A new report from Hiscox, a specialist health insurance company in the U.S., shows that so called “super losses” are having an impact on the country’s health insurance industry. Super losses is a term that refers to claims that exceed $50 million. The report notes that these costly claims are becoming more common in the health care sector. Because these claims hold such a large price tag, they often find their way to courts. Juries often side with consumers in these cases and in the past two years have awarded…
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Tornadoes and storms in Oklahoma create difficult insurance marketplace for consumers and companies alike
The National Tornado Preparedness Summit in Oklahoma City – an event sponsored by the Oklahoma Insurance Department, the National Weather Center, and the National Association of Insurance Commissioners – is expected to draw almost 800 representatives from the insurance industry. According to the Oklahoma Farm Bureau Insurance vice president of public affairs, John Wiscaver, the harsh reality for the state is that throughout the last five years, the marketplace has faced the highest historic loss levels among all organization histories. He stated that earthquakes, hailstorms, tornadoes, and wildfires have all…
Read MoreReport shows interest increasing for individual and group health insurance exchanges
JD Power and Associates has released its 2012 U.S. Member Health Plan Study and it revealed that in the face of the impact of the reforms to healthcare, almost four in every ten members of an employee sponsored health plan have said that they would use a health insurance exchange to shop for their insurance coverage if the opportunity was available. This is now the sixth study of its kind, which measures the satisfaction among the members of 141 different health plans within 17 American regions by looking into seven…
Read MoreHealth insurance analysis suggests that insurance may be completely unaffordable by 2031
Two leading medical professionals have published a new analysis of the future of health insurance in the latest issue of Annals of Family Medicine. Richard A. Young and Jennifer E. Devoe have taken a look at the Affordable Care Act and how it will affect the health insurance industry from when it is fully enacted in 2014 to the state of the industry in 2037. The study assumes that the federal health care law is successful in its goal of lowering health insurance premiums. Despite this supposed success, the study…
Read MoreNorth Korea establishes its first international investment insurance firm
A surprising development in the global insurance industry: North Korea has established its first investment insurance firm. The firm’s aim is to attract foreign investments to the troubled country. It is expected that the North Korean firm will purchase reinsurance policies from international companies and offer this coverage to companies looking to do business within its borders. The firm is being built to mimic an insurance system in South Korea, which has served as a way to help business owners recover from financial losses due to risky investments. Because of…
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