Category: Business

Posted in Business

Pethealth to Combine with Crum & Forster Accident & Health; Will Create Fourth Largest Pet Insurance Entity in U.S. Market

EATONTOWN, N.J., Aug. 19, 2020 /PRNewswire/ — Crum & Forster, Accident & Health (www.cfins.com) announces that Pethealth Inc. (www.pethealthinc.com) will complete a reorganization transaction that will result in Pethealth combining with the Crum & Forster family and becoming a wholly owned subsidiary of Crum & Forster Holdings Corp, which is a wholly owned subsidiary of Fairfax Financial Holdings Limited (www.fairfax.ca). The transaction is subject to customary closing conditions and is expected to close by the end of the fourth quarter of 2020.

Pethealth, also a wholly owned subsidiary of Fairfax, entered the pet insurance industry in 1998 and has become one of North America’s leading producers of medical insurance for cats and dogs. Combined under the A&H umbrella with the guidance of A&H President Gary McGeddy, Pethealth and Crum & Forster Pet Insurance Group will represent a significant force in the pet insurance industry.

“We are excited to welcome

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Posted in Business

Pethealth to Combine with Crum & Forster Accident & Health; Will Create Fourth Largest Pet Insurance Entity in U.S. Market | News

EATONTOWN, N.J., Aug. 19, 2020 /PRNewswire/ — Crum & Forster, Accident & Health (www.cfins.com) announces that Pethealth Inc. (www.pethealthinc.com) will complete a reorganization transaction that will result in Pethealth combining with the Crum & Forster family and becoming a wholly owned subsidiary of Crum & Forster Holdings Corp, which is a wholly owned subsidiary of Fairfax Financial Holdings Limited (www.fairfax.ca). The transaction is subject to customary closing conditions and is expected to close by the end of the fourth quarter of 2020.

Pethealth, also a wholly owned subsidiary of Fairfax, entered the pet insurance industry in 1998 and has become one of North America’s leading producers of medical insurance for cats and dogs. Combined under the A&H umbrella with the guidance of A&H President Gary McGeddy, Pethealth and Crum & Forster Pet Insurance Group will represent a significant force in the pet insurance industry.

“We are excited to welcome

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Posted in Business

Zurich Insurance looks to higher prices to cushion COVID-19 hit

ZURICH/LONDON (Reuters) – Zurich Insurance’s (ZURN.S) life insurance and property and casualty businesses have taken a hit from the COVID-19 pandemic, but rising commercial insurance rates will provide support, its CFO said on Thursday as the company reported a 40% profit drop.

FILE PHOTO: The logo of Zurich Insurance Group is seen on a building in Bern February 10, 2014. Zurich Insurance Group announced their 2013 financial results on February 13. REUTERS/Thomas Hodel

Insurers have been hit across the board by pandemic-related claims including for travel, business interruption and event cancellation, in addition to life insurance.

“It’s been a relatively extraordinary six months,” Chief financial officer George Quinn said. “The challenge is not over.”

Europe’s fifth-largest insurer said it expected COVID-19 related insurance claims at its Property & Casualty business to be $750 million for the full year, the same level it indicated in May.

Zurich’s first-half business

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Posted in Business

Health insurance awareness rising but not leading to surge in policy sales, says Bajaj Allianz General CEO



a man wearing a suit and tie smiling at the camera: Health insurance awareness rising but not leading to surge in policy sales, says Bajaj Allianz General CEO


© M Saraswathy
Health insurance awareness rising but not leading to surge in policy sales, says Bajaj Allianz General CEO

Even as the Coronavirus (COVID-19) has brought forth the necessity to buy health insurance, the actual number of policies taken may not be adequate.

Tapan Singhel, MD & CEO of Bajaj Allianz Health Insurance told Moneycontrol in an interview that while COVID-19 has started a serious conversation around buying health insurance, not all of it is translating into sales.

“There is a perception that everyone is now buying health insurance in India. But that is not the case,” said Singhel.

In fact, the Insurance Regulatory and Development Authority of India (IRDAI) member non-life T L Alamelu had also said on August 19 that there is a big gap in health insurance coverage in India.

Even as 2.77 million Indians have tested positive for Coronavirus (COVID-19) so far, only 1,25,000 health

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Posted in Business

Cleveland Clinic, Aetna launch co-branded insurance plan

Cleveland Clinic and Aetna, a CVS Health Company (NYSE: CVS), are collaborating to offer new plans that aim to reduce health care costs for participating employers and expand Aetna members’ access to Clinic providers.

Their collaboration includes launching a co-branded insurance plan, an expanded relationship nationwide, the formation of an Accountable Care Organization (ACO) model and the deployment of Cleveland Clinic’s Cardiac Center of Excellence program to Aetna plan sponsors, according to a news release.

