This week in insurance news video round up

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Below please find our notes and links about video featured insurance news…

Health insurance shows 84 million Americans uninsured or underinsured for a span of 2012

According to research conducted by the Commonwealth Fund, there were 84 million people who either went uninsured or underinsured for a span of time in 2012.

The reason has to do with a provision of the Affordable Care Act that allows young adults to remain on the health insurance plans of their parents for longer periods of time.

In the case of underinsurance, research suggests that rising medical costs contributed heavily to this trend.

Insurance industry may not be liable for payouts relating to Boston Marathon Bombings

The Boston Marathon Bombings continue to send ripples throughout the insurance industry as more details concerning the disaster come to light.

The federal government has been pressured to avoid the term “terrorism,” however, as that could make the insurance industry exempt from paying claims.

Classifying the attack as an act of terror puts it within the realm of terrorism insurance, which is somewhat uncommon in the US.

Auto insurance rates set to spike in New Jersey

Auto insurance rates in New Jersey are on the rise this year, despite the state being home to some of the highest premiums in the country.

State regulators have approved rate increases coming from 26 auto insurance companies and these rates are expected to take effect later this year.

Insurers consider rate hikes modest and necessary to account for emerging threats in the market.

Homeowners insurance program created for Alabama coastal residents

Homeowners in the Alabama coastal areas slated to gain access to a new insurance program that could provide them with the protection they need from wind damage and flooding.

The coverage is being provided by Frontline Homeowners Insurance, a company specializing in providing coverage for high-risk areas, such as coastal properties.

The insurer claims that the coverage it is offering is not available through any other program, making it unique in Alabama.

Health insurance exchange sparks drama in Ohio

In five months, Ohio will have its own health insurance exchange. There is still a lot of uncertainty concerning the exchange, however, as it will be run by the federal government and not by the state.

Some of the uncertainty lingering in Ohio involves financing the exchange as the state has received less federal money than others for its health insurance initiatives.

Lawmakers claim that the exchange will be underfunded due to lack of federal support.

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