Members of the Casualty Actuarial Society recently attended a conference concerning the effect the new health reform bill could have on the casualty and property industry. Several concerns over possible effects on the worker compensation system were put to rest, and possible results on lowering medical malpractice suits were discussed. Because worker compensation medical claims are a part of the overall rise in healthcare, many have been concerned about possible changes under the new reform bill. After the statistics were broken down though, there didn’t seem to be much to…
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Health insurance exchange debate over agents role
As states begin to take steps to establish their health insurance exchanges, private insurance agents in West Virginia are not quite enthusiastic of the efforts. State legislators are beginning t debate a pending bill that would create a state-run health insurance exchange. The measure could be passed this week, as Republicans who oppose the bill find themselves in the minority. Independent agent lobbyist, Gary Marion, argues that the bill would hamper agent’s ability to compete in the market. Health insurance exchanges act as a means for individuals and small groups…
Read MoreBershire Hathaway opens doors in India
Berkshire Hathaway Inc., a U.S. based insurance company run by Warren Buffett, has announced that they will be entering the insurance market in India. The insurer will make its entrance into the Indian sector as a corporate agent of Bajaj Allianz General Insurance. Berkshire Hathaway will provide general insurance products via online distribution. They will focus their efforts mostly on auto insurance and branch out from there. The Indian insurance market is experience rapid evolution and Berkshire Hathaway is committed to providing the products that are needed most. According to…
Read MoreQuestionable claims activity on the rise
Insurance companies reported that ever since 2008 there has already been an increase of twenty four percent in suspicious claims. In that same year, over 74,146 questionable claims were discovered. A questionable claim is picked out when detected by fraud indicators used by the industry that may cite up to 7 reasons in each claim that may cause reason to be red flagged. These cases were then passed on to the National Insurance Crime Bureau (NICB) and were examined, compared and matched to prior incidents from other member insurance companies. Upon…
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