Insurance Sector

Affordable Care Act doing well so far

Affordable Care Act doing well so far

A recent analysis has clearly showed that the Affordable Care Act has achieved success so far. Health insurance coverage has been taken by more than 66% of Californians without health insurance before the implementation of the Affordable Care Act.

Majority of Californians now have access to healthcare. A group of 2,001 California adults, who were lacking insurance coverage before the Affordable Care Act expanded coverage for multiple healthcare systems in 2014, were examined by the survey.

It was learnt from a previous version of the survey that 58% of uninsured California residents were insured after the first open enrollment period.

Key Points about Merger of Health Insurance Majors

Key Points about Merger of Health Insurance Majors

Nowadays, merger has become a trend and it has turned into a mania especially in the health insurance world. An announcement was recently made for Anthem and Cigna over a highly-anticipated $54.2 billion deal early Friday morning. Below listed are some point that will guide consumer.

" The earlier 'big five' health insurers are now the 'big three'

As per latest data, Anthem and Cigna will be the biggest insurer with over 53 million members and United Health will be at second with more than 45 million members.

" This is one of the ripple effects of the Affordable Care Act.

Aetna to buy Humana for $37 billion

Aetna to buy Humana for $37 billion

According to Health insurer Aetna Inc, it will acquire Humana Inc by spending nearly $37 billion in cash and stock. It is the largest ever agreement in the insurance industry. The deal will pave the way for Aetna to come closer to the number two position of the Anthem Inc in insurance sector. Aetna's Medicare Advantage business will also be almost tripled.

Antitrust scrutiny will also be done on the deal, but if it manages to pass, the earlier largest insurance deal that was announced this week will not have a considerable significance. In the earlier deal, Swiss property and casualty company ACE Ltd said that it was acquiring Chubb Corp for $28 billion. Anthem Inc's acquisition of WellPoint for $16.6 billion that was made in 2004 will also be looked upon similarly.

Number of Americans without Health Insurance declines significantly from 2013 to 2014

Number of Americans without Health Insurance declines significantly from 2013

A significant decline has come in the number of poor Americans who are uninsured in 2014 since the time Affordable Care Act has extended coverage to millions of America, finds a new report.

The findings were released on Tuesday and the percentages and numbers are from the National Center for Health Statistics’ National Health Interview Survey. The report is based on the answers of 111,682 people.

The survey has also revealed that percentage of black Americans who were uninsured has dropped from 18.9% in 2013 to 13.5%. Black Americans under the age of 65 made the biggest gains. Hispanics in the same age group were also benefitted largely. The share of whites who were uninsured fell from 12.1% in 2013 to 9.8%.

Insurers require Rate Increases under ACA next year

Insurers require Rate Increases under ACA next year

According to information released on Monday by the federal government for the 37 states using HealthCare. gov, companies are seeking differing rate increases in premiums as high as 85% for 2016 under the Affordable Care Act.

The data from the Centers for Medicare and Medicaid Services included only proposed rate increases of 10%. Regulators have the authority to cancel rate increases they consider to be too high in some states.

Larry Levitt, an executive with the Kaiser Family Foundation said, "Trying to gauge the average premium hike from just the biggest increases is like measuring the average height of the public by looking at N. B. A. players".

Texans are paying more for car insurance

Texans are paying more for car insurance

According to a new report, Texans are paying more for car insurance as compared to drivers in other parts of the country. Rates have been analyzed by InsuranceQuotes.com and it was found that Texas has the 10th highest rates in the country with drivers paying about 6% more for the same policy.

Rates in more densely populated counties are normally higher as more people mean more probability for crashes and higher crime rate. According to website’s senior analyst, there is another issue that affects Texas that is uninsured drivers.

Texas Department of Insurance shows that about 1 in 7 Texas drivers, does not have insurance. Some in the country live unlawfully and get difficulty to get insurance without a license. The remaining Texas drivers pretty much subsidize those people.

9 out of 10 Adults now have Health Insurance: Poll

President-Barack-Obama-health-care-law.jpg

An important change has been revealed in Gallup-Healthways Well-Being Index released on Monday. It has been highlighted that now nearly nine out of 10 adults have health insurance.

In 2013, more than 8 out of 10 adults had coverage. The new number from the Gallup-Healthways Well-Being Index seems to be encouraging for President Barack Obama's health care law. It is a new milestone on the path of his goal in which every US resident should have health insurance.

In the coming time, many new factors will be included in the law including an upcoming Supreme Court decision with regard to consumer subsidies to actions by Republican leaders in states.

Americans Face Steep Rise in Flood Insurance Premiums

Americans Face Steep Rise in Flood Insurance Premiums

Changes have been made in the Homeowner Flood Insurance Affordability Act (HFIAA) in 2014. Due to these changes, flood insurance clients are witnessing premium increase ranging from 15% to 18% on primary residence properties.

Increase of up to 25% is seen on secondary homes or homes that have suffered repeated losses. New surcharges have also been included - $25 for primary homes and $250 for others.

The rise is considered to be part of Congress's effort to reduce some of the $250 billion debt incurred by the National Flood Insurance Program after losses suffered from Hurricane Katrina and Superstorm Sandy.

Group of Pacific Residents Want Help of City to Get Answers from FEMA over Flood Insurance Issues

Group of Pacific Residents Want Help of City to Get Answers from FEMA

A group of Pacific residents need city’s help in order to get answers from FEMA that why some homeowners in the floodplain need to buy flood insurance.

Half a dozen residents on the north side of Pacific attended the March 25 operations committee meeting. There is no need to buy flood insurance for homes that are fully paid for and have no mortgage.

“You’re only affected if you have a loan on your home”, said Kay LeClaire, who spearheaded the search for more information.

