Insurers group sounds alarm over Iran ship insurance

By Keith Wallis

A group of insurers warned shipowners this week to be careful when signing deals to carry Iranian oil because the United States has not been able to clarify whether insurance claims will be paid after the suspension of sanctions ends in July.

Sanctions on ships carrying Iranian oil were eased on Jan. 20 for six months as part of a deal between Tehran and six world powers including the United States, Russia and Germany. The deal suspended some of the measures put in place since early 2012 in exchange for Iran curtailing its nuclear programme.

The easing of the insurance sanctions for ships has been expected by analysts to increase Iran's crude oil exports, although data from Tehran's largest customers - China, India, Japan and South Korea - has so far shown steady to lower shipments since the deal was signed in November.

Uncertainty over post-July insurance payments, however, has made the suspension of sanctions on ship cover "of very limited, if any, value to shipowners," the group of shipping insurers said in a note this week.

The International Group of P&I Clubs said it was uncertain if insurance claims that arose while sanctions are eased would be honoured if they remained unpaid after July 20.

The International Group has been in talks with the U.S. Office of Foreign Assets Control but OFAC has not been able to confirm whether payments for claims could be made after July 20 when sanctions could possibly be reimposed, the group said.

"Members should proceed on the basis that beyond 20 July 2014 (or any extension of the initial six-month period), clubs will not be able to respond to any claims presented in respect of liabilities arising during the 20 January-20 July suspension period," the group said in its note.

The International Group represents 13 mutual protection and indemnity (P&I) clubs which cover about 90 per cent of the world's ocean-going ships against claims for pollution, injury and cargo damage.

P&I claims can take one or two years to settle, said a Japan P&I Club official. If claims cannot be settled within six months it would be similar to having no insurance, he said.

He said owners of Japanese ships importing Iranian crude oil are staying with Tokyo's sovereign insurance scheme put in place in mid-2012 to keep the oil shipments flowing, and none have moved to get cover from the Japan P&I Club.

Shipowners "are strongly recommended not to enter into contracts for transportation of crude oil, petroleum oil and petrochemical products" without consulting their individual P&I insurers, the International Group said.

It would continue to talk to the U.S. to clarify the insurance issue, it added. (Additional reporting by Osamu Tsukimorni in TOKYO; Editing by Tom Hogue)

Source Reuters

Insurers to pay out £426m over Christmas and New Year storms

Insurers are to make around £426 million worth of payouts for the destruction caused by severe flooding and storms over Christmasand New Year.

The Association of British Insurers (ABI) made the estimate after 174,000 claims for homes, businesses and cars which were damaged by the bad weather were dealt with between late December and mid January.

The latest bill comes after around £160 million worth of payments were made to those people affected by the St Jude storm which battered the country last autumn.

ABI director Aidan Kerr said insurers will work closely with customers to get repairs completed as soon as possible.

Bad weather: snow in Northumberland He said: "This was a traumatic event for those affected, and shows the importance of having adequate property insurance. The insurance industry is fully prepared to deal with the damage caused by bad weather like this."

According to the ABI's figures, the Great Storm of 1987 cost around £2 billion in today's money while the summer floods of 2007 resulted in a hit of more than £3 billion.

The ABI gave the £426 million estimate as it was claimed that there has been two decades of under-investment in flood defence work in the Somerset Levels.

Jean Venables, chief executive of the Association of Drainage Authorities, told BBC Radio 4's Today programme: "We've got a 20-year backlog of inactivity down there and it is actually very, very urgent that those rivers are dredged."

Properly-maintained flood plains would "drain away within a matter of days and then be ready for the next flood", she said.

Furious residents are demanding action after being left facing what they describe as Third World conditions, with "overflowing" septic tanks and water in their homes following the heavy rain.

Environment Secretary Owen Paterson promised a new plan to deal with flooding in the region within six weeks after facing anger on a visit yesterday.

His visit was dismissed by local campaigners as a "publicity stunt".

The Environment Agency has insisted that increased dredging of the rivers would not have prevented the recent flooding and was "often not the best long-term or economic solution."

Source London Evening Standard

South Africa: 30% of insurance claims estimated to be fraudulent

The South African Insurance Crime Bureau has stated that 30% of insurance claims filed in the country are estimated to be fraudulent, South African daily The Times reported.

