Kaiser Family Foundation and eHealthInsurance.com To Release New Report On Individual Health Insurance Premiums And Purchaser Demographics
The Kaiser Family Foundation and eHealthInsurance, the nation's leading source of health insurance for individuals and families, will release a new report on the individual health insurance market at 9:30 a.m. on Monday, August 2, 2004. The report will include demographic data about who is buying individual health insurance, as well as information about the actual premiums people are paying and the cost-sharing mechanisms for those products. The event will include a panel discussion with representatives from the insurance industry on the individual health insurance marketplace, including Health Savings Accounts and other products available to consumers who purchase their health insurance directly from insurance companies.
The report is the first of a series of planned reports from the Kaiser Family Foundation and eHealthInsurance to provide policymakers and others with information about individual health insurance products and their purchasers.
WHAT:
Briefing for reporters and policymakers on the individual
health insurance market
WHEN:
Monday, August 2, 2004 at 9:30 a.m. Registration beginning at 9 a.m.
WHO:
Gary Claxton, Vice President and Director, The Health Care
Marketplace Project, Kaiser Family Foundation
Gary Lauer, Chairman and Chief Executive Officer, eHealthInsurance
WHERE:
Barbara Jordan Conference Center (Kaiser Family Foundation Office) 1330 G Street, NW, Washington, DC (one block west of Metro Center)
RSVP:
Tiffany Ford at (202) 347-5270, or email tford@kff.org
Thursday, July 29, 2004
Monday, July 26, 2004
Anthem/Wellpoint Merger rejected
California Department of Insurance Commissioner John Garamendi on Friday rejected the proposed Anthem/WellPoint merger, stating Californians would have to pay for the $16 billion deal.
Mr. Garamendi made his announcement soon after the California Department of Managed Health Care (DMHC) had approved the merger. The DMHC had negotiated a $122 million investment in California health-care services with Anthem and WellPoint.
Both WellPoint and Anthem are members of the Blue Cross Blue Shield Association and their merger would create the largest health plan in the country. Blue Cross of California is a subsidiary of WellPoint.
The United States Attorney General's office, shareholders, Blue Cross Blue Shield Association and 10 states have approved the deal.
The department had negotiated a deal to protect consumers in four different areas - improve quality of care, ensure premium dollars are spent on health care, protect enrollee and improve access to care.
Blue Cross had promised to invest $17 million in areas to improve quality of care for its members in the areas of mental health, childhood obesity and quality physician standards. With this investment, the company's goal is to improve its "fair" rating on the state's HMO Report Card.
Blue Cross had vowed not to use California premium dollars to pay for the estimated $4 billion merger deal and will file financial reports with the state to show its compliance with the state.
The health-care provider said it would continue to offer health insurance to the poor through government-sponsored insurance programs such as Medi-Cal, Access for Infant and Mothers Program and Healthy Families.
Blue Cross committed 2 percent of its current investment portfolio, estimated at $100 million, to improve access to care in rural and underserved communities which would be invested over 20 years.
The WellPoint Foundation had said it would invest $5 million per year over three years in outreach efforts to increase enrollment in the Healthy Families Program.
Mr. Garamendi made his announcement soon after the California Department of Managed Health Care (DMHC) had approved the merger. The DMHC had negotiated a $122 million investment in California health-care services with Anthem and WellPoint.
Both WellPoint and Anthem are members of the Blue Cross Blue Shield Association and their merger would create the largest health plan in the country. Blue Cross of California is a subsidiary of WellPoint.
The United States Attorney General's office, shareholders, Blue Cross Blue Shield Association and 10 states have approved the deal.
The department had negotiated a deal to protect consumers in four different areas - improve quality of care, ensure premium dollars are spent on health care, protect enrollee and improve access to care.
Blue Cross had promised to invest $17 million in areas to improve quality of care for its members in the areas of mental health, childhood obesity and quality physician standards. With this investment, the company's goal is to improve its "fair" rating on the state's HMO Report Card.
