• Health Insurance

    Health insurance costs: Premiums for family coverage at work tops $22,000 a year

    Employees foot about $6,000 of the tab, while companies pick up the rest, according to the 2021 Kaiser Family Foundation Employer Health Benefits Survey. The report, released Wednesday, found that the average annual premium rose 4% this year to $22,221. The average annual premium for a single staffer in 2021 hit $7,739, also up 4%. Workers pay about $1,300, and employers cover the remaining tab. About 155 million Americans rely on employer-sponsored coverage — and they are paying a lot more for that benefit than they were a decade ago. The average family premium has increased 47%, more than wages  

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  • Insurance

    Life Insurance Premiums Are Changing

    If you’re enrolled in the Federal Employees Group Life Insurance program, watch your paycheck at the end of October. According to this Federal Register notice, the Office of Personnel Management has completed a study of FEGLI and is making changes to Employee Basic, Option A, Option B, Option C and Post-Retirement Basic Insurance. Rates are going up for Basic, and in some cases for the optional forms of insurance too. In other cases, they’re staying the same or being reduced.  These changes reflect updated mortality and claims rates in each FEGLI category. The legislative structure of FEGLI assumes that  

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  • Vehicle Insurance

    Here’s How Much a Speeding Ticket Affects Insurance Premiums

    Speeding can increase the chances of an auto accident because it takes longer for a motorist to stop the vehicle when the car is going faster. It’s also harder for motorists to control the vehicle or to see obstacles in their path in time to swerve if they are going faster. And when a driver speeds, the added force of the car is more likely to cause an accident to be serious if it occurs. Because speeding is so dangerous, auto insurance companies view it as much more risky to insure a motorist known to drive too fast. Because of  

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  • Vehicle Insurance

    Progressive Insurance Hurt by Rise in Auto Claims, Low Premiums in Q2

    Progressive Corp. reported a 56% decrease in net income to $790.1 million for the second quarter. Net income was down 9% for the first six months. The company said the largest contributor to the year-over-year decreases was the reduction of underwriting income, which decreased 68% for the quarter and 38% for the first six months of 2021. The companywide underwriting margin for the second quarter 2021 was 3.5%, compared to 12.3% for the same period last year. The combined ratio rose by 8.8 points to reach 96.5, compared to 87.7 in the same period last year. The results reflect higher  

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  • Health Insurance

    Covered California health insurance premiums going up in 2022

    SAN FRANCISCO —  Premiums for individual policies on California’s health insurance exchange for the uninsured will go up 1.8% on average next year — a small increase credited to record enrollment and increased competition among health carriers, officials announced Wednesday. In the last year, nearly 250,000 people purchased insurance through Covered California, bringing its total enrollment to 1.6 million. More than half of the newly enrolled signed up after April 12, when financial subsidies from President Biden’s American Rescue Plan became available. The subsidies reduce costs for some people and make health insurance basically free for many others through 2022,  

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  • Loans With Collateral

    Reinterpreting Risk Premiums to Finance the Green New Deal and the Fight Against COVID-19*

    By Oliver Pahnecke, PhD candidate, Middlesex University, London and Juan Pablo Bohoslavsky, Former (2014-2020) United Nations Independent Expert on Debt and Human Rights       Risky borrowers pay more for the same loans than low-risk clients due to risk-weighted interest rates that are based on the absence or quality of collateral. This approach treats collateral and risk premium in interest rates as exchangeable1Deutsches und europäisches Bank- und Kapitalmarktrecht § 13 at 3 (Peter Derleder, Kai-Oliver Knops and Heinz Georg Bamberger eds., third edition, 2017)., but why then is the collateral returned at the end—while the risk  

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  • Vehicle Insurance

    Some Albertans face pricey premiums as insurers ‘correct’ rate gaps

    Some Alberta drivers are asking “why” after receiving their auto and home insurance renewals. Calgarian Peter Rishaug is still reeling from the hike to his insurance premiums. “I was shocked,” he told Global News. “I had an increase of almost 18 per cent on my auto insurance. My house policy actually increased almost 30 per cent.” Rishaug added that’s despite never having made a claim on either policy. “It’s baffling how these increases are happening when people aren’t even making claims.” Watch: Albertans brace for double-digit auto insurance rate hikes The Insurance Bureau of Canada said some drivers are  

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  • Insurance

    Cyber insurance premiums, take-up rates surge, says GAO

    GAO Cyber insurance premiums have surged amid more frequent cyberattacks and are likely to surge in 2021, according to a General Accountability Office report. The National Defense Authorization Act for Fiscal Year 2021 included a provision for GAO to study the US cyber insurance market. GAO analyzed industry data on policies, cyber risk and insurance research and interviewed Treasury officials. According to the GAO, cyber insurance adoption is picking up. The GAO found that the take-up rate for cyber insurance rose from 26{de3fc13d4eb210e6ea91a63b91641ad51ecf4a1f1306988bf846a537e7024eeb} in 2016 to 47{de3fc13d4eb210e6ea91a63b91641ad51ecf4a1f1306988bf846a537e7024eeb} in 2020. Take-up rates also vary by industry. According to Marsh McLennan,  

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