KELLI KENNEDY
Two health organizations filed a complaint with federal health officials alleging some Florida insurance companies are violating the Affordable Care Act by structuring their insurance plans in a way that discourage consumers with HIV and AIDS from choosing those plans.
The National Health Law Program and The AIDS Institute said four insurance companies offering plans in Florida through the federal online exchange required HIV and AIDS patients to pay a percentage of their often expensive drugs instead of a flat co-pay.
Instead of paying a flat $10 co-pay at the pharmacy, the plans require patients to pay 40 to 50 percent of the cost of their drug, which could run into the thousands of dollars, according to the complaint which health experts say could have national implications.
The groups also alleged that the plans charged high up-front costs and require unwieldy prior authorizations. The complaint, filed with the Office for Civil Rights at the Department of Health and Human Services, asks the agency to investigate the Florida plans offered by CoventryOne, Cigna, Humana and Preferred Medical and require the insurance companies to take corrective actions if necessary.
Federal health officials said they are reviewing the complaint.
The report alleges that CoventryOne requires consumers to pay 40 percent co-insurance for the cost of all HIV drugs, including generics, after a $1,000 deductible. "That would be about $1,000 per month per drug in most instances. What patient could afford that?" said Carl Schmid, deputy executive director of The AIDS Institute.
Health advocates warn high costs cause patients to skip doses or go off their medications altogether, causing serious health complications.
Cigna, Humana and Coventry said in separate statements that their plans follow the latest HHS guidelines, cover all medically necessary HIV drugs and offer a variety of options so consumers can pick a plan that best meets their health needs. Preferred Medical did not immediately return a call seeking comment.
South Florida attorney Vicki Tucci said she's trying to help more than 30 clients with HIV and AIDS to get off Humana, Coventry and other plans and switch to insurer Florida Blue, which advocates said offers better coverage for those conditions.
"They go to the pharmacy and find their drug is not covered and they can't afford them. There's no way," said Tucci.
Tucci is working with advocacy groups that would pay the cost of medication while those with HIV and AIDS are without insurance until the next open enrollment period later this year.
Even before the Affordable Care Act took effect, insurers had increasingly begun requiring patients to pay a percentage of their drug costs instead of a flat co-pay, but experts say patients often spend more for their prescriptions in plans offered under the health law because of the co-insurance.
The organizations said they didn't know how many HIV and AIDS patients had purchased health plans from companies being targeted in the complaint. But a study from the nonpartisan Kaiser Family Foundation estimates about 23,000 uninsured people in the U.S. being treated for HIV and AIDS would be eligible for coverage through the online exchange.
Although the complaint filed Thursday specifically addresses HIV and AIDS, other health advocates have expressed concerns about high co-insurance for others with serious illnesses, including cancer and rheumatoid arthritis, which require expensive drugs.
The Leukemia & Lymphoma Society found exchange plans in several states that charged patients with blood cancer as much as 50 percent co-insurance rates. The National Multiple Sclerosis Society recently addressed the issue at a conference in Washington.
Health advocates are quick to point out that before the Affordable Care Act, many of their patients struggled to have health insurance at all. The law forbids insurers from discriminating against those with pre-existing conditions.
The law also bans insurers from charging an individual more than $6,350 in out-of pocket costs a year and no more than $12,700 for a family policy. But patients advocates warn those with serious illnesses could pay their entire out-of-pocket cap before their insurance kicks in any money.
Source Associated Press
Monday, 2 June 2014
Africa contributes 1% of the world’s $3,000bn insurance market
 |
| Musoni |
Chuks
Udo Okonta and agency report
Africa
represents only 1 per cent of the world’s $3,000 billion insurance industry, the
Finance and Economic Planning Minister of Rwanda, James Musoni, has said.
He
disclosed this yesterday at the official opening of the African Insurance
Organisation (AIO) in Kigali. He called on governments across Africa to support
the industry to enable it takes rightful position in the world’s insurance business.
Musoni
suggested to governments to put in place adequate institutional and legal
frameworks to support insurance practices and products.
He
also said there was need for competent regulatory bodies to be instituted to
guide and promote the industry.
He told
the insurers that there was need to open markets to both regional and
international skills and expertise, adding that despite highly valuable efforts
by AIO, the gap between Africa and the rest of the world remains huge.
“If we look at the insurance market, Africa
represents only 1 per cent of the world insurance industry, of which South
Africa represents 0.8 per cent. As the world insurance market is estimated at
$3,000 billion, Africa’s insurance market–outside South Africa is a meagre $6
billion,” he said.
He added
that if we look at the average premium per insurance and per annum, Africa is
less than $10, while the US alone is above $2,000, more than half of the
insurance premiums are compulsory insurance.