Total claims in the country are estimated at 50 billion South African rands ($4.77 billion) for 2013, of which around ZAR 15 billion ($1.43 billion) are estimated to be fraudulent.

While those found guilty could face jail time, the problem affects innocent policyholders in the form of higher monthly premiums and more scrutiny.



Source Business Insurance

Royal Exchange gets new head strategy, business planning

Malhotra

Chuks Udo Okonta

Royal Exchange Plc has announced the immediate appointment of Mukesh Malhotra, an Indian national, as the new Group Head, Strategy and Business Planning.

A statement by the firm’s Group Head Corporate Affairs, Wilson Okoh-Esene, said the Group Managing Director, Chike Mokwunye, said the appointment of Malhotra is in continuation of the company’s resolve to employ seasoned professionals who can impact positively on the fortunes of the Group and resolve to build a market-oriented organisation that would be responsive to the needs of the market and the ever-changing demands of the client, that keep Royal Exchange in business.

Mokwunye said: “This appointment will enable Royal Exchange redefine its strategic vision, develop new products and channels to meet the ever-changing needs of the consumer and also enable the Group to be a dorminant player in the insurance and other financial services sector in Nigeria.”

Malhotra, according to the statement  will be responsible for developing different business strategies for the various business subsidiaries, develop new products, enhance existing products/channels and also implement the revised 3-year Strategic Plan for the organisation encompassing all the functions in the organisation.

Malhotra is a seasoned executive with over 17 years of rich experience in the areas of finance, corporate strategy and mergers and acquisitions in companies such as Bharti Airtel, eBay, Coca Cola, Dell and Ricoh.

He has also been involved in financial controls, capex optimization, cost controls, corporate restructuring, growth strategy and market entry strategic initiatives for various start-ups and global multi-billion dollar organisations.

Before joining Royal Exchange, Malhotra was heading the Business Planning & Market Planning for different verticals of Bharti Airtel, India and before that, was the Chief Financial Officer (CFO) for eBay. Prior to that, he was with Coca-Cola India and was taking care of Strategic Planning. 

Malhotra holds a Bachelors degree in Civil Engineering from Punjab Engineering College and a Masters in Business Economics (Finance and Econometrics) from Delhi University.

Royal Exchange Plc started operations in 1921 and continues to be driven by innovation and a determination to offer services that are of exceptional value to its customers.

Reportbuyer.com just published a new market research report:

Synopsis

• The report provides market analysis, information and insights into the UK's largest non-life insurers
• Profiles on company size, market shares, products and brands
• Comprehensive analysis of market drivers and market outlook
• Analysis of company strategy
• Deals, news, acquisitions and regulatory developments


Summary

The 10 largest non-life insurers in the UK recorded gross written premiums totaling GBP26.58 billion in 2012. This accounted for 70.9% of the GBP37.48 billion total segment, a share which rose marginally from 70.1% in 2011.

Scope

• The report provides market analysis, information and insights into the UK's largest non-life insurers
• It profiles company size, market shares, products and brands
• Comprehensive analysis of market drivers and market outlook
• Analysis of company strategy
• Deals, news, acquisitions and regulatory developments

Reasons To Buy

• Gain an understanding of UK non-life insurance market size and market shares
• Learn about the performance of market drivers and distribution channels
• Understand and benchmark the competitive landscape in terms of performance, profitability, strategy and product innovation
• Find out more on key deals and recent developments in the non-life insurance industry in the UK




Key Highlights

• The 10 largest non-life insurers in the UK recorded gross written premiums totaling GBP26.58 billion in 2012.
• This accounted for 70.9% of the GBP37.48 billion total segment, a share which rose marginally from 70.1% in 2011.

