Live Insurance News

Federal crop insurance participation less likely among wealthy growers

August 25, 2016August 24, 2016 Marc

The farmers who are most likely to buy this coverage aren’t the ones who are making the most money. A new report showed farmers are less likely to use federal crop insurance if they are among the wealthiest. This coverage is meant to help protect growers against risks such as low output prices and crop failure. The American program has been experiencing steady growth since the 90s. Federal crop insurance is now the biggest individual producer supporting program under the farm bill of 2014. This trend in growing federal crop…

Oklahoma earthquake insurance market still shaky

August 2, 2016July 29, 2016 Marc

Regulators have been attempting to get the explosive marketplace in the state under control. Oklahoma earthquake insurance is topping the list of regulator struggles in the state. As the market grows at a staggering rate, it has reached a point in which the state is facing an unprecedented risk. The exponential rise in the frequency of earthquakes has changed the entire nature of the industry in the state. Not long ago, Oklahoma earthquake insurance was out of the question. There was no reason for it. Over the last few years,…

Health insurance mergers may impede value-based care

July 25, 2016July 22, 2016 Marc

The Justice Department determined that if large insurers come together it would hinder new coverage model adoption. Health insurance mergers have been increasingly common lately. That said, they’ve also been generating a considerable amount of controversy at the same time. According to the U.S. Justice Department, if very large insurers should merge as they have been doing, it could be damaging to current industry model trends. Among the main changes in health care is the move away from fee-for-service medicine. Instead, private insurance and the government have been shifting toward…

Life insurance companies must try harder to locate beneficiaries

July 20, 2016July 18, 2016 Marc

States say insurers should be making a greater effort to find heirs to ensure payments are being made. Life insurance companies have paid beneficiaries billions of dollars in unclaimed policy payouts. That said, if many states are successful, it could mean that even more beneficiaries will be receiving funds. Certain state actions aim to force insurance providers to make a greater effort to locate heirs. Almost two dozen states have passed laws pushing life insurance companies to look for policy beneficiaries. Among them, Illinois has become the most recent state…

Utah insurance co-op closure leaves $33 million in unpaid claims

July 6, 2016July 4, 2016 Marc

Salt Lake City capital Utah insurance co-op

The nonprofit cooperative has now collapsed and has left hospitals without millions in payments. Arches Mutual Insurance Co, a nonprofit Utah insurance co-op, has now collapsed. As a result, there are millions of dollars worth of unpaid claims. This could leave hospitals without a massive number of payments. The Utah Department of Insurance said the not for profit cooperative will likely not pay its debts until next year. Despite the fact that Arches Mutual Insurance still owes hospitals $33 million, this debt won’t be paid soon. The Utah Department Insurance…