United States Health And Medical Insurance News
The Covid-19 crisis has simultaneously created a surge in demand for health care due to spikes in hospitalization and diagnostic testing while threatening to reduce clinical capacity as health care workers contract the virus themselves. The increased mismatch between patient needs and provider capacity highlights one of the most pervasive inadequacies of the U.S. health care system.
During the pandemic, many insurance companies found themselves in a surprisingly strong position. They continued to take in premium dollars from members. At the same time, because elective health care largely disappeared, insurers didn't have to pay much out. Looking ahead, insurance plans must confront the fact that health care spending levels are likely to increase dramatically to care for COVID-19 patients and for the many members who have deferred non-critical health care.
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- March 2023: Gallagher acquired Brim, a specialty insurance and reinsurance broker that provides property/casualty insurance, credit and political risk, and affinity insurance products and services to its Scandinavian and international clients. Its credit and political risk practice provides financing support for major infrastructure projects, while its construction practice supports residential and commercial building development.
- September 2022: Trygg Hansa launched animal insurance. Pet insurance is a new product area under the Trygg-Hansa brand. The insurance company can now offer the entire family in the household, including the dog and cat, complete insurance coverage.
- March 2023: Gallagher acquired Brim, a specialty insurance and reinsurance broker that provides property/casualty insurance, credit and political risk, and affinity insurance products and services to its Scandinavian and international clients. Its credit and political risk practice provides financing support for major infrastructure projects, while its construction practice supports residential and commercial building development.
- September 2022: Trygg Hansa launched animal insurance. Pet insurance is a new product area under the Trygg-Hansa brand. The insurance company can now offer the entire family in the household, including the dog and cat, complete insurance coverage.
- August 2022: Tokio Marine & Nichido Fire Insurance Co. Ltd (TMNF) and JEPLAN Inc. announced that they formed a financial and commercial collaboration. In order to advance a circular economy, they seek to create new insurance services and products.
- August 2022: Tokio Marine & Nichido Fire Insurance Co. Ltd (President Shinichi Hirose) will start selling Earthquake Insurance "EQuick" Amazon Gift Card Edition* from August 2022. The insurance product provides a fixed payout based on seismic intensity and can be purchased utilizing Amazon.co.jp accounts.
- In June 2022, Oman Insurance Company announced completing the sale of its insurance operations in Turkey to VHV Reasürans, Istanbul/Turkey, a company of VHV Group, Hannover/Germany. The deal resembles Oman Insurance's transformation and simplification strategy with the objective of focusing the company's resources on specific markets and segments.
- In September 2023, Cigna Healthcare, the global health benefits provider of The Cigna Group which has its operations in Turkey as well announced the launch of a new, customized health benefits plan 'Cigna Healthcare Global Plan for Seniors' aimed at supporting the health and vitality of globally mobile people aged 60 and older.
- In January 2023, The Insurance Regulatory and Development Authority of India (IRDAI) made KYC mandatory for buying new health, auto, and travel insurance from January 1, 2023, insurers to collect KYC documents purchasing a new life and non-life insurance policy, irrespective of the premium
- In August 2022, ICICI Lombard, India's leading private non-life insurance company, launched its latest line-up of 14 new or enhanced insurance solutions, including riders/add-ons and upgrades across Health, Motor, Travel, and Corporate segments
- In November 2022, OPES, a subsidiary of Vietnam Prosperity Joint-Stock Commercial Bank (VP Bank), entered into a partnership with IMS, to offer O.Car, an app-based telematics insurance solution. The app will use IMS One App SDK and IMS Wedge technologies to evaluate driving styles, and leverage data to offer insurance solutiosn to OPES customers.
- In 2022, PVI (Petro Vietnam Insurance Company) recorded 69% profit after the first 6 months of 2022. Additionally, PVI Insurance ranked 66th among 500 private enterprises, an increase of 9 places from the 2020s, and 133rd among 500 enterprises of all sectors, an increase of 20 places from the 2020s, with the most profit, according to the PROFIT500 ranking.
- in 2021, The Phoenix offers a mortgage insurance policy that combines life insurance and property insurance. The program is designed for all homebuyers who must prepare mortgage insurance as a requirement for receiving a loan from the lending bank and who are interested in ensuring their family's financial stability if the event that one of the breadwinners passes away if the event that the apartment is damaged.
- In 2021, Mivtach Simon is a corporation licensed as a pension insurance agency under the full ownership of Migdal Insurance Company Ltd. The company provides services in the management of pension, insurance, and financial plans, as well as in other fields, Mivtach Simon, which works with most of the insurance companies and pension funds in Israel, handles an annual billing volume of about USD 4 billion and provides services to some 220,000 insured clients and 6000 employers, organizations and companies.
- May 2022, Turtlemint sets up first overseas hub in bid to expand across MEA region. Turtlemint Insurance Services Pvt. Ltd, which runs insurtech platform Turtlemint, rolled out its first overseas unit in Dubai, as the company looks to expand its business footprint in the Middle East and Africa (MEA) region.
- December 2021, Octamile, an InsurTech company enabling insurance and non-insurance businesses to protect African consumers from financial loss, has come out of stealth mode with $500,000 in pre-seed funding led by EchoVC with participation from Fiat Ventures, Kesho VC, Trade X, Verraki Partners, Dale Mathias, Kyle Daley (Founding team member of Chime) and other local and international angel investors.
- In December 2022, Sedgwick has launched a new resource solutions business unit for its insurer clients in the UK. Sedgwick's experience and technical expertise help clients with both temporary and permanent placements across claims-handling divisions.
- In September 2022, Sedgwick has acquired full ownership of Sedgwick Leif Hansen A/S, a loss-adjusting and third-party administration firm based in Denmark. Prior to the acquisition, Sedgwick was a minority shareholder in the company.
On February 24, 2022, AXA executed a share repurchase agreement with an investment services provider, whereby AXA will buy back its own shares for a maximum amount of EUR 0.5 billion to neutralize earnings dilution from disposals.
In September 2021, the L'olivier Assurance French branch of Admiral Group, a leading insurance firm headquartered in the UK, announced the plans of partnership with Swiss Re and community-based travel platform BlaBlaCar. The partnership aims to launch a digital motor product in France called BlaBlaCar Coach. The BlaBlaCar Coach is a smartphone application that offers personalized driving tips and will be available with annual car insurance policies sold by L'olivier Assurance.
