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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Happy Halloween – With Insurance
As you prepare to welcome a throng of Frozen Elsas and Olafs to your front door, you may not be thinking about insurance but we’re here to tell you, you’re covered. The Insurance Information Institute (I.I.I.) points out that standard homeowners and renters insurance will provide coverage for the following: • Vandalism: In the event...
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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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Five Ways Employers Can Reduce Work Comp Legal Costs
Workers’ comp legal defense expenses are increasing at an alarming rate. For instance, California Workers Compensation – Aon Advisory Bulletin from a study by WCIRB of California, said allocated costs (mostly attorney payments) increased 7.3% in 2013.” Overzealous defense counsel and untrained (or spineless) adjusters can prolong litigation, increase costs and wreak havoc on the...
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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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Friday catch-up
Here’s a quick tour of what else happened this week… First, let’s just relax about Ebola. Yes, a physician in NYC – who treated patients in Africa – has come down with the disease. Yes, he traveled on the subway and went bowling before he was diagnosed. No, this doesn’t mean there’s a nascent epidemic,...
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