Live Insurance News

Climate Change and the Insurance Industry

August 2, 2014August 1, 2014 Note From The Editor

Climate change is a controversial issue, but mostly because of political and philosophical beliefs. The insurance industry has been well aware of the potential impact a changing climate can have on the global environment and has been encouraging efforts to mitigate this impact. Climate change has the potential to bankrupt the insurance industry, as the phenomenon would be responsible for the increasing frequency in major natural disasters that disrupt the global economy and put a strain on the world’s resources. The insurance industry has been working to steel itself against…

Health insurance companies sending refunds to consumers throughout the US

July 29, 2014July 26, 2014 Marc

Insurers are issuing refunds thanks to the provisions of the Affordable Care Act Millions in insurance premiums are being returned to consumers throughout the U.S., according to the Department of Health and Human Services. The federal agency has released data showing that several insurance companies have been unable to meet the medical loss ratio of the Affordable Care Act. This provision requires insurance companies to spend no less than 80% of the money they collect from premiums on improving medical care. If insurers cannot comply with this provision, they must…

Insurers are flocking to Illinois health insurance exchange

June 16, 2014June 13, 2014 Logan B.

Eight companies seek to sell their policies on the state exchange Eight insurance companies are looking for approval to sell plans in the Illinois health insurance exchange. State officials note that there has been a surge in interest in the exchange coming from insurance companies. The exchange represents a competitive marketplace that is on its way to becoming one of the primary ways people find and purchase the coverage that they want. The new insurers looking to participate in the state’s exchange could bring some 504 new insurance plans to…

Illinois is on track to reach health insurance exchange enrollment goals

March 17, 2014March 15, 2014 S.Vagus

Enrollment in state’s insurance exchange continues to accelerate as people become more conscious of March 31 deadline In Illinois, enrollment in the state’s health insurance exchange has begun to pick up momentum. Nearly 900 people are enrolling for coverage through the exchange on a daily basis, according to figures released by the Department of Health and Human Services. Some 113,733 people throughout the state have enrolled for coverage through the exchange in the first five months of its existence. Similar results are being seen in other states when it comes…

Illinois launches new initiative to promote health insurance

March 5, 2014March 3, 2014 S.Vagus

State aims to encourage enrollment into its insurance exchange As the open enrollment period for state and federal exchanges in the U.S. approaches its end, many states are now making concerted efforts to boost enrollment rates in these exchanges. Per the Affordable Care Act, the open enrollment period is set to end on March 31. After this time, consumers will no longer be able to apply for health insurance coverage through exchanges until a new open enrollment period begins. New initiative aims to help inform consumers about the services available…

State agency seeks to provide guidance on homeowners insurance issues

November 22, 2013November 25, 2013 Nordstrom

Homeowners insurance confusion could be a problem for Illinois residents A powerful tornado swept through Illinois earlier this week, leaving a path of destruction in its wake. The city of Washington was one of those that suffered most from the natural disaster, which destroyed more than 500 homes and damaged property throughout the entirety of the city. The devastating event has caused some confusion concerning homeowners insurance and natural disasters, which has spurred the Illinois Department of Insurance to take action. Agency to provide one-on-one counseling sessions for disaster victims…

Illinois releases information on health insurance exchange

October 1, 2013September 30, 2013 Logan B.

Data released concerning state health insurance exchange Open enrollment for health insurance exchanges throughout the U.S. is about to begin and more states are beginning to release information concerning the policies sold through these exchanges. Illinois is among the latest states to provide new information for its health insurance exchange. The information primarily focuses on the premiums associated with the state’s exchange but also highlights the various services offered by the system and promotes awareness concerning the availability of federal subsidies designed to offset the cost of coverage. Rates to…