Table of Contents
1 UK Rankings
2 Aviva Plc
2.1 Key Facts
2.2 Market Analysis
2.3 Statistics Summary
2.4 Strategic Evaluation
2.5 SWOT Analysis
2.6 Outlook
2.7 Deals
2.8 News
3 RSA Insurance Group Plc
3.1 Key Facts
3.2 Market Analysis
3.3 Statistics Summary
3.4 Strategic Evaluation
3.5 SWOT Analysis
3.6 Outlook
3.7 Deals
3.8 News
4 Direct Line Insurance Group Plc
4.1 Key Facts
4.2 Market Analysis
4.3 Statistics Summary
4.4 Strategic Evaluation
4.5 SWOT Analysis
4.6 Outlook
4.7 Deals
4.8 News
5 Axa Insurance UKPlc
5.1 Key Facts
5.2 Market Analysis
5.3 Statistics Summary
5.4 Strategic Evaluation
5.5 SWOT Analysis
5.6 Outlook
5.7 Deals
5.8 News
6 AIG Europe Ltd
6.1 Key Facts
6.2 Market Analysis
6.3 Statistics Summary
6.4 Strategic Evaluation
6.5 SWOT Analysis
6.6 Outlook
6.7 Deals
6.8 News
7 ACE European Group Ltd
7.1 Key Facts
7.2 Market Analysis
7.3 Statistics Summary
7.4 Strategic Evaluation
7.5 SWOT Analysis
7.6 Outlook
7.7 Deals
7.8 News
8 Allianz Insurance Plc
8.1 Key Facts
8.2 Market Analysis
8.3 Statistics Summary
8.4 Strategic Evaluation
8.5 SWOT Analysis
8.6 Outlook
8.7 Deals
8.8 News
9 Zurich Insurance Plc
9.1 Key Facts
9.2 Market Analysis
9.3 Statistics Summary
9.4 Strategic Evaluation
9.5 SWOT Analysis
9.6 Outlook
9.7 Deals
9.8 News
10 QBE European Operations Plc
10.1 Key Facts
10.2 Market Analysis
10.3 Statistics Summary
10.4 Strategic Evaluation
10.5 SWOT Analysis
10.6 Outlook
10.7 Deals
10.8 News
11 National Farmers Union Mutual Insurance Society
11.1 Key Facts
11.2 Market Analysis
11.3 Statistics Summary
11.4 Strategic Evaluation
11.5 SWOT Analysis
11.6 Outlook
11.7 Deals
11.8 News
12 Appendix
12.1 Definitions
12.2 Methodology
12.3 Contact Timetric
12.4 About Timetric
12.5 Timetric's Services
12.6 Disclaimer



List of Tables

Table 1: Top 10 Non-Life Insurers in the UK, 2012
Table 2: Aviva Plc, Key Facts, 2012
Table 3: Aviva Plc, Main Products
Table 4: Aviva Plc, Board of Directors
Table 5: Aviva Plc – Statistics Summary, 2012
Table 6: Aviva's Disposal Programme
Table 7: Aviva Plc – SWOT Analysis
Table 8: RSA Insurance Group Plc, Key Facts, 2012
Table 9: RSA Insurance Group Plc, Main Products
Table 10: RSA Insurance Group Plc, Board of Directors
Table 11: RSA Insurance Group Plc – Statistics Summary, 2012
Table 12: RSA Insurance Group Plc's Sales and Acquisitions
Table 13: RSA Insurance Group Plc – SWOT Analysis
Table 14: Direct Line Insurance Group Plc, Key Facts, 2012
Table 15: Direct Line Insurance Group Plc, Main Products
Table 16: Direct Line Insurance Group Plc, Key Employees
Table 17: Direct Line Insurance Group Plc – Statistics Summary, 2012
Table 18: RBS Group's Sell-Off of Direct Line Group
Table 19: Direct Line Insurance Group Plc – SWOT Analysis
Table 20: Axa Insurance UK Plc, Key Facts, 2012
Table 21: Axa Insurance UK Plc, Main Products
Table 22: Axa Insurance UK Plc, Key Employees
Table 23: Axa Insurance UK Plc – Statistics Summary, 2012
Table 24: Axa Insurance UK Plc – SWOT Analysis
Table 25: AIG Europe Ltd, Key Facts, 2012
Table 26: AIG Europe Ltd, Main Products
Table 27: AIG Europe Ltd, Key Employees
Table 28: AIG Europe Ltd – Statistics Summary, 2012
Table 29: The History of AIG Europe Ltd
Table 30: AIG Europe Ltd – SWOT Analysis
Table 31: ACE European Group Ltd, Key Facts, 2012
Table 32: ACE European Group Ltd, Main Products
Table 33: ACE European Group Ltd, Key Employees
Table 34: ACE European Group Ltd – Statistics Summary, 2012
Table 35: ACE European Group Ltd – SWOT Analysis
Table 36: Allianz Insurance Plc, Key Facts, 2012
Table 37: Allianz Insurance Plc, Main Products
Table 38: Allianz Insurance Plc, Key Employees
Table 39: Allianz Insurance Plc – Statistics Summary, 2012
Table 40: Allianz Insurance Plc – SWOT Analysis
Table 41: Zurich Insurance Plc, Key Facts, 2012
Table 42: Zurich Insurance Plc, Main Products
Table 43: Zurich Insurance Plc, Key Employees
Table 44: Zurich Insurance Plc – Statistics Summary, 2012
Table 45: Zurich Insurance Plc – SWOT Analysis
Table 46: QBE European Operations Plc, Key Facts, 2012
Table 47: QBE European Operations Plc, Main Products
Table 48: QBE European Operations Plc, Key Employees
Table 49: QBE European Operations Plc – Statistics Summary, 2012
Table 50: QBE European Operations Plc – Sales and Acquisitions
Table 51: QBE European Operations Plc – SWOT Analysis
Table 52: NFU Mutual Insurance Society, Key Facts, 2012
Table 53: NFU Mutual Insurance Society, Main Products
Table 54: NFU Mutual Insurance Society, Key Employees
Table 55: NFU Mutual Insurance Society – Statistics Summary, 2012
Table 56: NFU Mutual Insurance Society – SWOT Analysis
Table 57: Top 10 Non-Life Insurers – Statistics Summary, 2012
Table 58: Insurance Industry Definitions


