The Department of Health and Human Services (HHS) has announced that health insurance rates in nine states are far too high to be reasonable. HHS Secretary Kathleen Sebelius has determined that these rates are excessive under the authority granted to the agency by the Affordable Care Act. The law gives federal and state insurance regulators the authority to review health insurance rate increases of 10% or higher and determine whether they are necessary. The insurance companies in these nine states will be requires to justify their rates or make changes…
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Report shows that more insurers are looking to automate their underwriting process
Strategy Meets Action (SMA), a research and consultancy firm serving the insurance industry, has released a new report concerning underwriting practices in the industry. The report, “Underwriting Automation: Insurer Plans and Trends,” notes that insurance companies are making a move to completely automate their underwriting process. The report draws upon data collected by SMA from 144 insurance professionals throughout the industry. This trend may be a result of insurers being unable to meet underwriting goals due to flaws in their systems. Of those participating in the survey, 21% claimed that…
Read MoreInternational Monetary Fund claims global economy is improving due to international cooperation
The global economy is showing significant signs of improvement, according to International Monetary Fund (IMF) Director Christine Lagarde. Lagarde traveled to Beijing this week to discuss the economic improvements that are being seen all over the world. Much of the improvements come from bold moves made in the insurance industry as a way to remedy the European financial crisis. With the help of insurers and reinsurers, the European Union was able to conduct the largest debt restructure in history and pull Greece from the brink of economic calamity. Lagarde notes…
Read MoreCommercial Insurance Expert John Elbl Appointed Vice President in AIR Worldwide’s Business Development Group
BOSTON, March 20, 2012 – AIR Worldwide (AIR) today announced that John Elbl has been appointed vice president in AIR’s Business Development Group. He joins AIR after 13 years with Zurich Insurance Company, most recently as global head of catastrophe modeling. In his new role, Elbl will assist with service and support for AIR’s commercial insurer clients, as well as aid in developing AIR software and models to better meet the needs of commercial insurers. “John brings extensive experience working with companies to interpret analysis results, optimize modeling workflows, and…
Read MoreInsurers blast Florida lawmakers for inaction on Catastrophe Fund and Citizens Insurance
The Association of Bermuda Insurers and Reinsurers (ABIR) have begun criticizing Florida lawmakers over their inaction on the state’s Hurricane Catastrophe Fund. Legislators are also coming under fire from ABIR over their failure to take action on the troubled Citizens Property Insurance Corp., the state run insurance organization that accounts for the majority of coverage in the state. Both the Catastrophe Fund and Citizens Insurance are being crippled by financial problems, which could put the state in a very dangerous position once this year’s hurricane season kicks off. Insurers had…
Read MoreStates want to know how the insurance industry will react to climate change
After two years of devastating storms throughout the U.S., many states are wondering if the insurance industry is taking the proper steps to prepare for what the future may hold. Legislators and regulators in California, Washington and New York are now pressuring insurers for answers on what they are doing to adapt to climate change. This marks one of the first times state officials have clearly identified climate change as an issue, something the insurance industry has been doing for years now. Next month, numerous insurance executives, experts and regulators…
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…
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