Premera Blue Cross suffers Cyber-Attack

Premera Blue Cross suffers Cyber-Attack

Healthcare insurance provider Premera Blue Cross revealed that it faced a cyber-attack that might have exposed medical records and financial information that belong to more than 10 million customers.

According to the health insurer, the attackers might have gained access to data involving clinical information, banking account numbers, birth dates, Social Security numbers and other data. Premera said that the attack took place last year.

Insurance sector eyes FDI worth billions in new year

New Delhi - A political hot potato for long, the insurance sector got its long-awaited dose of reforms, as 2014 neared the end and will keenly await moneybags from abroad in the new year to bring in the much-aspired foreign investments, estimated at up to Rs 60,000 crore.

After hanging in balance for over six years, hike in foreign investment cap for insurance sector has become a reality, although the government had to take ordinance route, as a bill in this regard could not go through Parliament.

LIC to invest Rs 50,000 cr in equity market this fiscal: Roy

Life Insurance CorporationNew Delhi - Country's largest insurer Life Insurance Corporation plans to pump in about Rs 50,000 crore in the equity market, taking its total investment including in bonds to Rs 3 lakh crore during the current fiscal.

"We plan to invest about Rs 50,000 crore in the equity market, while Rs 2.50 lakh crore in bonds," LIC Chairman S K Roy said.

He said LIC picked up stocks worth Rs 51,000 crore last fiscal and investments were made across sectors.

As for the bond market, he said investment in this area was Rs 2.40 lakh crore in the last financial year.

Reliance General Insurance Q1 profit up 138%

Reliance-General-InsuranceNew Delhi: Reliance General Insurance has saw its profits more than double to Rs 24.3 crore in the first quarter of 2014-15, as the total number of policies sold during the period crossed the one-million mark.

The company, a leading private sector general insurance player and part of Anil Ambani-led Reliance Group's financial services arm Reliance Capital, also beat the overall industry trends with a significant surge in its premium collection.

Insurance Bill sent to Select Committee of Rajya Sabha

InsuranceNew Delhi: Giving in to opposition pressure, the government on Thursday referred the controversial Insurance Bill to the Select Committee of Rajya Sabha.

The House adopted a motion in this regard after Finance Minister Arun Jaitley moved it while informing members that the panel has been asked to look into the Bill and submit its report on the last day of the first week of the next session.

Insurance Bill likely to be soon referred to Select Committee

Insurance Bill likely to be soon referred to Select CommitteeNew Delhi : The controversial Insurance Bill is likely to be referred to the Select Committee of Parliament in a day or two amid receding hopes in the government over convincing the Opposition on supporting its first major economic reform initiative.

The bill, which proposes hike in FDI in insurance sector to 49 per cent, has been caught in a logjam with Congress-led Opposition insisting on referring it to a Select Committee.

Bajaj Allianz GI plans 4,000 virtual offices in 2-3 years

Bajaj-AllianzMumbai: Bajaj Allianz General Insurance on Tuesday said it plans to open over 4,000 virtual offices spread across Tier 2 and 3 cities over the next 2-3 years.

The Pune-based private company, one of the key players in general insurance space, has already launched a dozen such offices on a pilot basis.

"We are looking at opening more than 4,000 virtual offices across Tier 2 and 3 cities of the country within the next 2-3 years. We have already launched 12 such offices in Pune and Bangalore on a pilot basis and our experience has been good so far," Bajaj Allianz GI Managing Director and CEO Tapan Singhel said.

Cabinet approves 49 percent FDI in insurance sector

FDI-in-insurance-sectorNew Delhi, July 24 : The Union Cabinet on Thursday gave its approval to the proposal of raising the foreign direct investment (FDI) cap in the insurance sector to 49 percent from the existing 26 percent.

Finance Minister Arun Jaitley, while presenting his maiden budget in Parliament, had proposed raising the FDI cap in insurance sector from 26 percent to 49 percent.

However, the management control of insurance companies will be with the Indian companies only.

The move to increase FDI limit is set to benefit private sector insurance companies, which require a huge amount of capital. (ANI)

Stan Chartered to invest Rs 500-cr in Sterlite Power Grid

Stan Chartered to invest Rs 500-cr in Sterlite Power GridMumbai - Power transmission solutions provider, Sterlite Technologies has entered into an agreement to raise Rs 500 crore through equity infusion from Standard Chartered Private Equity for funding its existing as well as new projects, the company said Monday.

"Sterlite Technologies has entered into agreements with Standard Chartered Private Equity for an equity investment of Rs 500 crore in Sterlite Power Grid Ventures Ltd (SPGVL)," a release issued here said.

Insurance sector to benefit from any hike in investment limit: AIG

Tata-AIG-General-InsuranceCoimbatore: The reported proposal to double the exemption limit for investments by individuals to Rs 2 lakh in the forthcoming budget will accelerate growth in the insurance sector and also give some relief to the people, a top Tata AIG General Insurance official said Tuesday.

"Since insurance is linked to the economy, giving boost to household savings would provide some relief to the people and I am hopeful of accelerated growth in the insurance sector, due to this proposal", K K Mishra, Managing Director and Chief Executive Officer, Tata AIG General Insurance, told reporters here.

HDFC Ergo signs outsourcing pact with Accenture

HDFC-ErgoMumbai: Private sector HDFC Ergo General Insurance on Wednesday said it has signed a multi-year application outsourcing agreement with Accenture under which the software firm will develop, implement and manage a range of existing digital applications for the insurer.

Accenture will maintain and upgrade HDFC Ergo's existing digital channels, including web portals and mobile applications. Accenture will also develop analytical models to help the insurer better adapt its sales strategy according to its customers' evolving needs, a release said, without disclosing the deal size.



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