Blue Cross had vowed not to use California premium dollars to pay for the estimated $4 billion merger deal and will file financial reports with the state to show its compliance with the state.
The health-care provider said it would continue to offer health insurance to the poor through government-sponsored insurance programs such as Medi-Cal, Access for Infant and Mothers Program and Healthy Families.
Blue Cross committed 2 percent of its current investment portfolio, estimated at $100 million, to improve access to care in rural and underserved communities which would be invested over 20 years.
The WellPoint Foundation had said it would invest $5 million per year over three years in outreach efforts to increase enrollment in the Healthy Families Program.
Catastrophes blamed for insurance woes
CHARLESTON, W.Va. (AP) - Claims filed against insurers are not the main culprit behind West Virginia's homeowner insurance woes, according to a report issued to lawmakers Sunday by the state insurance commissioner.
Instead, catastrophes involving hail, windstorms and other forces of nature "appear to be the principal driver of the recent rise in homeowner rates," the analysis concluded.
Commissioner Jane Cline's office examined homeowner claims filed between 1997 and 2002, the latest year for available data. She presented her findings during the interim meeting of a joint select committee assigned to study insurance issues.
Instead, catastrophes involving hail, windstorms and other forces of nature "appear to be the principal driver of the recent rise in homeowner rates," the analysis concluded.
Commissioner Jane Cline's office examined homeowner claims filed between 1997 and 2002, the latest year for available data. She presented her findings during the interim meeting of a joint select committee assigned to study insurance issues.
Ohio car insurance firm selects Injury Sciences' 'black box' product
Grange Insurance has licensed San Antonio-based Injury Sciences LLC's proprietary Event Data Recorder product in its claims evaluation process.
Injury Sciences' EDR InSight provides insurance companies with "black box" data in order to analyze automobile accidents. It records such information as the vehicle and engine speed before impact, throttle position, braking activity and severity of impact.
"We are committed to fair claim service and believe that EDR InSight provides us the opportunity to improve liability determination on select claims by analyzing accurate and objective vehicle data," says Lyle Rhodebeck, vice president of claims at Columbus, Ohio-based Grange. "Injury Sciences makes it possible to take advantage of this new technology with its harvesting and interpretive services."
Grange Insurance offers auto, home, life, business and farm insurance. It also offers financial services through The Grange Bank.
Injury Sciences is a leading provider of software and related solutions for the automobile insurance industry.
Injury Sciences' EDR InSight provides insurance companies with "black box" data in order to analyze automobile accidents. It records such information as the vehicle and engine speed before impact, throttle position, braking activity and severity of impact.
"We are committed to fair claim service and believe that EDR InSight provides us the opportunity to improve liability determination on select claims by analyzing accurate and objective vehicle data," says Lyle Rhodebeck, vice president of claims at Columbus, Ohio-based Grange. "Injury Sciences makes it possible to take advantage of this new technology with its harvesting and interpretive services."
Grange Insurance offers auto, home, life, business and farm insurance. It also offers financial services through The Grange Bank.
Injury Sciences is a leading provider of software and related solutions for the automobile insurance industry.
Wednesday, July 21, 2004
Allstate stock a good buy
NEW YORK, July 21 (New Ratings) - Analyst Jay H Gelb of Prudential Financial maintains his "overweight" rating on Allstate (ALL.NYS), while raising his estimates for the company. The target price is set to $60.Shares of Allstate, the second-largest home and auto insurance company in the US, are currently trading at $46.64.
New York to reduce auto insurance rates
In an effort to aid more than 337,000 New York State drivers and lower their insurance payments, Governor George Pataki announced a 2% decrease in NY auto insurance premiums for drivers with coverage under the New York Assigned Risk Plan. The announcement, according to Pataki's administration, is part of his effort to "fight insurance fraud."
Thursday, July 15, 2004
S&P ratings on Blue Cross Blue Shield of North Carolina
NEW YORK--(BUSINESS WIRE)--July 14, 2004--On July 14, 2004, Standard & Poor's Ratings Services revised its outlook on Blue Cross and Blue Shield of North Carolina (BCBSNC) to negative from stable.