List of Figures

Figure 1: Non-Life Insurers – Market Shares, 2012
Figure 2: Aviva Plc's Worldwide Insurance Locations
Figure 3: Aviva Plc – Gross Written Premiums Reported to the UK FSA 2008–2012
Figure 4: Aviva Plc – Personal and Commercial Lines Shares of Gross Written Premiums, 2008–2012
Figure 5: Aviva Plc – Net Claims Paid and Claims Incurred, 2008–2012
Figure 6: Aviva Plc – Gross Written Premiums: Personal Lines, 2008–2012
Figure 7: Aviva Plc – Share of Personal Lines Gross Written Premiums, 2012
Figure 8: Aviva Plc – Gross Written Premiums: Commercial Lines, 2008–2012
Figure 9: Aviva Plc – Shares of Personal Lines Gross Written Premiums, 2012
Figure 10: RSA Insurance Group Plc's Worldwide Insurance Locations
Figure 11: RSA Insurance Group Plc – Gross Written Premiums Reported to UK FSA, 2008–2012
Figure 12: RSA Insurance Group – Personal and Commercial Lines Shares of Gross Written Premiums, 2008–2012
Figure 13: RSA Insurance Group Plc – Net Claims Paid and Claims Incurred, 2008–2012
Figure 14: RSA Insurance Group Plc – Gross Written Premiums: Personal Lines, 2008–2012
Figure 15: RSA Insurance Group Plc – Share of Personal Lines Gross Written Premiums, 2012
Figure 16: RSA Insurance Group Plc – Gross Written Premiums: Commercial Lines, 2008–2012
Figure 17: RSA Insurance Group Plc – Share of Commercial Lines Gross Written Premiums, 2012
Figure 18: Direct Line Insurance Group Plc's Worldwide Insurance Locations
Figure 19: Direct Line Insurance Group Plc – Gross Written Premiums Reported to UK FSA, 2009–2012
Figure 20: Direct Line Insurance Group Plc – Personal and Commercial Lines Shares of Gross Written Premiums, 2009–2012
Figure 21: Direct Line Insurance Group Plc – Net Claims Paid and Claims Incurred, 2009–2012
Figure 22: Direct Line Insurance Group Plc – Gross Written Premiums: Personal Lines, 2009–2012
Figure 23: Direct Line Insurance Group Plc – Share of Personal Lines Gross Written Premiums, 2012
Figure 24: Direct Line Insurance Group Plc – Gross Written Premiums: Commercial Lines, 2009–2012
Figure 25: Direct Line Insurance Group Plc – Share of Commercial Lines Gross Written Premiums, 2012
Figure 26: Axa Insurance UK Plc's Worldwide Insurance Locations
Figure 27: Axa Insurance UK Plc – Gross Written Premiums Reported to UK FSA 2008–2012
Figure 28: Axa Insurance UK Plc – Personal and Commercial Lines Shares of Gross Written Premiums, 2008–2012
Figure 29: Axa Insurance UK Plc – Net Claims Paid and Claims Incurred, 2008–2012
Figure 30: Axa Insurance UK Plc – Gross Written Premiums: Personal Lines, 2008–2012
Figure 31: Axa Insurance UK Plc – Share of Personal Lines Gross Written Premiums, 2012
Figure 32: Axa Insurance UK Plc – Gross Written Premiums: Commercial Lines, 2008–2012
Figure 33: Axa Insurance UK Plc – Share of Commercial Lines Gross Written Premiums, 2012
Figure 34: AIG Europe Ltd's Worldwide Insurance Locations
Figure 35: AIG Europe Ltd – Gross Written Premiums Reported to the UK FSA, 2009–2012
Figure 36: AIG Europe Ltd – Personal and Commercial Lines Shares of Gross Written Premiums, 2009–2012
Figure 37: AIG Europe Ltd – Net Claims Paid and Claims Incurred, 2009–2012
