Hurricane Irma aftermath: Floridians without flood insurance face astronomical bills

Source: USA TODAY

FORT MYERS, Fla. — Anita Dennis talked on the phone with her homeowner’s insurance company, her furrowed brow expressing more than words could say.

The 72-year-old widow carried flood insurance on her home years ago, then let it lapse after learning her neighborhood in The Villas in south Fort Myers was expected to flood only every 100 years.

The house, built in 1973, has flooded twice in the past month.

Dennis shared her plight from the sweltering sunroom of her gutted, still-powerless home.

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Optional Riders and Supplemental Benefits for Life Insurance: Do You Offer Them to Your Insureds?

Most basic life insurance policies are designed to provide a payout in the event of an insured’s death to cover lost income, pay a child’s tuition, settle household debt, and pay for funeral expenses. But insureds have the option of requesting certain adjustments to their life insurance by using optional riders and supplemental benefits, usually for an additional price. Insurance agents have the opportunity to increase sales and improve customer service by making sure insureds know about supplemental benefits and have the option to buy them. Here are a few to know about. Continue reading

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Anthem to leave Virginia’s Obamacare marketplace next year

Source: The Washington Post by

A major insurer, Anthem, announced late Friday that it will pull out of the Affordable Care Act marketplace in Virginia — the latest company to scale back its participation in an insurance market that has been destabilized by uncertainty about the future and dark pronouncements by President Trump that it is about to fail.

In a statement, the company said that the business of selling insurance to individuals “remains volatile” and cited “continual changes and uncertainty in federal operations, rules and guidance.” Continue reading

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Health Insurers Get More Time to Calculate Increases for 2018

Source: New York Times b

WASHINGTON — The Trump administration is giving health insurance companies more time to calculate price increases for 2018 because of uncertainty caused by the president’s threat to cut off crucial subsidies paid to insurers on behalf of millions of low-income people.

Federal health officials said the deadline for insurers to file their rate requests would be extended by nearly three weeks, to Sept. 5. Continue reading

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Commercial Auto Puts Brakes on Insurer Profits

Source: Business Insurance, by Matthew Lerner

The commercial auto sector continued to weigh on the profitability of U.S. property/casualty insurers during 2016 and will likely see continued rate increases, according to a report from Fitch Ratings Inc. released Thursday. Continue reading

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