three insurers. The largest insurance company in the country has now stated that it expects to take part in the federal marketplace. UnitedHealthcare has said that it intends to make insurance news, this fall, by adding…

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