Musoni
said about 40 per cent of the industry’s business comes from motor vehicle
premiums, life insurance, which is recognised as the most profitable,
represents only 10 per cent against 60 per cent in advanced countries.
“In the world full of uncertainties,
individuals, businesses and institutions succeed by taking risks. Since many
risks can be insured, the insurance industry actively supports successful
endeavours, businesses, and institutions in public as well as in the private
sector,” he said.
He
said in Rwanda, total insurance premiums were around $18 million in 2006 that
is around 0.3 per cent of the African market.
Sunday, 1 June 2014
Traffic tickets can raise insurance rate
By Clark Howard
Ever wonder exactly how much your auto insurance will go up after a speeding ticket? How about after two or three tickets? I have new numbers to share with you.
Local governments have gone crazy with ticketing for everything because they’re starved for revenue. The calls I get about this kind of thing are usually about the frightful cost of tickets. But what I’ve not heard a lot about is what happens to your insurance premium when you get a ticket.
Paying down the road
The latest figures from BankRate.com suggest that less than one-third of drivers who got traffic tickets in the last five years are paying more for insurance. What really determines if you’ll pay more is the type of ticket you get. For example, a ticket for DUI/DWI, reckless driving or leaving the scene of an accident will eat you up beyond the pale.
InsuranceQuotes.com has a new list of averages for what certain violations will cost you in auto insurance rates. Remember, these are averages, so your individual results may vary. But here’s the scoop:
A single ticket going 1 to 15 miles over the limit will cause a 21 percent rise in your auto insurance costs. Going 16 miles over the speed limit will generally result in an insurance spike of just under 30 percent.
The best advice is stay 9 miles or less over the posted speed limit and you’ll generally be safe. Particularly on freeways, those first 9 miles over the speed limit are like a gimme from police. Of course, this is not true everywhere; this is general advice, so use your discretion.
What about reckless driving? A single ticket will raise your rates 82 percent! Similarly, a first-time offense for DUI or DWI will generally increase your premium by about the same amount.
How to lower your rates
Know that in some cases you can insulate yourself from higher rates by taking a driver safety course. These courses are often sponsored by the National Safety Council and run in six-hour increments.
Finally, don’t forget there’s really a world of possibility for reducing what you pay for auto insurance if you use a pay-as-you-drive insurer. A company like Progressive will offer you lower rates on insurance in exchange for giving them the right to spy on your driving habits. And they’re just one of many doing this sort of thing.
About Clark Howard
Find more answers to your consumer questions, plus Clark Howard’s book "Living Large for the Long Haul," at ClarkHoward.com.
Listen to Clark Howard weeknights from 6 to 9 p.m. on AM1290/95.7FM News Talk WHIO
Source Dayton Daily News
Ever wonder exactly how much your auto insurance will go up after a speeding ticket? How about after two or three tickets? I have new numbers to share with you.
Local governments have gone crazy with ticketing for everything because they’re starved for revenue. The calls I get about this kind of thing are usually about the frightful cost of tickets. But what I’ve not heard a lot about is what happens to your insurance premium when you get a ticket.
Paying down the road
The latest figures from BankRate.com suggest that less than one-third of drivers who got traffic tickets in the last five years are paying more for insurance. What really determines if you’ll pay more is the type of ticket you get. For example, a ticket for DUI/DWI, reckless driving or leaving the scene of an accident will eat you up beyond the pale.
InsuranceQuotes.com has a new list of averages for what certain violations will cost you in auto insurance rates. Remember, these are averages, so your individual results may vary. But here’s the scoop:
A single ticket going 1 to 15 miles over the limit will cause a 21 percent rise in your auto insurance costs. Going 16 miles over the speed limit will generally result in an insurance spike of just under 30 percent.
The best advice is stay 9 miles or less over the posted speed limit and you’ll generally be safe. Particularly on freeways, those first 9 miles over the speed limit are like a gimme from police. Of course, this is not true everywhere; this is general advice, so use your discretion.
What about reckless driving? A single ticket will raise your rates 82 percent! Similarly, a first-time offense for DUI or DWI will generally increase your premium by about the same amount.
How to lower your rates
Know that in some cases you can insulate yourself from higher rates by taking a driver safety course. These courses are often sponsored by the National Safety Council and run in six-hour increments.
Finally, don’t forget there’s really a world of possibility for reducing what you pay for auto insurance if you use a pay-as-you-drive insurer. A company like Progressive will offer you lower rates on insurance in exchange for giving them the right to spy on your driving habits. And they’re just one of many doing this sort of thing.