Figure 38: AIG Europe Ltd – Gross Written Premiums: Personal Lines, 2009-2012
Figure 39: AIG Europe Ltd – Share of Personal Line Gross Written Premiums, 2012
Figure 40: AIG Europe Ltd – Gross Written Premiums: Commercial Lines, 2009-2012
Figure 41: AIG Europe Ltd – Share of Commercial Lines Gross Written Premiums, 2012
Figure 42: ACE European Group Ltd's Worldwide Insurance Locations
Figure 43: ACE European Group Ltd – Gross Written Premiums Reported to UK FSA, 2008–2012
Figure 44: ACE European Group Ltd – Personal and Commercial Lines Share of Gross Written Premiums, 2010–2012
Figure 45: ACE European Group Ltd – Net Claims Paid and Claims Incurred, 2010–2012
Figure 46: ACE European Group Ltd – Gross Written Premiums: Personal Lines, 2010-2012
Figure 47: ACE European Group Ltd – Share of Personal Lines Gross Written Premiums, 2012
Figure 48: ACE European Group Ltd – Gross Written Premiums: Commercial Lines, 2010–2012
Figure 49: ACE European Group Ltd – Share of Commercial Lines Gross Written Premiums, 2012
Figure 50: Allianz SE's Worldwide Insurance Locations
Figure 51: Allianz Insurance Plc – Gross Written Premiums Reported to UK FSA 2008–2012
Figure 52: Allianz Insurance Plc – Personal and Commercial Lines Shares of Gross Written Premiums, 2008–2012
Figure 53: Allianz Insurance Plc – Net Claims Paid and Claims Incurred, 2008–2012
Figure 54: Allianz Insurance Plc – Gross Written Premiums: Personal Lines, 2008–2012
Figure 55: Allianz Insurance Plc – Share of Personal Lines Gross Written Premiums, 2012
Figure 56: Allianz Insurance Plc – Gross Written Premiums: Commercial Lines, 2008–2012
Figure 57: Allianz Insurance Plc – Share of Commercial Lines Gross Written Premiums, 2012
Figure 58: Zurich Insurance Plc's Worldwide Insurance Locations
Figure 59: Zurich Insurance Plc – Gross Written Premiums Reported in Annual Results
Figure 60: QBE European Operations Plc – Worldwide Insurance Locations
Figure 61: QBE European Operations Plc – Gross Written Premiums Reported to the UK FSA 2008–2012
Figure 62: QBE European Operations Plc – Personal and Commercial Lines Shares of Gross Written Premiums, 2008–2012
Figure 63: QBE European Operations Plc – Gross Written Premiums: Personal Lines, 2008–2012
Figure 64: QBE European Operations Plc – Share of Personal Lines Gross Written Premiums, 2012
Figure 65: QBE European Operations Plc – Gross Written Premiums: Commercial Lines, 2008–2012
Figure 66: QBE European Operations Plc – Share of Commercial Lines Gross Written Premiums, 2012
Figure 67: NFU Mutual Insurance Society's Worldwide Insurance Locations
Figure 68: NFU Mutual Insurance Society – Gross Written Premiums Reported to the UK FSA 2008–2012
Figure 69: NFU Mutual Insurance Society – Personal and Commercial Lines Shares of Gross Written Premiums, 2008–2012
Figure 70: NFU Mutual Insurance Society – Gross Written Premiums: Personal Lines, 2008–2012
Figure 71: NFU Mutual Insurance Society – Share of Personal Lines Gross Written Premiums, 2012
Figure 72: NFU Mutual Insurance Society – Gross Written Premiums: Commercial Lines, 2008–2012
Figure 73: NFU Mutual Insurance Society – Share of Commercial Lines Gross Written Premiums, 2012


