insurers Archives -
The $9 Billion Upcharge: How Insurers Kept Cash From Medicare
January 7, 2019 | dailybusinessnewsCVS, UnitedHealth, Humana and other health insurers’ bids to manage Part D prescription-drug plans for seniors have been consistently off in ways that benefit the companies at the expense of taxpayers, and they can keep the overpayments because of the legislation’s rules.
WSJ.com: US Business
Big-Name Insurers Stepping Up Their Crypto Game
July 21, 2018 | dailybusinessnews
A growing number of big-name insurers are getting into the crypto space. They are exploring new product options in this area and meeting with cryptocurrency custodians and trading platforms about coverage. However, exclusions can add up fast for crypto businesses and premiums can be more than five times that of a normal business.
Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space
Large Insurers Getting into Crypto
While most big-name insurers are reluctant to provide coverage to crypto startups, some are slowly coming around and quietly entering the space. Two leading insurance brokers that help companies shop for crypto policies, Marsh & Mclennan and Aon, were quoted by Bloomberg on Thursday:
Business has been brisk this year.
Marsh has formed a dedicated team to service blockchain startups while Aon says it has “seen some insurers tweak general company policies to include crypto-specific protections,” the publication detailed, adding that Aon also claims to have over 50 percent of the crypto insurance market.
According to the company’s website, “Aon has been working to understand these evolving technologies and actively collaborates with the insurance marketplace to develop innovative risk transfer solutions.” Its subsidiary, Aon Risk Solutions, has “developed a policy form to protect against the loss of cryptocurrency along with other initiatives designed to meet the emerging risks posed by cryptocurrencies and digital ledger technologies,” Business Insurance magazine described.
Big Opportunities
European insurer and asset manager, Allianz SE, has 88 million retail and corporate clients in more than 70 countries. The Munich-based company “began offering individual coverage for digital-coin theft in the past year,” the publication conveyed and quoted the company’s spokesman, Christian Weishuber, saying:
Insurance for cryptocurrency storage will be a big opportunity…Digital assets are becoming more relevant, important and prevalent on the real economy and we are exploring product and coverage options in this area.
American International Group (AIG) “has also been adding crypto coverage into standard policy forms” and has “met with cryptocurrency custodians and trading platforms about coverage,” the news outlet detailed and quoted a source familiar with the matter:
Over a dozen underwriters, including Chubb and XL, currently provide coverage to crypto-related businesses.
In February, Reuters reported that XL Catlin, Chubb, and Mitsui Sumitomo Insurance firms started offering protection against crypto theft.
Costly Premiums
Crypto companies are also increasingly seeking to obtain insurance coverage to help attract more clients. A London-based startup focused on crypto custody services, Trustology, is one of the businesses in talks to obtain coverage, according to Bloomberg. The company wants to insure its customer accounts for up to £85,000 (~US$ 111,630), which is the same standard as a U.K. bank account.
However, insurance premiums for crypto-related coverage are costly and policies can take months to get approved, the publication conveyed, adding that “exclusions can add up fast.” For example, while losses from an interruption of service may be covered, the theft of cryptocurrency that caused the interruption may not.
Citing that many startups cannot afford to pay the high premiums, the news outlet elaborated:
The premiums from insuring such risk can be substantial. By some accounts, underwriters can charge a crypto-related company upwards of five times or more than your average business for coverage against loss or theft.
Do you think soon all big-name insurers will soon get into crypto? Let us know in the comments section below.
Images courtesy of Shutterstock, Allianz, and Aon.
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Trump administration freezes billions of dollars in payments to Obamacare insurers
July 9, 2018 | dailybusinessnewsAffordable Care Act insurers are facing a fresh round of uncertainty that could drive up premiums or push companies to stop offering coverage through the law, after the Trump administration’s latest move to cut off subsidies meant to help stabilize insurance markets.
On Saturday, the U.S. Centers…
To be herself, she needs to change her body. But first, comes the battle with insurers
June 21, 2018 | dailybusinessnewsJasmine Glenn’s friends remember late-night phone calls from her, sobbing and saying she was ready to kill herself, knife in hand.
CNN.com – RSS Channel – World
Life insurers let policies lapse and double-billed customers, California commissioner says
June 12, 2018 | dailybusinessnewsThe complaints about two life insurance companies piled up: California customers said Accordia Life & Annuity Co. and Athene Annuity & Life Co. hadn’t sent them billing statements or annual reports and then let their policies lapse.
They said the companies weren’t providing electronic access to…
From Restaurants to Insurers, the Race to Comply With Privacy Rules
May 25, 2018 | dailybusinessnewsWhen strict new GDPR privacy regulations take effect Friday, even small firms with no European footprint must change how they handle European customers’ data.
WSJ.com: US Business
They’re called ‘co-pay accumulators,’ and they’re a way insurers make you pay more for meds
April 27, 2018 | dailybusinessnews
Mary Hawley takes the widely used drug Humira for her rheumatoid arthritis. It can cost tens of thousands of dollars a year, but for nearly a decade Hawley has been assisted with discount coupons from the drug’s manufacturer, AbbVie.
“You pay $ 5 max,” she told me. “They pay whatever is left over.”
A court found that an L.A. billionaire duped Dole investors. Now he wants to stick insurers with the bill
March 10, 2018 | dailybusinessnews
When billionaire David Murdock took Dole Food Co. private for $ 1.6 billion in 2013, he and a company executive defrauded the company’s board of directors, falsifying financial information that convinced the board to accept a lowball price.
That’s what a Delaware judge said in 2015, finding Murdock…
UnitedHealth is buying hundreds of clinics in $5-billion deal as insurers push into patient care
December 6, 2017 | dailybusinessnews
UnitedHealth Group Inc., the nation’s biggest health insurer, is spending nearly $ 5 billion to buy hundreds of clinics, just three days after rival Aetna Inc. announced a tie-up with CVS Health Corp.
Minnetonka, Minn.-based UnitedHealth said Wednesday that its Optum segment will buy the DaVita…
Insurers make billions off Medicaid in California during Obamacare expansion
November 5, 2017 | dailybusinessnews
Medicaid is rarely associated with getting rich. The patients are poor, the budgets tight and payments to doctors often paltry.
But some insurance companies are reaping spectacular profits off the taxpayer-funded program in California, even when the state finds that patient care is subpar.
Health…
