Auto policy premiums rose by an average of 4.1 percent for drivers in the state last year. Connecticut liability insurance is making coverage more expensive for drivers throughout the state, according to data from the Insurance Department. In fact, it is also sending homeowners insurance rates higher, though not by as much. Last year, homeowners insurance rates increased by an average of 2.4 percent in Connecticut. Drivers saw a 4.1 percent rise in their premiums because of the Connecticut liability insurance regulations. The Connecticut Insurance Department is responsible for an…
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Connecticut officials are warning consumers of health insurance scams
Insurance Department tells consumers to beware of phone scams The Connecticut Insurance Department is warning consumers to beware of phone scams from those claiming to represent health insurance organizations. These scams have become fairly common during the open enrollment season for insurance exchanges. During these times, many consumers are either looking for new policies or to renew their current health insurance policies that they acquired through exchanges. These consumers are being targeted by scams that seek to profit during the open enrollment period. Phone scams are seeking to exploit consumers…
Read MoreConnecticut aims to put price optimization to rest among homeowners insurance companies
Homeowners insurance sector is attracting controversy due to the use of price optimization The Connecticut Department of Insurance has begun warning insurance companies against using a controversial pricing method that relies heavily on consumer buying habits. The insurance industry is meant to use actuarial or risk-based principles to price the coverage being provided, but many insurers have been found to be using price optimization, which could be placing consumers under a great degree of financial stress. Such practices have been found in various sectors of the insurance industry and more…
Read MoreInsurance industry praises proposed change to Connecticut tax plan
Revised tax plan could reduce financial strain on insurance companies Insurance companies in Connecticut are praising a proposed tax change that could result in some financial breathing room. Governor Dannel Malloy and several other lawmakers have proposed a significant change to a tax plan that would have placed the insurance industry under greater financial pressure. The tax plan does not target the industry specifically, but it would have an impact on insurers as the tax plan has to do with data processing. Original tax plan had called for an increase…
Read MoreConnecticut families could lose their health insurance coverage
Proposed budgets makes cuts to the state’s Medicaid program Proposed cuts to Connecticut’s Medicaid program could mean that many people will lose their health insurance coverage. Governor Dannel Malloy has proposed the state’s budget for 2016-2017, which includes changes to Medicaid’s eligibility. The changes would specifically affect the state’s HUSKY A insurance plan, which covers approximately 34,000 people throughout the state. According to an analysis from the Connecticut Health Foundation, the proposed changes would cause many people to drop their health insurance coverage. Families may lose their Medicaid eligibility due…
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