Live Insurance News

Pennsylvania health insurance exchange rejected by Governor

December 18, 2012December 18, 2012 Dan

Pennsylvania abortion Insurance Governor Tom Corbett

Pennsylvania health insurance exchange efforts put down by Governor Corbett The Pennsylvania health insurance exchange will not be operated by its home state, according to an announcement from Governor Tom Corbett. The announcement comes as the state issues a letter to the federal Department of Health and Human Services. The letter outlines the state’s stance on the Affordable Care Act and its plans concerning a health insurance exchange. The letter notes that the state has no intention of building or operating an exchange program due to the lack of guidance…

Transaction Account Guarantee program up for extension

December 14, 2012January 9, 2014 Dan

Senate debates extending Transaction Account Guarantee program The U.S. Senate has taken up legislation regarding the Transaction Account Guarantee program, a federal initiative designed to protect certain non-interest bank accounts with insurance coverage. The program was developed in the height of the economic recession as a way to protect small banks while larger institutes either failed or were bailed out by the federal government. The program has been considered a boon for small, community-based banks that would have collapsed without adequate insurance protection. Program could continue to protect small banks…

Esurance aims to raise auto insurance rates in Illinois

December 11, 2012January 12, 2014 Dan

Questionable tow and glass claims run rampant

Esurance introduces new rate hike for Illinois market Esurance, a leading online auto insurance provider owned by Allstate, is looking to raise the rates of its coverage in Illinois. The auto insurance company has plans to raise rates by an average of 5% throughout the state by December 11.Esurance suggests that the increase comes after a review of the Illinois insurance market. The company has determined that a rate increase is necessary in order to remain competitive and account for some of the risks that are emerging within the market…

SAS is a rising star for the insurance industry

December 7, 2012December 6, 2012 Dan

SAS gaining popularity for innovative anti-fraud, security, and business analytics solutions SAS, a leader in business analytics software and services, is becoming a very popular name in the realm of fraud in the insurance industry. The global insurance industry continues to struggle with fraudulent activities throughout numerous sectors, many of which have adverse effects on honest customers. SAS has become a leader in anti-fraud and security software and have been working to combat fraud in an aggressive manner. The firm has begun expanding its Security Intelligence initiative by establishing a…

Arizona rejects health insurance exchange plans

December 4, 2012November 30, 2012 Dan

Arizona Governor Jan Brewer shuts down exchange efforts Arizona lawmakers have been wrestling with the concept of a health insurance exchange for some time. The state must host an exchange program per the Affordable Care Act, but legislators have been uncertain whether the state should build and operate the exchange itself or leave that burden to the federal government. Governor Jan Brewer has announced that the issue has been settled this week, declaring that Arizona will not be building and operating its own health insurance exchange. Exchanges billed as way…

Life insurance industry may be in for a rough future

November 29, 2012November 27, 2012 Dan

Life insurance industry must adapt to change or it will fail The life insurance industry is facing a changing landscape, new risks, and emerging trends that could have a drastic effect on business. A new report from PwC US, an industry-focused consulting firm, suggests that life insurance companies will need to adapt to these changes if they wish to survive the next decade. The report, titled “Life Insurance 2020: Competing for the Future,” highlights several of the emerging factors that could have major influence over the life insurance industry. Report…

Flood Re plan find difficulty in the UK

November 26, 2012November 26, 2012 Dan

UK Flood homeowners Insurance companies Flood Re Plan

Flood Re aims to replace existing flood insurance subsidy A flood insurance plan in the United Kingdom is in threat of falling through because of the government’s refusal to provide a financial backstop. The plan, called Flood Re, is meant to provide flood insurance coverage to homes and properties in high risk areas in the UK. The plan is meant to replace a subsidy that provides flood insurance coverage to consumers in high risk areas, which is scheduled to expire in July 2012. If the subsidy expires, more than 200,000…