Live Insurance News

Health insurance company to put its individual PPO plans to rest

August 5, 2015August 5, 2015 Marc

Blue Cross Blue Shield of Texas will begin phasing out its PPO coverage Blue Cross Blue Shield of Texas has announced that it will be phasing out its PPO coverage for individuals. The health insurance providers is doing so because it believes that offering this coverage is no longer financial sustainable. Those with PPO coverage from the insurer will have to switch to HMO plans as a result. Notably, the company’s PPO plans will continue to be offered to employers and group PPO plans will still be available. Cost of…

Berkshire Hathaway is pulling back from the property insurance space

July 17, 2015July 16, 2015 Marc

Lloyd’s insurance claims - Home office building

Lower claims and financial losses are good news for insurance providers This year, damage caused by natural disasters has gone down, which has provided property insurance providers with some breathing room in terms of claims payments. While some countries have experienced fairly catastrophic disasters, these events have been somewhat mild when compared to what the insurance industry had to deal with last year, according to a report from Munich Re. Though claims payments are going down, so are premiums, which means that insurers are still seeing some financial stress in…

Farmers reaches settlement in homeowners insurance case

July 10, 2015July 9, 2015 S.Vagus

Insurer finalizes a settlement for a lawsuit that it has been fighting since 2002 Many Texas residents may receive refunds from Farmers Insurance Group as the company has reached a settlement in a lawsuit from 2002. The lawsuit involves policyholders paying higher premiums for less coverage, and state regulators found that this had been the case after examining many complaints issued against the company. The insurer will be paying $84.4 million per the settlement, which will be issued to policyholders that are eligible for refunds from the company. State regulators…

Homeowners insurance premiums expected to drop in Texas

June 22, 2015June 20, 2015 S.Vagus

Legislation may help lower the insurance premiums for homeowners in coastal areas Coastal property owners in Texas may get a break in their homeowners insurance premiums. A new law that aims to reconfigure the Texas Windstorm Insurance Agency is set to go into effect. The organization provides insurance coverage for those that live in coastal areas, and offers protection from the damage caused by windstorms and similar disasters. The law is meant to decrease the homeowners insurance premiums for those receiving coverage through the Texas Windstorm Insurance Agency. Texas has…

New health insurance legislation passed in Texas

June 3, 2015June 1, 2015 Marc

Health insurance cards for policies sold through state exchange will have a QHP label New legislation in Texas will place a special label on all health insurance cards for those that have purchased plans through the state’s exchange. This label — QHP — will be affixed to insurance cards to denote that policyholders have purchased coverage through the state’s exchange. The label stands for “qualified health plans,” which are policies that are approved to be sold through the health insurance exchange marketplace. This may serve as a “teachable” moment for…

Disasters in Texas and Oklahoma highlight importance of flood insurance

June 1, 2015May 30, 2015 S.Vagus

Floods in two states cause significant damage and loss of life Both Texas and Oklahoma have been inundated with rain this month, which is somewhat unseasonable for both of these states. Severe rainstorms have caused a massive amount of flooding in both states, leading to damage to thousands of homes and vehicles and even the loss of life. Insurance adjusters have been deployed to these states in order to assess the damage caused by floods. For many homeowners, damage caused by floods will not be covered by their insurance policies,…

Homeowners insurance litigation measure approved in Texas

May 6, 2015May 5, 2015 S.Vagus

Homeowners will have more trouble filing lawsuits against homeowners insurance companies Homeowners in Texas may find it more difficult to file lawsuits against insurance companies for unpaid claims, due to a measured approved by the state Senate. The Senate has voted to approve a measure that is meant to address the issue of homeowners insurance lawsuits, which lawmakers believe are becoming a significant problem for the state. The Senate is divided on the issue, with lawmakers disagreeing on how it should be resolved, but the measure managed to pass despite…