At the same time, Standard & Poor's affirmed its 'A+' counterparty credit and financial strength ratings on BCBSNC.
The outlook revision reflects proposed legislation by North Carolina's Department of Insurance that could have a negative effect on the company's capital level and earnings potential. Although Standard & Poor's commented on the proposal in June 2004 before the end of the state's short legislative session, there is now a degree of uncertainty regarding what form this bill might take in the full session in early 2005. The bill, in some form, will likely be introduced during the full session, but the extent of its possible effect on BCBSNC is unknown at this time. It is the uncertainty regarding what form this bill might take that has resulted in the negative outlook.
The proposal in its current form would require BCBSNC to return some of its surplus to consumers because of the company's strong risk-based-capital position. Any surplus above an indicated level will immediately be deemed inappropriate and would need to be corrected within a short timeframe.
The insurer financial strength rating on BCBSNC is based on the company's leading market share in North Carolina, extremely strong capital and operating performance, and good membership growth.
Outlook
The negative outlook reflects Standard & Poor's belief that some form of negative legislation will likely be introduced in early 2005. Once a new proposal is presented it will be evaluated for its possible effect on BCBSNC. If Standard & Poor's determines that the legislation would result in capital and earnings that are not supportive of an 'A+' rating, then the rating will likely be lowered.
Standard & Poor's believes that BCBSNC's overall membership base will grow at a good rate, with some likely shifting from the insured to the self-funded accounts. The company should be able to provide the product options and high customer service that is necessary for its continued overall membership growth. Pricing for 2004 was set at rates that should maintain some profit margin for the company, yet not be as profitable as 2003. For year-end 2004, Standard & Poor's expects consolidated pretax GAAP income of $230 million to $240 million, reflecting a slight increase in the medical loss ratio and a reduction in administrative expenses as a percentage of operating revenue. It is expected that BCBSNC will likely maintain its capital adequacy at the current level of about 220%.
At the same time, Standard & Poor's affirmed its 'A+' counterparty credit and financial strength ratings on BCBSNC.
The outlook revision reflects proposed legislation by North Carolina's Department of Insurance that could have a negative effect on the company's capital level and earnings potential. Although Standard & Poor's commented on the proposal in June 2004 before the end of the state's short legislative session, there is now a degree of uncertainty regarding what form this bill might take in the full session in early 2005. The bill, in some form, will likely be introduced during the full session, but the extent of its possible effect on BCBSNC is unknown at this time. It is the uncertainty regarding what form this bill might take that has resulted in the negative outlook.
The proposal in its current form would require BCBSNC to return some of its surplus to consumers because of the company's strong risk-based-capital position. Any surplus above an indicated level will immediately be deemed inappropriate and would need to be corrected within a short timeframe.
The insurer financial strength rating on BCBSNC is based on the company's leading market share in North Carolina, extremely strong capital and operating performance, and good membership growth.
Outlook
The negative outlook reflects Standard & Poor's belief that some form of negative legislation will likely be introduced in early 2005. Once a new proposal is presented it will be evaluated for its possible effect on BCBSNC. If Standard & Poor's determines that the legislation would result in capital and earnings that are not supportive of an 'A+' rating, then the rating will likely be lowered.
Standard & Poor's believes that BCBSNC's overall membership base will grow at a good rate, with some likely shifting from the insured to the self-funded accounts. The company should be able to provide the product options and high customer service that is necessary for its continued overall membership growth. Pricing for 2004 was set at rates that should maintain some profit margin for the company, yet not be as profitable as 2003. For year-end 2004, Standard & Poor's expects consolidated pretax GAAP income of $230 million to $240 million, reflecting a slight increase in the medical loss ratio and a reduction in administrative expenses as a percentage of operating revenue. It is expected that BCBSNC will likely maintain its capital adequacy at the current level of about 220%.
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