Live Insurance News

Seniors may be missing out on $112 billion in life insurance settlements

February 27, 2015February 26, 2015 Marc

Elderly selling their life insurance to get pay out

Life settlements are being forfeited every year United States residents over the age of 65 are losing out on a collective $112 billion in life insurance settlements every year, according to a new report from the Life Insurance Settlement Association. The report notes that consumers are losing out on life insurance benefits because of lapsed coverage or because they choose to surrender their coverage. The organization suggests that the potential size of the life settlement market in the United States is “simply astounding.” Report shows that a typical life insurance…

300,000 Minnesotans affected by data breach targeted health insurance provider

February 27, 2015February 26, 2015 S.Vagus

Vital information has been stolen from Anthem, which could affect consumers in a major way Approximately 300,000 residents of Minnesota have been affected by a massive data breach that struck major health insurance company Anthem, according to the state’s Commerce Department. Anthem has reported that the Social Security numbers of more than 200,000 consumers have been compromised, which could lead to identity theft and other issues. The health insurance company reported the data breach earlier this year, which compromised the information of many of its clients. The insurer has been…

Berkshire Hathaway Specialty Insurance makes two critical appointments in Asia

February 26, 2015February 24, 2015 Julie Campbell

The company has now announced its hiring for two key underwriting team leadership positions in that market. Berkshire Hathaway Specialty Insurance (BHSI) has now announced that it has made two important appointments for the leadership positions in its Asian underwriting team, as the Asia regional head of first party lines position was filled by Malin Fredriksson, and the Asia regional head of engineering and construction is now Kiran Prakash. Both of those positions are located in Singapore and will be integral to the company’s presence there. Fredriksson has joined Berkshire…

Nevada health insurance exchange is being targeted by some lawmakers

February 26, 2015February 24, 2015 Logan B.

Nevada health insurance commissioner State Legislature Building

Legislators seek to cede control of the health insurance exchange to the federal government Lawmakers in Nevada want to eliminate the state’s health insurance exchange. Nevada Health Link, as it is called, is being accused of wasting money and disappointing consumers that have sought to obtain insurance coverage. New legislation has been introduced to cede control of the exchange to the federal government, which would then be responsible for funding and managing the exchange. Governor Brian Sandoval believes that the state should continue operating its own exchange, however. Governor plans…

China’s insurance industry is surging

February 26, 2015February 24, 2015 Nordstrom

china newspaper mobile life insurance products

Insurance industry is experiencing rampant growth as more consumers purchase coverage China’s insurance industry is experiencing a period of rapid growth, according to the China Insurance Regulatory Commission. The organization has released information that showed that the country’s insurers have recorded a total premium income of $320.5 billion in 2014. Premiums revenue has grown by 17.5% last year, the highest margin it has grown by in the past three years. The insurance industry has been experiencing a surge as more people purchase coverage in several different sectors. Consumers are using…