About Clark Howard
Find more answers to your consumer questions, plus Clark Howard’s book "Living Large for the Long Haul," at ClarkHoward.com.
Listen to Clark Howard weeknights from 6 to 9 p.m. on AM1290/95.7FM News Talk WHIO
Source Dayton Daily News
Tech Mahindra signs contract with UK-based insurance firm
By Clark Howard
Ever wonder exactly how much your auto insurance will go up after a speeding ticket? How about after two or three tickets? I have new numbers to share with you.
Local governments have gone crazy with ticketing for everything because they’re starved for revenue. The calls I get about this kind of thing are usually about the frightful cost of tickets. But what I’ve not heard a lot about is what happens to your insurance premium when you get a ticket.
Paying down the road
The latest figures from BankRate.com suggest that less than one-third of drivers who got traffic tickets in the last five years are paying more for insurance. What really determines if you’ll pay more is the type of ticket you get. For example, a ticket for DUI/DWI, reckless driving or leaving the scene of an accident will eat you up beyond the pale.
InsuranceQuotes.com has a new list of averages for what certain violations will cost you in auto insurance rates. Remember, these are averages, so your individual results may vary. But here’s the scoop:
A single ticket going 1 to 15 miles over the limit will cause a 21 percent rise in your auto insurance costs. Going 16 miles over the speed limit will generally result in an insurance spike of just under 30 percent.
The best advice is stay 9 miles or less over the posted speed limit and you’ll generally be safe. Particularly on freeways, those first 9 miles over the speed limit are like a gimme from police. Of course, this is not true everywhere; this is general advice, so use your discretion.
What about reckless driving? A single ticket will raise your rates 82 percent! Similarly, a first-time offense for DUI or DWI will generally increase your premium by about the same amount.
How to lower your rates
Know that in some cases you can insulate yourself from higher rates by taking a driver safety course. These courses are often sponsored by the National Safety Council and run in six-hour increments.
Finally, don’t forget there’s really a world of possibility for reducing what you pay for auto insurance if you use a pay-as-you-drive insurer. A company like Progressive will offer you lower rates on insurance in exchange for giving them the right to spy on your driving habits. And they’re just one of many doing this sort of thing.
About Clark Howard
Find more answers to your consumer questions, plus Clark Howard’s book "Living Large for the Long Haul," at ClarkHoward.com.
Listen to Clark Howard weeknights from 6 to 9 p.m. on AM1290/95.7FM News Talk WHIO
Source Dayton Daily News
Ever wonder exactly how much your auto insurance will go up after a speeding ticket? How about after two or three tickets? I have new numbers to share with you.
Local governments have gone crazy with ticketing for everything because they’re starved for revenue. The calls I get about this kind of thing are usually about the frightful cost of tickets. But what I’ve not heard a lot about is what happens to your insurance premium when you get a ticket.
Paying down the road
The latest figures from BankRate.com suggest that less than one-third of drivers who got traffic tickets in the last five years are paying more for insurance. What really determines if you’ll pay more is the type of ticket you get. For example, a ticket for DUI/DWI, reckless driving or leaving the scene of an accident will eat you up beyond the pale.
InsuranceQuotes.com has a new list of averages for what certain violations will cost you in auto insurance rates. Remember, these are averages, so your individual results may vary. But here’s the scoop:
A single ticket going 1 to 15 miles over the limit will cause a 21 percent rise in your auto insurance costs. Going 16 miles over the speed limit will generally result in an insurance spike of just under 30 percent.
The best advice is stay 9 miles or less over the posted speed limit and you’ll generally be safe. Particularly on freeways, those first 9 miles over the speed limit are like a gimme from police. Of course, this is not true everywhere; this is general advice, so use your discretion.
What about reckless driving? A single ticket will raise your rates 82 percent! Similarly, a first-time offense for DUI or DWI will generally increase your premium by about the same amount.
How to lower your rates
Know that in some cases you can insulate yourself from higher rates by taking a driver safety course. These courses are often sponsored by the National Safety Council and run in six-hour increments.
Finally, don’t forget there’s really a world of possibility for reducing what you pay for auto insurance if you use a pay-as-you-drive insurer. A company like Progressive will offer you lower rates on insurance in exchange for giving them the right to spy on your driving habits. And they’re just one of many doing this sort of thing.
About Clark Howard
Find more answers to your consumer questions, plus Clark Howard’s book "Living Large for the Long Haul," at ClarkHoward.com.
Listen to Clark Howard weeknights from 6 to 9 p.m. on AM1290/95.7FM News Talk WHIO
Source Dayton Daily News
Tech Mahindra signs contract with UK-based insurance firm
New Delhi: Country's fifth largest software company Tech Mahindra said it has inked a multi-million pound IT services deal with insurance premium finance firm Premium Credit in the UK and Ireland.
