Before the summer draws to a close, millions of people across the United States will be receiving rebates from their insurers, due to the new federal healthcare reform requirements that have placed strict rules on the way that insurance companies spend their earnings. This regulation is not without opposition. The entire insurance industry, along with a large number of state officials, have been battling this rule for some time. Based on the federal regulations that went into effect at the end of 2011, health insurance companies are required to spend…
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Florida passes new PIP reform bill that will is expected to reduce auto insurance fraud in the state
Florida Governor Rick Scott is claiming a major victory on behalf of the state’s citizens this week. The state Senate has passed legislation that will reform the state’s troublesome personal injury protection (PIP) auto insurance system. The system has been wrought with fraud for several years, becoming much worse over the past two. Legislators supporting reform claim that this fraud was causing auto insurers to raise rates on coverage at alarming speed. The new legislation seeks to remedy the problem. The legislation that was passed by the Senate is House…
Read MoreInsure.com releases survey showing where in the U.S. auto insurance is most expensive
Car insurance rates vary wildly from state to state. This is often due to differing regulations throughout the U.S. It is also because driving in some states is more dangerous than driving in others. Insure.com, an online insurance quote system, has conducted a survey to determine where auto insurance is most expensive in the country. The survey has ranked each state in terms of insurance premiums and the availability of affordable plans, using 900 insurance models as a benchmark. The survey found that Louisiana, Oklahoma and Michigan are the leaders…
Read MoreTowers Watson receives patents for its insurance risk modeling technique
Towers Watson, the worldwide professional services company, has announced that it has received two patents from the United States Patent and Trademark Office (USPTO) for its unique financial modeling technique using Replicated Stratified Sampling (RSS) in the insurance industry. These two key patents (U.S. Patent No. 8,131,571, which was issued on March 6, 2012, and U.S. Patent No. 8,126,747, which was issued on February 28, 2012) are for the RSS smart modeling technique at Towers Watson, which is designed to make complex insurance calculation run times exceptionally faster, and to…
Read MoreParadiso Insurance launches social media campaign to raise funds for tornado relief
In an effort to take advantage of the rampant popularity of social media, Paradiso Insurance, an insurance group based in Connecticut, has launched a new campaign aimed at helping the American Red Cross. Using social media has become a popular tool for the insurance industry recently. The industry often uses social media as a way to investigate claims as well as connect with customers. Paradiso believes that social media is a good platform to attract new consumers and is attempting to bolster its presence online. As such, the company is…
Read MoreReport highlights the potential dangers of rising sea levels
A new report from the non-profit research organization Climate Central suggests that millions of U.S. citizens are at risk of coastal flooding. The report posits that changes in the climate will result in storm surges and rising sea levels. Rising water could put nearly 5 million Americans at danger of floods by 2030. The report indicates that by 2050, flooding caused by rising sea levels will be much more widespread. This could cause serious problems for the insurance industry that has been battling a higher frequency of natural disasters over…
Read MoreU.K. government may stop uninsured drivers from buying gas
The British government is currently considering an initiative to stop drivers without insurance from being able to refuel their vehicles. The program would involve the use of the thousands of cameras with license plate recognition technology – that have already been implemented to help prevent drivers from fueling up and leaving without paying – to be reworked to be able to provide a cross-checking against the insurance and tax records with the government. The pump would operate only if both insurance and tax records match within the database. The government…
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