Live Insurance News

Massive health insurance mergers may undergo greater scrutiny in California

January 14, 2016January 13, 2016 Julie Campbell

Consumer advocates are trying to convince regulators in that state and several others to scrutinize these deals. California is rapidly turning into the center of the controversy over the massive mergers that are going on in the health insurance industry as one company swallows up the next, shrinking the competition. Consumer advocates have been asking for greater scrutiny of this trend on over a dozen states across the U.S. In California and about twelve other key states, consumer advocates have been asking regulators to take a closer look at the…

Insurance companies may pay out over $2 billion from U.S. weather damages

January 12, 2016January 10, 2016 Julie Campbell

The United States has been facing some extreme weather and the last 10 days of December led to significant losses. The extreme weather seen throughout many parts of the United States last month, particularly during the last ten days, has led to some significant losses for insurance companies, with estimates suggesting that payouts could top $2 billion. This estimate was made by Aon Benfield, the reinsurance broker, which recently announced its predictions. The flooding, tornadoes, hail, snow and winds throughout the last ten days of December led to the deaths…

Insurance companies face strain from series of large U.K. storms

January 5, 2016January 3, 2016 Julie Campbell

UK Flood homeowners Insurance companies Flood Re Plan

The costs associated with Storms Desmond, Eva and Frank has insurers starting to feel some pressure. Britain has faced one damaging storm after the next, as Storms Desmond, Eva and Frank brought flooding and winds that left catastrophes behind and that now have insurance companies feeling the pinch from the associated costs. In fact, many of the insurers that are now counting up the total cost are some of the largest in the country. Victims of the flooding have now started to submit their claims to their insurance companies and…

Federal health insurance exchanges break previous enrollment records

December 21, 2015December 20, 2015 G. Turner

According to President Obama’s recent announcement, the marketplaces have seen 6 million applications. At the close of last week, President Obama announced that there had already been almost 6 million enrollments in the federal health exchanges in order to purchase coverage through health plans that would be effective in 2016. Officials from the Obama administration believe that this trend is a true indicator of the success of the Affordable Care Act. Analysts had expressed some worry over increased deductibles and premiums. They were concerned that this might present a barrier…

Massachusetts lawmaker aims to stop homeowners insurance rate increases

December 7, 2015December 6, 2015 G. Turner

After the losses from last winter that were greater than $1 billion, insurers have received approval for hikes. Although a decision has already been made to approve the homeowners insurance rates hikes that were requested by some of the top insurers in Massachusetts, the chairman of the Division of Insurance state Senate committee is now seeking to have that decision reconsidered by opening hearings to determine if those increases are truly justified. This is focused primarily on the rate increases approved for two of the largest insurers in the state.…