Insurance Q&A

March 29, 2013

Second study this week shows ObamaCare will drive up premiums

Filed under: health,healthcare,healthcare reform,Obama,obamacare — rrroark @ 6:15 pm

The Society of Actuaries had already released its analysis of the damage that ObamaCare will do to health-insurance costs, and HHS Secretary Kathleen Sebelius had already admitted that prices would go up as government forced people to buy bigger comprehensive policies. CNN even went so far as to ask whether Barack Obama and his administration had “misled” voters over the costs of ObamaCare.

This study, though, is actually separate from the SoA’s analysis.  The state of California commissioned this new study for its state exchange to determine the impact of ObamaCare, and it matches closely to the SoA conclusion:

A study commissioned by the State of California says that the new federal health care law will drive up individual insurance premiums, but that subsidies will offset most of the increase for low-income people.

The study, issued Thursday in the midst of a growing national debate over the impact of the law, is significant because California is far ahead of most states in setting up a competitive marketplace, or exchange, where people can buy insurance this fall.

Premiums could increase by an average of 30 percent for higher-income people in California who are now insured and do not qualify for federal insurance subsidies, the study said.

via Second study this week shows ObamaCare will drive up premiums « Hot Air.

via Second study this week shows ObamaCare will drive up premiums.

March 28, 2013

California pension fund loses millions on green tech: ‘A noble way to lose money’

Filed under: Uncategorized — rrroark @ 6:26 pm

California’s public employee pension system has lost millions of dollars on its green investments, which a top investment officer for the fund called “a noble way to lose money.”

Joseph Dear, CalPERS’ chief investment officer, made the comments at the Wall Street Journal’s ECO:nomics conference this week, where he said the pension fund has pulled back on its clean energy investments to avoid losing even more.

“We’re all familiar with the J-curve in private equity. Well, for CalPERS, clean-tech investing has got an L-curve for ‘lose,’ Dear told the conference, the Sacramento Bee reported. “Our experience is that this has been a noble way to lose money. And we’re not here to lose money. We have dialed back.”

via California pension fund loses millions on green tech: ‘A noble way to lose money’ | WashingtonExaminer.com.

Allianz disputes lawsuit alleging liability for another insurer’s failure | Business Insurance

Filed under: Uncategorized — rrroark @ 6:20 pm

Allianz S.E. on Thursday said it will vigorously push back against a lawsuit filed last week in Florida that asserts the company is responsible for the demise of Magnolia Insurance Co.

“These claims are wholly unfounded,” said Hugo Kidston, global head of communications for Allianz Global Corporate & Specialty. “Allianz will robustly defend itself.”

The lawsuit, brought on behalf of the Florida Department of Financial Services, alleges that a $23.8 million loan made in 2008 to Magnolia’s parent company, Irl Financial Group Inc., by New York-based Allianz Risk Transfer, as well as fees and payments resulting from a subsequent managing general agency agreement and other service agreements signed by subsidiaries of both firms, were the cause of Magnolia’s demise.

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via Allianz disputes lawsuit alleging liability for another insurer's failure | Business Insurance.

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