Tech Mahindra will provide operational support and maintenance services, as well as development and implementation, it said in a statement.
No specific financial details of the multi-year, multi-million pound deal was disclosed.
"Our partnership with Tech Mahindra is integral to the delivery of all aspects of our strategy. Our partnership gives us access to deep systems knowledge, professional resources and decades of financial systems expertise, enabling us to innovate with confidence," Premium Credit Chief Operating Officer Gopi Chelliah said.
BFSI (Banking, Financial Services and Insurance) practice area is one of the largest contributors to revenue at Tech Mahindra at 10 percent.
Its clients include one of the top 3 retail banks in the US, Canada, UK, Australia and India as well as one of the top three insurers in US, Europe, Australia and India.
Europe is home to some of Tech Mahindras largest clients and constitutes 32 percent of the companys global revenues.
"We are bringing both development and support capabilities to bear on a complex environment. High volumes of transactions and mission critical, customised legacy systems typify financial technology in lending institutions. These must be effectively integrated with both a consumer front end and business management tools," Tech Mahindra Head ? Europe (Enterprise) Vikram Nair said.
The companies are working together to develop Premium Credits financial infrastructure as a connected, flexible business platform that will continue to support the business?s growth, he added.
Premium Credit has 1.8 million customers and achieved advances of GBP 3.3 billion in 2012, processing 24 million Direct Debits. It works with 4,000 intermediaries across its chosen markets and has two offices in Epsom and Dublin. It has 300 employees.
Source Zee News
Tech Mahindra will provide operational support and maintenance services, as well as development and implementation, it said in a statement.
No specific financial details of the multi-year, multi-million pound deal was disclosed.
"Our partnership with Tech Mahindra is integral to the delivery of all aspects of our strategy. Our partnership gives us access to deep systems knowledge, professional resources and decades of financial systems expertise, enabling us to innovate with confidence," Premium Credit Chief Operating Officer Gopi Chelliah said.
BFSI (Banking, Financial Services and Insurance) practice area is one of the largest contributors to revenue at Tech Mahindra at 10 percent.
Its clients include one of the top 3 retail banks in the US, Canada, UK, Australia and India as well as one of the top three insurers in US, Europe, Australia and India.
Europe is home to some of Tech Mahindras largest clients and constitutes 32 percent of the companys global revenues.
"We are bringing both development and support capabilities to bear on a complex environment. High volumes of transactions and mission critical, customised legacy systems typify financial technology in lending institutions. These must be effectively integrated with both a consumer front end and business management tools," Tech Mahindra Head ? Europe (Enterprise) Vikram Nair said.
The companies are working together to develop Premium Credits financial infrastructure as a connected, flexible business platform that will continue to support the business?s growth, he added.
Premium Credit has 1.8 million customers and achieved advances of GBP 3.3 billion in 2012, processing 24 million Direct Debits. It works with 4,000 intermediaries across its chosen markets and has two offices in Epsom and Dublin. It has 300 employees.
Source Zee News
OIC launches Business 360, a comprehensive SME insurance solution
Oman Insurance Company (OIC) has launched a new ‘Business 360′ product to address the complex SME insurance requirements. The simple pre-underwritten, multi-line solution is a first in the UAE. It offers the largest range of covers, with unique solutions for Group Medical, Motor Fleet, Property All Risk and Liability.
Speaking about the new product Mr. Patrick Choffel, OIC’s Chief Executive Officer, said "SMEs in the UAE tend to underinsure their business risks, due to the complexity of multi contract insurance relationships, which are difficult to understand and to administer! Business 360 simplifies this necessary exercise, as it brings together all the key insurance covers into a simple solution."
With one simple application, Business 360 offers a wide range of insurance covers, catering to different industries. Additionally, the online platform allows to quote and bind new policies instantly, making it a quick and easy process.
Optional cover extensions add the flexibility necessary to tailor the insurance policy to meet more specific business needs. Importantly, Business 360 fulfills mandatory insurance requirements in certain UAE Free Zones, with the ability to issue Free Zone insurance certificates. The Business 360 insured SME will benefit from competitive pricing and covers, tailor-made for the UAE market by the leading insurer in the country!
Source Mediaquest
Speaking about the new product Mr. Patrick Choffel, OIC’s Chief Executive Officer, said "SMEs in the UAE tend to underinsure their business risks, due to the complexity of multi contract insurance relationships, which are difficult to understand and to administer! Business 360 simplifies this necessary exercise, as it brings together all the key insurance covers into a simple solution."