“Given the current economic climate, employers are looking for a cost-effective, high quality insurance plan that also provides access for their employees to coordinated care and advanced medical expertise,” said Steven C. Glass, the Clinic’s chief financial officer, in a provided statement. “Cleveland Clinic is committed to improving the health and wellbeing of Aetna members, and we look forward to working together to deliver value-based health care to an expanded patient population.”

In 2017, the

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Posted in Business

Business owners can sue insurer over coronavirus losses, Missouri judge rules

(Reuters) – A federal judge in Missouri said on Wednesday a group of hair salons and restaurants can sue their insurance carrier for business interruption losses caused by the coronavirus pandemic, which they say caused a “direct physical loss” to their premises.

The decision against Cincinnati Insurance Co by U.S. District Judge Stephen Bough in Kansas City appears to be first victory for policyholders suing insurers for improperly denying claims related to shutdowns caused by COVID-19.

Insurers had won similar cases in courts in Michigan and Washington, D.C., successfully arguing that coverage was not warranted because the virus travels through the air and does not cause physical damage.

In refusing to dismiss the Missouri case, Bough said the presence of COVID-19 was not a “benign condition,” and the plaintiffs plausibly alleged that particles were a “physical substance” that attached to and damaged their property, rendering them unsafe and unusable.

Bough

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Posted in Business

FACT CHECK: Trump and GOP distort on health care, vote fraud, Biden tax plan

WASHINGTON (AP) — President Donald Trump made a dizzying array of misleading claims about voting fraud and health care Monday as fellow Republicans opened their convention with speeches distorting the agenda of his Democratic rival, Joe Biden.

Trump falsely asserted that he was the one who ensured that people with preexisting medical problems will be covered by health insurance; actually that was Democratic President Barack Obama. Several speakers accused Biden of proposing to defund police, ban fracking, take over health care and open borders — none of that true.

A look at statements at the Republican National Convention:

HEALTH CARE

TRUMP: “We protected your preexisting conditions. Very strongly protected preexisting … and you don’t hear that.”

THE FACTS: You don’t hear it because it’s not true.

People with preexisting medical problems have health insurance protections because of President Barack Obama’s health care law, which Trump is trying to dismantle.

One

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Posted in Business

Boulder Business Recovery Program Extended Through Oct. 31

BOULDER, CO—Boulder city officials announced they are extending the end date of the Boulder Business Recovery Program (BBRP) from Sept. 30 to Oct. 31, including the:

  • Current street closures along Pearl Street and at the Event Street on University Hill

  • Re-routing of the HOP Bus to Walnut Street in sections of the downtown core

  • Designation of existing curbside pick-up locations

  • Temporary waiver of the minimum parking requirement for businesses citywide

The BBRP has helped over 100 Boulder businesses reopen this summer, according to city officials.

This program was created by the city in response to the COVID-19 pandemic with the intent to support community health and safety while reopening local businesses. This program streamlined the process for businesses to expand outdoors while reopening under the state’s Safer at Home order.

In the spirit of the program, city officials said the extension process will be as seamless as possible for local

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Posted in Business

Health insurance came after the Great Depression, so what will happen to healthcare after coronavirus?



a person sitting at a table using a laptop


© Provided by The Independent


While telemedicine is growing in times of Covid-19, the healthcare industry isn’t immune to the recession. The global pandemic has reduced inpatient visits by almost a third, has insurance providers knocking at Congress’s door, and plummeted the FTSE All Share by about 20 per cent. But what sounds like a bad diagnosis is actually a ripe opportunity to cure the healthcare industry’s chronic resistance to digital medicine and healthcare e-commerce.

It’s a rare opportunity too. Recessions have fostered some of the most impactful businesses in history – GE, HP and Disney among them – but the healthcare industry hasn’t wavered enough since the Great Depression, which we can thank for bringing us health insurance, to pose an opening for real disruption.

While healthcare isn’t entirely recession-proof, it’s much more resilient than other industries in the face of economic uncertainty. The industry’s unemployment rate was affected

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Posted in Business

NJ health insurance tax would raise costs for small businesses at the worst time

Eileen Kean
Published 5:00 a.m. ET July 30, 2020 | Updated 7:18 a.m. ET July 30, 2020

CLOSE

The Small Business Lease – Emergency Assistance Grant Program is designed to help small businesses impacted by Covid-19

Asbury Park Press

As you read this, legislation is being considered in Trenton that would impose higher health insurance costs on small businesses at the worst possible time — during a pandemic when they are struggling to stay afloat.

Despite the financial hardship, many small business owners have done all they can to keep their employees on their group health plans at a time when everyone is exceptionally concerned about the risks posed by a very contagious virus. Lawmakers pushing this bill need to know it would not only hurt already battered small businesses but their employees, who risk losing that important insurance coverage if the bill passes.  

The companion bills introduced by the

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