Companies Mentioned

Aviva Plc
RSA Insurance Group Plc
Direct Line Insurance Group Plc
Axa Insurance UK Plc
AIG Europe Ltd
ACE European Group Ltd
Allianz Insurance Plc
Zurich Insurance Plc
QBE European Operations Plc
National Farmers Union Mutual Insurance Society


Read the full report:
UK – Top 10 Non-Life Insurers – Company Intelligence Report
http://www.reportbuyer.com/banking_finance/insurance/life/uk_top_10_non_life_insurers_company_intelligence_report.html#utm_source=prnewswire&utm_medium=pr&utm_campaign=Life_Insurance

For more information:
Sarah Smith
Research Advisor at Reportbuyer.com
Email: query@reportbuyer.com
Tel: +44 208 816 85 48
Website: www.reportbuyer.com

Source ReportBuyer

Car insurance premiums fell by 8.9%, says ABI

Comprehensive motor insurance premiums fell by £36, or 8.9%, on average in 2013, according to insurers.

The average annual policy, bought during the final three months of the year, cost £370 compared with £406 a year earlier, the Association of British Insurers (ABI) said.

Insurers' predictions of falling claims for whiplash has helped lower prices.

However, the cost rose by £5, or 1.4% in the final quarter of the year compared with the previous three months.

The figures are based on data recording the amount people pay when actually taking out or renewing policies, rather than quoted prices, but only covers comprehensive policies - the most popular type of insurance among drivers.

ABI research also showed that eight in 10 people buying motor insurance spent time comparing prices before buying.

Complex chain

A change in the civil legal system had helped to push down prices, but the ABI said that more could be done to tackle fraudulent claims which would reduce prices further.

In December, the Competition Commission - which had been studying the £11bn private motor insurance industry - said that the cost was "unnecessarily high" for all drivers owing to the complex chain of claims.

The higher premiums came from the cost of courtesy cars and repairs, which is paid by the insurers of motorists who caused the accident.

The Commission discovered that post-accident repairs were often shoddy. It is now considering ways to fix the market, with a final report due to be published by September 2014.

The options include a cap on the cost of replacement vehicles, or making an insurer of the not-at-fault driver responsible for providing the replacement vehicle. Alternatively, the insurer of the at-fault driver could manage the claim.




Source BBC

Pennsylvania insurance commissioner could get power to force UPMC-Highmark talks

Another bill aimed at forcing Highmark and UPMC back to the negotiating table has been introduced in Harrisburg.

This one, unveiled during a Tuesday news conference, is sponsored by state Rep. Tony DeLuca, D-Penn Hills, and would give the state Department of Insurance and its commissioner greater latitude when it comes to forcing negotiations and, if necessary, binding arbitration between two warring health care organizations.

"The ongoing debate between the University of Pittsburgh Medical Center and Highmark has left many confused and afraid of losing access to the doctors and hospitals they've come to trust," Mr. DeLuca said in a statement.

Under an existing 39-year-old law, known as Act 94, the state Insurance Department can suspend the termination of a contract between a hospital and a Blue Cross Blue Shield insurer by up to six months.

A similar bill was introduced in the previous legislative session, but it was not passed into law. This bill, HB 1964, allows the insurance commissioner to step into the fray to deal with all contract expirations and terminations between hospitals and insurers, according to a co-sponsorship memo circulated in Harrisburg.

The insurance commissioner would have the authority to extend an expiring contract by up to six months, and then impose a new, mediated contract of up to 18 months, under the proposed law.

Highmark is the region's dominant health insurer, and UPMC the region's largest health and hospital network; the current contract between the two is set to expire at the end of 2014.

If a new contract isn't signed before then, starting in 2015 many Highmark customers won't have access to the majority of UPMC hospitals and specialists at in-network prices unless they switch insurers -- which is what UPMC is hoping for.

UPMC says it doesn't want to sign a new deal with Highmark because the insurance company became a direct competitor to UPMC with its purchase of the ailing West Penn Allegheny Health System and subsequent launch of the Allegheny Health Network. UPMC also offers insurance through its UPMC Health Plan.

Also in the state House, Western Pennsylvania legislators are considering a so-called "any willing insurer" bill that would effectively require hospitals that are part of an "integrated delivery network," such as UPMC, to contract with any willing insurer.


Source Post-Gazette