Live Insurance News

Young consumers weigh the cost of health insurance and federal penalties

February 1, 2016January 31, 2016 S.Vagus

Young adults are not convinced that insurance coverage is a viable financial option Young adults in the United States have faced a difficult decision during the latest open enrollment period. As open enrollment comes to an end, young and health consumers have had to decide whether or not to purchase health insurance coverage or face a federal fine and which of the two may end up being more expensive. Notably, the fine for those without insurance has gone up in 2016, which may have influenced many young people’s decision to…

End of open enrollment period for health insurance exchanges is coming to an end

January 29, 2016January 27, 2016 S.Vagus

Consumers are running out of time to acquire health insurance policies Residents of the United States have until January 31 to acquire health insurance coverage through federal and state-run exchanges. The end of the open enrollment period of these exchanges is rapidly approaching and those without insurance coverage could face a penalty from the federal government. This penalty has grown this year, which may come as a surprise for some consumers that are unaware. Consumers throughout the country are being encouraged to acquire health insurance, either through HealthCare.gov, or through…

Louisiana recovers funds from homeowners insurance providers, as well as others

January 27, 2016January 26, 2016 S.Vagus

State agency recovers $5.1 million in insurance claims throughout 2015, resolving consumer complaints The Louisiana Department of Insurance has announced that it has recovered some $5.1 million in insurance claims in 2015. Insurance Commissioner Jim Donelon notes that state regulators have been working with representatives from several insurance companies to resolve complaints associated with a wide range of coverage. The majority of the funds recovered by state regulators have been recovered from the property/casualty sector, as well as the health insurance sector. According to the Department of Insurance, more than…

Millions of employees find health insurance through exchanges

January 25, 2016January 24, 2016 S.Vagus

Accenture report shows that 8 million employees have acquired coverage for 2016 A new report from Accenture shows that health insurance coverage has become more available for many employees in the United States. The report has found that the number of employees using health insurance exchanges to find coverage reached 8 million for 2016 coverage. This is an increase from the 6 million employees that sought health insurance policies through exchanges for 2015 coverage. Many employers are finding it easier to provide their workers with benefits through insurance exchanges. Mid-sized…

Oklahoma’s homeowners insurance sector becomes shrouded in controversy

January 22, 2016January 20, 2016 S.Vagus

Homeowners claim that insurers are refusing to cover damage caused by earthquakes Controversy has erupted in Oklahoma’s homeowners insurance sector, and earthquakes are part of the problem. Many homeowners have begun issuing complaints that their insurance providers are refusing to cover damage caused by earthquakes. Oklahoma has been rocked by quakes in recent months, with these disasters becoming somewhat more frequent over the past year. Notably, these quakes may be being caused by injection wells, which are used to extract natural gas from the earth. Even homeowners with earthquake insurance…

Auto insurance premiums continue to grow in the UK

January 20, 2016January 21, 2016 S.Vagus

UK reports greatest increase in premiums it has seen since 2011 Auto insurance premiums in the United Kingdom saw the greatest increase in 2015 that have been reported in the country since 2011. Throughout 2015, rates have been growing steadily, with some drivers expressing concern regarding the increased financial pressure. According to Confused.com’s auto insurance price index, rates in the UK rose by an average of 13.2% overall. In the fourth quarter of last year, rates grew by an average of 6.9%. Insurance Premium Tax and other factors are affecting…

Technology is becoming more important to the insurance industry

January 18, 2016January 17, 2016 S.Vagus

insurance industry technology idea innovation

Technology may direct the future of the insurance industry as a whole in the coming years Technology is beginning to play a very important role in the insurance industry. 2015 was the first year in which technology issues took up a significant degree of discourse within the industry. During the recent Property/Casualty Insurance Joint Industry Forum in New York, several insurance experts noted that change is coming quickly to the industry. Insurers will have to prepare to tackle challenges concerning technology in order to continue operating effectively. Volume of data…