Consumers spending longer choosing health insurance
Consumers are taking more time to weigh the benefits and costs of health insurance policies according to a new survey. The study from care solutions provider Valence Health found that Americans are spending more time evaluating their insurance options, and are securing coverage from sources other than their employer. This is despite widespread consumer unfamiliarity with non-traditional health plan options, including provider-sponsored health plans (PSHPs).
Survey data also reveals that consumers consider a health plan’s cost the most important factor when selecting coverage.
Compared to a similar study in 2013 there has been a drop in the proportion of consumers that receive insurance through their employer, down from 54 per cent 2 years ago to 38 per cent in 2015. Satisfaction with current health insurance providers is at 73 per cent and 40 per cent of consumers spend at least seven hours evaluating their health insurance options.
Chinese insurer seeks purchase of Canadian building
Chinese firm Anbang Insurance is considering purchasing a building in Toronto’s financial district, its first real estate acquisition in Canada. The company, which already owns New York’s iconic Waldorf Astoria, has made a firm offer for the 70 York Street building which houses HSBC Canada according to Reuters. Although no comment has been given by the firm it is understood to be a straight property investment rather than a play to enter the Canadian insurance market.
RMS partners with Taiwanese insurer
International catastrophic risk management firm RMS has announced a partnership with Asian insurance company MSIG Mingtai Insurance Co. to develop a typhoon model for Taiwan. The technical collaboration will see the two firms sharing information and methodologies to benefit both in assessing catastrophic risk in the region. Currently in development, the RMS Taiwan Typhoon Model will capture the components of typhoon risk through state of the art modeling technologies. It will form part of the Asia Typhoon Model, which is being built on a basin-wide event set.
BVI private health insurance will be decimated by public policies
Health insurance agents working in hospitals in the British Virgin Islands are set to lose nearly all of their customers due to the introduction of a government-provided scheme. The National Health Insurance program is set to be in place by the end of the year and the Insurance Association of the BVI says that residents won’t be able to afford both public and private premiums. An association press release states: “Therefore, all firms who employ staff in medical departments will have to make the majority of their departments redundant as a result.”
