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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No Change for Commercial Insurance Prices

Source: Insurance Business America

Commercial insurance prices were virtually unchanged in the first three months of the year compared to the same period in 2016, according to a recent survey by broking and solutions firm Willis Towers Watson (WTW). Continue reading

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Wells Fargo to Sell Commercial Insurance Business

Source: Reuters,

(Reuters) – Wells Fargo is poised to eliminate a number of its smaller businesses, the company’s chief financial officer said in an article published Sunday.

The Financial Times reported that Wells Fargo will be spinning off a number of its products “worth hundreds of millions of dollars,” according to CFO John Shrewsberry, in order to focus on and emphasize “more relevant” ones, though he did not specify what products those would be. Continue reading

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