Insurance news net
Here are some recent insurance news updates from various sources:
1. Health Insurance
- ACA Enrollment Reaches 12.7 Million: The Centers for Medicare and Medicaid Services (CMS) announced that 12.7 million people have enrolled in Affordable Care Act (ACA) health insurance plans for 2023, a 2% increase from last year. (Source: CMS)
- UnitedHealthcare to Offer ACA Plans in 36 States: UnitedHealthcare will offer ACA plans in 36 states for 2023, expanding its presence in the individual and small group markets. (Source: UnitedHealthcare)
2. Property and Casualty Insurance
- Hurricane Ian Losses Estimated at $53 Billion: The Insurance Information Institute (III) estimates that Hurricane Ian caused $53 billion in insured losses, making it one of the costliest hurricanes in U.S. history. (Source: III)
- Auto Insurance Rates to Rise in 2023: A report by the National Association of Insurance Commissioners (NAIC) predicts that auto insurance rates will increase by 5-10% in 2023 due to rising claims costs and other factors. (Source: NAIC)
3. Life Insurance
- Life Insurance Sales Reach $6.4 Billion in Q3: The Life Insurance and Market Research Association (LIMRA) reports that life insurance sales reached $6.4 billion in the third quarter of 2022, a 2% increase from the same period last year. (Source: LIMRA)
- Term Life Insurance Gains Popularity: A survey by the American Council of Life Insurers (ACLI) finds that 62% of Americans prefer term life insurance over whole life insurance, citing affordability and flexibility as key factors. (Source: ACLI)
4. Cyber Insurance
- Cyber Insurance Claims Reach $1.3 Billion in 2022: A report by the National Cyber Security Alliance (NCSA) estimates that cyber insurance claims reached $1.3 billion in 2022, a 15% increase from the previous year. (Source: NCSA)
- Cyber Insurance Premiums to Rise 20% in 2023: A report by the Insurance Information Institute (III) predicts that cyber insurance premiums will increase by 20% in 2023 due to rising claims costs and increased awareness of cyber risks. (Source: III)
5. Regulation and Legislation
- DOL Proposes Rule to Expand Association Health Plans: The U.S. Department of Labor (DOL) has proposed a rule to expand Association Health Plans (AHPs), allowing more employers to band together to offer health insurance to their employees. (Source: DOL)
- California Passes Bill to Regulate Insurtech: California has passed a bill to regulate insurtech companies, requiring them to obtain a license and meet certain standards for consumer protection and data security. (Source: California Department of Insurance)
These are just a few examples of recent insurance news updates. If you're interested in staying up-to-date on the latest insurance news, I recommend following reputable sources such as the Insurance Information Institute (III), the National Association of Insurance Commissioners (NAIC), and the American Council of Life Insurers (ACLI).