Archive for May 7, 2013
Are you interested in the latest insurance news? Many interesting and relevant headlines popped up this week though out various business news websites. Here is a brief rundown in the latest. First in insurance news, Warren Buffet, the billion dollar chairman of Berkshit Hathaway that has long been seen as a predictor of market trends, is planning to expand in commercial insurance. He thinks that a move into commercial insurance is a good bet. Previously, Berkshire concentrated mostly on auto coverage and not so much on commercial properties. Second, Oregonians are now five months away from being able to purchase individual insurance. This relates to both state changes as well as the Affordable Care Act. Third in insurance business news, in Wyoming, state legislators are advising business owners to prepare for the changes that the Affordable Care Act will bring. Although the changes will not take place until the first of January next year, it is recommended that businesses start planning and changing now, in order to avoid fines later on. Businesses with fifty or more full time employees will be required to follow the new laws. Fourth in insurance news, in Minneapolis, a state run liability insurer, MJUA, helps to keep high risk doctors working. At this point, certain doctors are sued so frequently because of their line of work and its inherent risks, that regular insurance companies are unwilling to cover them. There is worry that this presents a health risk to the public, since it allows bad doctors to stay in business. The state is looking into ways to regulate MJUA in a way that is more cognizant of public threats to health. Fifth in insurance news,, many small businesses are reporting sticker shock at the higher prices insurance companies want to charge them under the new health care laws, mostly because they have never offered insurance before, not because the rates are especially high. Hopefully, employers will be able to balance this.