The office of insurance commissioner is pretty far down the ballot and hardly noticeable compared with all the other high profile positions vying for voter attention. But 11 states have publicly elected insurance commissioners, though the post is only on ballots this November in California, Georgia, Kansas and Oklahoma. The only thing that could make...
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Insurance Industry Ranked Last in Simplicity Index
In an international survey evaluating how consumers perceive the simplicity and innovation of consumer brands, general insurance companies ranked the lowest of all 25 industries surveyed (24th in the U.S.) and health insurance companies ranked 25th (also 25th in the U.S.), according to Siegel+Gale, a global strategic branding firm, which just released its fourth annual...
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Misinformation Spreads about Ebola Insurance Exclusions
The twittersphere is full of wild speculation right now about how U.S. insurance companies will soon start excluding Ebola from health insurance policies. Gary Flynn, an event cancellation broker at Jardine Lloyd Thompson Group Plc in London, is quoted in a Reuters article saying: “What underwriters are doing at the moment is they’re generally providing...
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Joe Paduda’s Friday Catch-up on Workers Comp
Lots happening in the workers’ comp world these days – here’s what caught my attention this week. WCRI released its CompScope report, which is actually 15 separate reports covering 16 states. I’ll be reviewing it in detail next week; for those who can’t wait you can find the summary of the news on Illinois here. WCRI...
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Drought, Water Management and Business Risk
Drought continues to make the headlines, with the latest U.S. Drought Monitor showing moderate to exceptional drought covers 30.6 percent of the contiguous United States. Its weekly update also shows that 82 percent of the state of California is in a state of extreme or exceptional drought. Reservoir levels in the state continued to decline,...
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The GOP wins the Senate – implications for ACA
While by no means certain, it looks as if the GOP is going to gain control of the US Senate in January. What, if any, are the implications for PPACA? There’s a good piece in today’s California Healthline digging into the issue; it cites two potential priorities for a GOP-dominated Congress. Slowing or continuing to...
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Higher Satisfaction With Auto Insurance Claims Process
Despite an increase in the number of more complex physical damage claims, auto insurers are doing a better job of handling these types of claims. The just-released J.D. Power 2014 U.S. Auto Claims Satisfaction Study finds that overall customer satisfaction with the auto insurance claims process has improved steadily during the past five years to...
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Insurer Climate Risk Responses Vary By Relevancy
I.I.I. chief actuary Jim Lynch offers his perspective on how insurers are responding to climate change: The insurance industry got a report card this week on a test I’m not sure they knew they were taking. And the grading curve was, in my opinion, harsh. Ceres, a nonprofit group that promotes sustainable business practices, rated...
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Reinsurers Play Vital Role in Climate Change Prevention and Mitigation Efforts
As world leaders gather to discuss climate change at the United Nations this week, a new report from the Global Reinsurance Forum (GRF) says risk prevention and mitigation measures as well as risk transfer are the key to managing this threat. According to the report, up to 65 percent of climate risks can be averted...
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How Would An Ebola Pandemic Affect Work Comp?
What does 1918 have to do with Ebola and work comp in 2014? Unfortunately a great deal. In 1918, the final year of World War I, the world saw a pandemic of influenza with the most deaths of any single event in world history – estimated to be 50,000,000 world wide, with 800,000+ in the...
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