Day: November 7, 2022

AM Best maintains negative outlook for Indonesian insurance market

Ratings agency A.M. Best Co. Inc. has maintained a negative outlook for the Indonesian non-life insurance market citing challenges in credit and motor insurance and ongoing macroeconomic uncertainties.

Regulators approve 8.2% comp rate cut for Oklahoma businesses

Oklahoma Insurance Commissioner Glen Mulready on Friday announced an 8.2% decrease in workers compensation loss costs for 2023.

Illinois Blues plan, Springfield Clinic contract dispute approaches one-year mark

Nearly a year after contract negotiations between Blue Cross Blue Shield of Illinois and Springfield Clinic fell through, the two sides are still negotiating without a resolution in sight.

Alignment Healthcare posts $40 million loss in third quarter

Alignment Healthcare Inc. reported a $40.2 million loss in its third quarter as the startup provider of Medicare Advantage coverage spends money to expand coverage into new markets and grow enrollment.

Pension funding ratios hit 112.8% as discount rate lowers liabilities: Milliman

U.S. corporate pension plans’ funding ratios now exceed 110% thanks to rising discount rates bringing down pension liabilities.

Employers say rising health care costs hurt talent efforts

The soaring cost of health care is harming the ability of many employers to recruit and retain workers, according to a survey by the National Alliance of Healthcare Purchaser Coalitions.

PBGC provides $32.7 million to troubled union plan

Last month, the Pension Benefit Guaranty Corporation approved a $32.7 million request to bail out the Bricklayers Local 7 union pension plan in Akron, Ohio.

Congressman calls for probe of allegations of HCA admissions fraud

Critics allege that HCA Healthcare Inc. sought to keep occupancy rates high by creating incentives for doctors to admit ER patients – whether those patients required admission or not.

Hospitals report operating losses: Kaufman, Hall

Hospitals continued to operate in the red in the first nine months of the year, according to Kaufman, Hall & Associates L.L.C.

Richard Branson faces shareholder lawsuit over space travel problems

A U.S. judge on Monday said British billionaire entrepreneur Richard Branson must face shareholder claims he concealed problems in Virgin Galactic Holdings Inc.s spaceship program and sold hundreds of millions of dollars of stock at inflated prices.

Perspectives: Risk analysis lessons from Hurricane Ian

Weather events like Hurricane Ian have become flashpoints for discussions and the understanding of the effect of climate change. With the loss of life, loss of property and the necessity to rebuild, it is natural that we would filter the impact climate change has on our lives through the lens of our most severe weather experiences.

US lays claim to $1B in stolen Silk Road Bitcoin

The United States is seeking the forfeiture of more than $1 billion in Bitcoin stolen from the Silk Road online marketplace, federal prosecutors in Manhattan said on Monday.

Inflation, debt, affordability crises pose sternest tests to global business

Rapid and/or sustained inflation is the biggest risk to doing business globally over the next two years, followed by debt crises and the cost-of-living crisis, according to a survey by the World Economic Forum released Monday.

BRP revenue jumps 91% in Q3

BRP Group Inc., the parent company of broker Baldwin Risk Partners LLC, reported third-quarter 2022 organic revenue growth of 28% and revenue for the quarter of $259.4 million, up 91% from third-quarter 2021.

Hanover unit must pay at least $148,000 to software firm

A federal district court in St. Paul, Minnesota, has ruled that a Hanover Insurance Group Inc. unit must pay at least $148,000 under a cyber business interruption and extra expense clause in its policy to a software company that fell victim to a scam.