Tax preparation software doesn’t always calculate the complexity of Affordable Care Act subsidies and credits properly. Daniel Acker/Bloomberg via Getty Images hide caption itoggle caption Daniel Acker/Bloomberg via Getty Images This tax season, for the first time since the Affordable Care Act passed five years ago, consumers are facing its financial consequences. Whether they owe...
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Irrational Exuberance
Today is Pi Day, and a very special one writes I.I.I. chief actuary Jim Lynch. For one second the date and time will represent pi’s first 10 digits (3/14/15 9:26:53), a moment both trivial and mnemonic. Pi is an important number in insurance, as any actuary who has reflected on the matter will tell you....
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West Coast Ports Dispute and Supply Chain Risk
A protracted labor dispute that continues to disrupt operations at U.S. West coast ports underscores the supply chain risk facing global businesses. Disruptions have steadily worsened since October, culminating in a partial shutdown of all 29 West coast ports over the holiday weekend. The Wall Street Journal reports that operations to load and unload cargo vessels...
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The anti-vaccination idiocy
Penn and Teller profanely destroy the anti-vaccination case in a 90 second video well worth watching. Unfortunately, many of the so-called anti-vaxxers won’t watch it, or understand it, or believe it. No, they are willing to put their own kids – and everyone’s kids – at risk because of a completely wrong, now-retracted article in the...
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On Moral Hazard in Health Insurance
As we look ahead to tonight’s State of the Union address, I.I.I. chief actuary Jim Lynch brings us a book review on the perennial issue of health insurance: When Target wants to sell more shirts, it puts them on sale. The retailer knows that the less something costs, the more likely you are to buy it. Health...
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Winter Weather and Cat Losses
With frigid temperatures and snow expected to fall around the New York City area and other parts of the United States this week, it’s a good time to review how winter storms can impact catastrophe losses. For insurers, winter storms are historically very expensive and the third-largest cause of catastrophe losses, behind only hurricanes and...
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III’s Year in Review
As another year comes to an end, we thought it would be fun to take a look back at our most popular posts in 2014. Our most-read posts here at Terms + Conditions ran the gamut from extreme weather, to drones, Obamacare and cyber risk. Perhaps not surprisingly, three of our top 10 posts during the...
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A Split View On Obamacare’s Past And Future
Kevin Counihan and Michael Cannon look at the Affordable Care Act and see very different things. Cannon is part of the brain trust behind a Supreme Court case that could result in the repeal of a part of the exchanges he says is illegal. Counihan‘s job is to make the exchanges work. Millions of people...
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Cyber Risk on the Inside
While the Sony cyber attack has put the spotlight on sophisticated external attacks, a new report suggests that insiders with too much access to sensitive data are a growing risk as well. According to the survey conducted by the Ponemon Institute, some 71 percent of employees report that they have access to data they should...
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Towers Watson Surveys Commercial Insurance Pricing
What a difference a year makes. Towers Watson’s most recent Commercial Lines Insurance Pricing Survey (CLIPS) shows that commercial insurance prices rose again by 3 percent in aggregate during the third quarter of 2014, drawing a line after five consecutive quarters of moderating price increases. The chart below compares the change in price level reported...
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