Click to a Great Insurance Industry Resource

There are several associations, websites, newswires, blogs and publications providing current and in-depth information on the insurance industry. You probably already know about and follow your favorites. But where should you look for a comprehensive guide to all insurance industry publications out there?

We recently stumbled upon The Alacra Wiki, which is a user-generated compilation of industry publications and resources organized categorically by a number of different industries. Their insurance page contains a wealth of titles assembled in one place, from expert commentary and analysis, administration, statistics and profiles to legislative updates.

Click here to visit the insurance AlacraWiki and make sure you’re connected to all available resources for your industry. You may find a valuable source you didn’t know about, or find a favorite missing that you might want to contribute. Try bookmarking it so you can check back often for updates.

Tags: insurance industry, insurance,
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The Staggering Financial Implications of Rebuilding Haiti

The recent disaster in Haiti has been sobering to consider. The loss of life has been tragic, and the need for medical care and supplies for survivors is nearly overwhelming. Thankfully, world-wide aid efforts have been impressive in mobilizing to care for those in need, and aid organizations continue to make strides to help the victims of this natural disaster.

As the disaster relief process for the Haiti earthquake aftermath continues, one figure that is particularly staggering is the projected cost to rebuild the country. A February 17, 2010, National Underwriter article indicated that estimates for rebuilding Haiti have approached $14 billion. And whereas a majority of United States homeowners purchase property and casualty (P&C) insurance coverage to protect against some of the financial costs of natural disasters, virtually no Haitians had this luxury.

According to a Munich Re expert, at the time of the earthquake Haiti had a P&C insurance penetration rate of less than 1 percent. While Haiti does belong to the Caribbean Catastrophe Risk Insurance Facility (CCRIF) pool, coverage from that pool is only around $8 million. The bulk of the burden for rebuilding the nation’s homes and infrastructure will fall on donors and other countries, as Haiti cannot afford to absorb this cost by itself.

These figures are cause to consider the implications to P&C insurers of protecting countries like Haiti, which is both located in a high-risk location (near the Enriquillo-Plaintain Garden fault zone) and one of the poorest countries in the world. Although risk is high and incomes are low, when disaster strikes, these countries are also the most in need of protection.

And the need for coverage against natural disasters shows no sign of slowing down: there has been a decade-over-decade trend of increased catastrophic events worldwide since the 1990s, with one expert predicting a similar increase into the 2010s. We have seen some of these recent disasters even in our own country. In light of this expectation, P&C insurers might consider examining their approach to high-risk locales, underrepresented groups and reinsurance.

When it comes to P&C insurance in Haiti, as well as insurance coverage in other high-risk, developing nations, what should we consider when thinking about how to protect these nations from financial disaster, while also guarding the insurer against excessive, unsustainable risk?

Tags: p&c insurance, haiti
Categories: General
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Anthem Blue Cross and Blue Shield Makes Fitness Program Available to More Missouri Seniors

With the economy barely inching towards recovery, now is a time for health care insurers to be innovative. To stand out in a crowd of comparable coverage options, providing more services for the same expense has never been more important. One insurer who has taken this approach for many years is Anthem Blue Cross and Blue Shield in Missouri. Their cleverly named SilverSneakers® Fitness Program was developed in 1992 to address senior citizens’ wellness needs. Now, the company is expanding the program, says a press release from the company:

Anthem Blue Cross and Blue Shield in Missouri will expand its current partnership with Healthways, Inc. to offer the award-winning SilverSneakers® Fitness Program at no additional cost to Anthem Medicare Preferred Standard and Anthem Medicare Preferred Select members in Missouri beginning January 1, 2010 ¹.

Understanding and catering to the interests of beneficiaries is one of the primary aspects of success in the health plan market. Anthem BCBS should be applauded for listening to and addressing its members’ needs. “More than ever, older adults are recognizing the benefits of regular physical activity and that's why we are giving our members access to an innovative fitness program designed to meet their physical and social needs”, said Krista Bowers, president of Anthem Blue Cross and Blue Shield's Senior Business.

In addition to happier, healthier members, Anthem BCBS is helping to keep health care costs down. “A 2008 CDC-funded study found that members who participate in SilverSneakers are admitted to the hospital less often and have lower overall health care costs. In member surveys, nearly 70 percent of SilverSneakers participants report improved overall health.”

It’s great to see health insurers embracing member benefits that will positively and directly impact their beneficiaries’ quality of life while also contributing to lowered healthcare costs.

¹ Anthem Blue Cross and Blue Shield Expands SilverSneakers® to Additional Members in Missouri

Tags: trends in insurance industry
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Attention Parents: Setting Strict Driving Rules for Kids is a “Public Health Issue”

Appropriate parenting and monitoring of your teenager’s driving behavior can avert him/her from becoming a statistic. A recent study by researchers at Children's Hospital of Philadelphia revealed that “Traffic crashes are the leading cause of death for U.S. teens, killing more than 5,000 each year”.

With more kids owning cars and having free access to use cars, a sense of entitlement that they can take a car on their own makes them less cautious and more susceptible to dangerous driving and accidents.  The study found that “70 percent of teenagers said they had their own cars or were the main drivers of cars they used” – a clear indication in the rise of teenagers driving and the impending risks on road.

“Among these "main'' drivers, 25 percent had been involved in crashes, versus just 10 percent of teens who shared driving access with family members” – emphasizing that better parental control on access to vehicles has positive results.

Plus, the habit of using cell phones while driving means less focus on traffic and more chances for careless accidents. Requiring teenagers to abide by a clear set of rules, including no talking on cell phones or texting while driving, as well as restricting access to the car, can have a big impact on reducing the number of suffering parents.

"With teen drivers, you have to recognize that it's a public health issue,'' said Dr. Jeffrey Weiss, a physician in Phoenix who co-wrote the report.

This trend may attract the insurance industry to tailor new insurance models. In a previous article, “Ground-breaking Incentives: Start-up Health Plan Rewards Members for Prevention”, we mentioned how SeeChange offers people taking preventative measures with innovative insurance benefits. It wouldn’t be surprising to see health plans coming up with similar products based on the results of the above mentioned study.

Check this National News article in the Insurance Journal for better details on the study.

Tags: health plans, driving trends
Categories: General
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