Insurance News

Posts Tagged ‘Cost

Atlanta, Georgia (CNN) — Motor vehicle accidents don’t just impact the people involved, they also impact the economy, to the tune of just under $100 billion for medical care and injury-related productivity losses in the United States each year, according to a study released by the Centers for Disease Control and Prevention on Wednesday. That includes $3.6 billion annually toward injuries to children.

On average, each licensed driver in the Read the rest of this entry »

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SANTA MONICA, Calif. /PRNewswire-USNewswire/ — California lawmakers gave final approval Wednesday to legislation strengthening and extending the innovative “Low Cost Auto Insurance Program” that offers an affordable bare bones car insurance policy to low-income motorists with no taxpayer cost. Consumer advocates applauded lawmakers for passing AB 1597 (Jones) on a bipartisan basis and are urging Governor Schwarzenegger to sign the bill in order to Read the rest of this entry »

Chilean insurance association AACH is estimating insurers will have to pay at least US$2.5bn-2.6bn to cover damage stemming from a massive 8.8-magnitude earthquake that hit central and southern Chile on Saturday, insurance association AACH chairman Mikel Uriarte told press on Monday.

The estimate is based on claims paid in a 1985 magnitude 8 quake. Back then, insurers paid out 7.2% of total damage incurred in the country.

However, these Read the rest of this entry »

For American hospitals, “the cost of doing nothing in Washington translates into tens of billions of dollars each year in medical bills that go unpaid by patients with little or no insurance,” The New York Times reports. “Nationwide, the cost of unpaid care for hospitals, which includes charity care as well as money that could not be collected from patients, was around $36 billion in 2008. It is expected to spiral higher.” Some hospitals, such Read the rest of this entry »

Anyone with a life insurance policy they haven?t carefully read will want to do so ASAP after they learn about one widow?s unsuccessful fight with her dead husband?s life insurer.

It all started when Craig Bauer, an executive at manufacturer Omron Electronics, died in June 2006 of bacterial meningitis following a business trip that included stops in Brazil, China and Japan. Bauer had life insurance through his employer. The policy Read the rest of this entry »

The average total cost of risk, made up of insurance premiums retained losses and risk management administrative costs, fell 9.4 percent per $1,000 of revenue in 2008, according to a survey.

The findings in the annual benchmark survey of Risk and Insurance Management Society came from a poll of over 1,300 U.S and Canadian risk managers.

New York research firm Advisen and RIMS jointly announced the survey results yesterday, which Read the rest of this entry »

A proposal ostensibly aimed at ramping up consumer protections for New Jersey insurance consumers would likely lead to higher costs instead, according to the National Association of Mutual Insurance Companies (NAMIC). NAMIC said the measure to expand the state’s “bad faith” law is unnecessary.

S-132, An Act Concerning Unfair Claim Practices in the Settlement of Certain Uninsured and Underinsured Motorist Coverage Claims, would negatively Read the rest of this entry »