Archive for February, 2010
Secretary Sebelius: Insurance Companies Prosper, Families Suffer.
February 20th, 2010
U.S. Department of Health and Human Services Secretary Kathleen Sebelius today unveiled a new report, “Insurance Companies Prosper, Families Suffer: Our Broken Health Insurance System.” It is aimed at health insurance rate increases demanded by insurers across the United States. It also comes on the heels of Anthem of California’s quest for a 39% rate increase for individual insureds in California.
Secretary Sebelius scheduled an 11:30 a.m. news conference that was also available as a webcast.
Tags: Companies Prosper, Families Suffer, Insurance Companies Prosper, Suffer
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Med mal insurers cut from effort to end antitrust shield
February 19th, 2010
The Health Insurance Industry Fair Competition Act is posted at www.rules.house.gov, the Web site of the House of Representatives’ Rules Committee, which will set rules for its consideration next week.
The bill replaces an earlier measure, sponsored by Reps. Betsy Markey, D-Colo., and Tom Perriello, D-Va., that would have applied to medical malpractice liability insurers as well.
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Ironshore names U.S. specialty casualty executive
February 16th, 2010
Mr. Gantz, currently senior vp at Ironshore Risk Agency in St. Louis, is responsible for setting underwriting guidelines and strategies, as well as for new product lines in the specialty casualty unit nationwide. He is based in Ironshore’s New York office and also oversees Ironshore’s London casualty platform.
Prior to joining Hamilton, Bermuda-based Ironshore, Mr. Gantz was senior vp for Landmark Insurance Co., where he was responsible for building a new casualty practice for the commercial agribusiness sector for the unit of American International Group Inc. He served as chief underwriting officer of Allied World Assurance Co. Ltd. prior to joining Landmark.
Tags: Casualty, Specialty Casualty
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Happy Presidents’ Day!
February 15th, 2010
Many readers are out of the office today celebrating Presidents’ Day by buying furniture or attending white sales. I write that in jest. I hope all are spending time with their families and enjoying the day.
Throughout U.S. history, presidents have often struggled with the issue of what role (if any), government should have in the insurance market. For example, this quote:
“the time is at hand this year to bring comprehensive, high quality health care within the reach of every American. I shall propose a sweeping new program that will assure comprehensive health insurance protection to millions of Americans who cannot now obtain it or afford it, with vastly improved protection against catastrophic illnesses.
Tags: Day
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Excess Doctor & Physician Liability Insurance
February 15th, 2010
No matter what type of healthcare industry you work in, it is almost certain that you will be facing challenges every day. Whether it is how to provide the best treatment or dealing with the stress of day-long shifts and a non-stop workload, you always have something to worry about on your mind. While you can take every precaution necessary to make sure you deliver the best quality of care to all patients, there are some things you can’t control – such as lawsuits seeking monetary damages. Even if you’ve never been faced with such a concern, you still never know what the future holds and it is best to make sure you’re covered before it becomes too late.
This is why excess doctor and physician liability insurance is so important to have no matter how good at treating patients you are. While y
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Insured losses from mid-Atlantic storms could top $2B: EQECAT
February 14th, 2010
Two storms struck the area, the first beginning on Feb. 5 and the second this week after, leaving some parts of the Washington metropolitan area with more than 30 inches of accumulated snow. Wind gusts of more than 50 mph were reported up and down the East Coast.
Oakland, Calif.-based EQECAT based its estimate on a preliminary assessment of the overall scale of these storms and their snow, ice and wind impacts relative to major prior events in the last two decades. EQECAT expects that the majority of the losses will be focused in the corridor from northern Virginia to the New York metropolitan area.
EQECAT said the most common sources of monetary losses are a result of roof damage, pipe breakage and ice dams in eaves causing water to leak into buildings.
Tags: Midatlantic Storms, Storms
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Harvard Pilgrim names new leader
February 10th, 2010
Mr. Schultz, currently president and CEO of Worcester, Mass.-based Fallon Community Health Plan, succeeds former Harvard Pilgrim President and CEO Charles D. Baker, who left in July 2009 to put together a statewide electoral campaign, and interim CEO Bruce Bullen. Mr. Bullen also has decided to leave Harvard Pilgrim but has agreed to help ensure a smooth transition for a period of time after Mr. Schultz arrival, a spokeswoman for Harvard Pilgrim said.
Mr. Schultz’s 27-year health insurance career also includes roles as the lead executive director of Prudential HealthCare, medical group administrator of Nashville Healthcare Group, and vp and executive director at CIGNA HealthCare.
Tags: Harvard Pilgrim, Pilgrim
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39% Premium Increase in California for Anthem
February 9th, 2010
Anthem Blue Cross in California has announced premium increases of up to 39% for its members and have defended that increase in a letter to Health and Human Services Secretary Kathleen Sebelius. As pointed out in that letter, the “39% figure” is the worse case scenario for some members.
Anthem blames the need for the increase on declining membership and skyrocketing medical costs.
So, just for curiosity, I took a look at WellPoint, Inc.’s end of 2009 financial report. WellPoint owns Anthem in California. In fact, they probably own a significant share of any health insurance in your state. “WellPoint is the nation’s largest health benefits company, with approximately 34 million members in its affiliated health plans.”
Let’s discuss SG&A expenses.
Tags: Anthem, Premium Increase
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