With one simple application, Business 360 offers a wide range of insurance covers, catering to different industries. Additionally, the online platform allows to quote and bind new policies instantly, making it a quick and easy process.
Optional cover extensions add the flexibility necessary to tailor the insurance policy to meet more specific business needs. Importantly, Business 360 fulfills mandatory insurance requirements in certain UAE Free Zones, with the ability to issue Free Zone insurance certificates. The Business 360 insured SME will benefit from competitive pricing and covers, tailor-made for the UAE market by the leading insurer in the country!
Source Mediaquest
Over 700 insurers converge on Kigali for AIO conference
More than 700 insurance operators from Africa will be converging on Kigali, Rwanda from today June 1 to 4, 2014 for the 41st Conference and General Assembly of the African Insurance Organisation (AIO) to deliberate on the impacts of technology and research on the insurance industry in the continent.
The conference will hold under the theme "Insurance in Africa: The Importance of Technology, Research and Development," says AIO Secretary General, Ms. Prisca Soares.
The AIO annual conference brings together hundreds of top insurance executives from all over Africa and also from Europe, the Middle East, Asia and Australia.
Daily Independent gathered that more than 700 insurance practitioners and observers across 54 countries around the world are expected to participate at the conference.
Organised by the AIO, this year’s conference, just like previous ones, will be a very determinant moment for the African insurance industry given the issues to be handled.
The event will also feature series of meetings such as Association of African Insurance Supervisory Authorities (AAISA), African Insurance Brokers Association (AIBA), African Life Insurers Meeting and networking on business ideas.
Established in 1972, AIO is a non-governmental organisation recognised by many African governments.
The organisation is the umbrella under which all the insurance operators in the continent fall. Its membership is made up of insurers and reinsurers, brokers and all intermediaries, insurance institutions and trade associations, as well as supervisory authorities.
The primary objective of the association was to promote inter-African cooperation and to develop a healthy insurance and reinsurance industry in Africa. To a great extent, the organisation has achieved this through the establishment of specialised association and the setting up of some technical pools and committees.
The AIO was formed on the same basis as that of OAU (Organisation of African Unity now African Union). It was formed by insurance operators in the continent at a time many independent African countries were leaning towards socialism.
AIO has 287 members from 50 countries in Africa and associate international members from five countries.
Apart from the annual insurance conference, the body organises the annual African Reinsurance Forum, the annual life seminar, as well as various workshops and seminars on a yearly basis.
It is also engaged in rating, software development, development of supervisory/regulatory capacity and promotion of special work programmes. AIO established African Center for Catastrophe Risks.
It has also established the African Aviation and Oil Pools, and various specialised associations under its umbrella for supervisory authorities, brokers and training centres.
Source Daily Independent
The conference will hold under the theme "Insurance in Africa: The Importance of Technology, Research and Development," says AIO Secretary General, Ms. Prisca Soares.
The AIO annual conference brings together hundreds of top insurance executives from all over Africa and also from Europe, the Middle East, Asia and Australia.
Daily Independent gathered that more than 700 insurance practitioners and observers across 54 countries around the world are expected to participate at the conference.
Organised by the AIO, this year’s conference, just like previous ones, will be a very determinant moment for the African insurance industry given the issues to be handled.
The event will also feature series of meetings such as Association of African Insurance Supervisory Authorities (AAISA), African Insurance Brokers Association (AIBA), African Life Insurers Meeting and networking on business ideas.
Established in 1972, AIO is a non-governmental organisation recognised by many African governments.
The organisation is the umbrella under which all the insurance operators in the continent fall. Its membership is made up of insurers and reinsurers, brokers and all intermediaries, insurance institutions and trade associations, as well as supervisory authorities.
The primary objective of the association was to promote inter-African cooperation and to develop a healthy insurance and reinsurance industry in Africa. To a great extent, the organisation has achieved this through the establishment of specialised association and the setting up of some technical pools and committees.
The AIO was formed on the same basis as that of OAU (Organisation of African Unity now African Union). It was formed by insurance operators in the continent at a time many independent African countries were leaning towards socialism.
AIO has 287 members from 50 countries in Africa and associate international members from five countries.
Apart from the annual insurance conference, the body organises the annual African Reinsurance Forum, the annual life seminar, as well as various workshops and seminars on a yearly basis.
It is also engaged in rating, software development, development of supervisory/regulatory capacity and promotion of special work programmes. AIO established African Center for Catastrophe Risks.
It has also established the African Aviation and Oil Pools, and various specialised associations under its umbrella for supervisory authorities, brokers and training centres.
Source Daily Independent
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