December 14, 2012 |
Paying out billions of dollars here and billions of dollars there has made the global insurance industry a believer in climate change, according to a new study that shows insurance companies are staunch advocates for reducing carbon emissions and minimizing the risk posed by increasingly severe weather events. “Climate change stands as a stress test for insurance, the world's largest industry with U.S. $4.6 trillion in revenues, 7% of the global economy,” writes Evan Mills , a scientist at the Lawrence Berkeley National Laboratory at the UC Berkeley campus.
April 3, 2013 |
What's most impressive about our highly dysfunctional heathcare system is that we're always finding clever new ways to make it worse. The latest such move comes on the Medicare front, where lawmakers had been trying to rein in costs by modestly lowering the amount that large insurers would be paid for managing Medicare Advantage plans, which are a private-sector version of the government program. The Obama administration had proposed a 2.3% reduction in payment for the plans, arguing that insurers were making plenty of profit as it was. But after the insurance industry unleashed its lobbyists and started throwing its considerable political muscle around, it ended up not with a pay cut from the Centers for Medicare and Medicaid Services, but a 3.3% increase . I have no idea what the correct reimbursement rate should be. But I do know that, as the baby boomers age, Medicare represents a cash cow for insurers with Medicare Advantage plans.
May 10, 1991 |
The insurance industry, stepping up its support for the no-fault auto insurance bill backed by Gov. Pete Wilson and the Consumers Union, plans to spend $1.2 million on advertising to increase pressure on four key state senators to vote for the measure at a legislative hearing scheduled for this month. "In a state as big and diverse as California, that's actually a very small amount," said Robert Gore, spokesman for the Assn. of California Insurance Companies, on Thursday.
CALIFORNIA | LOCAL
July 2, 1995
I find it very disturbing that [Robert T.] Heineman (Letters, June 21) fails to mention that he is a Farmers' Insurance agent. However, his fatal flaw is the same as most of the insurance industry. He fails to mention over how many years the $3 billion in earthquake premiums were collected. Heineman is forthright in mentioning the industry has paid out $20 billion over 25 years. I have read many reports from insurance companies and the insurance industry which state they are losing money.
May 12, 1996
Don Stewart, 70, insurance industry advocate and organizer who fought to extend coverage to minorities. Stewart began his career as an agent for Farmer's Insurance before founding his own agency in Pasadena in 1963. He developed that into the American Agents Alliance, a statewide cooperative of independent agents that lobbies on political and regulatory issues affecting the insurance industry.
December 30, 1985
Hit hard by record payouts for hurricane damage in 1985, the nation's property insurance industry will report a $5.5-billion operating loss for the year--its highest loss ever, a trade group predicted. This follows a 1984 operating loss of $3.8 billion, which was also a record, the Insurance Information Institute said. The institute said the industry had an overall underwriting loss of $25.2 billion, including a record $2.8-billion loss incurred from catastrophes, mainly hurricanes, in 1985.