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Main Subject - Post-Katrina Role Of Property Insurers Threaten Consumers Nationwide
“Prediction is very hard, especially when it’s about the future.” Yogi Berra
Given the focus on the recent one-year anniversary of Hurricane Katrina by the media and government officials and its label as the most costly catastrophic disaster in United States history, there has been little focus on the nationwide impact the property and casualty insurance industry has started to impart on h
Given the focus on the recent one-year anniversary of Hurricane Katrina by the media and government officials and its label as the most costly catastrophic disaster in United States history, there has been little focus on the nationwide impact the property and casualty insurance industry has started to impart on h
According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product
omeowners and businesses in a post-Katrina world.
There has been serious discussion about reforming U.S. insurance laws in the U.S. Congress since 2004, before four hurricanes battered the Florida coast and well before the Katrina and Rita storms hit the Gulf Coast in 2005. However, the insurance industry since Katrina is now not only fighting hundreds of individual and class action lawsuits
There has been serious discussion about reforming U.S. insurance laws in the U.S. Congress since 2004, before four hurricanes battered the Florida coast and well before the Katrina and Rita storms hit the Gulf Coast in 2005. However, the insurance industry since Katrina is now not only fighting hundreds of individual and class action lawsuits
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
in Mississippi and Louisiana in the wind v. water debate, but also advocating change in the event of future catastrophic events.
The McCarran-Ferguson Act, enacted in 1945, delegated sole enforcement of insurance regulations to the states, where it was believed better oversight would take place rather than federal government mechanisms. However, state regulators are not law enforcement agen
The McCarran-Ferguson Act, enacted in 1945, delegated sole enforcement of insurance regulations to the states, where it was believed better oversight would take place rather than federal government mechanisms. However, state regulators are not law enforcement agen
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
ies and do not have the benefit of the arm of the federal government in cases which are beyond their means. Now, many state insurance commissioners, members of the Congress as well as consumer advocacy agencies believe that the whittling away of consumer protections over the years and recent staggering premium hikes, with little public disclosure, builds a case for federal insurance legislati
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
on and industry reforms.
Since 1945 the insurance industry has enjoyed an antitrust exemption and the viability of that rule has been seriously discussed and revisited by the Congress. There have been state accusations of price fixing and price gouging along with collusion in the industry leaving consumers with little information about their homeowners and business property policies, with on
Since 1945 the insurance industry has enjoyed an antitrust exemption and the viability of that rule has been seriously discussed and revisited by the Congress. There have been state accusations of price fixing and price gouging along with collusion in the industry leaving consumers with little information about their homeowners and business property policies, with on
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
y the civil or criminal courts left for recourse. It is argued that the antitrust exemption only fuels such a scenario.
The proposed National Insurance Act of 2006 (S.B. 5209) introduced by the Senate Banking Committee on July 11, 2006, would allow insurers to be licensed under a federal umbrella license, to choose between federal or state regulation and to do business in any state without n
The proposed National Insurance Act of 2006 (S.B. 5209) introduced by the Senate Banking Committee on July 11, 2006, would allow insurers to be licensed under a federal umbrella license, to choose between federal or state regulation and to do business in any state without n
ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc
eed of state licenses. The U.S. Department of the Treasury would then have jurisdiction to regulate such national insurers. Arguments against such an arrangement cite more endless bureaucracy and red tape with fears that individual states would not be equally treated.
Alternatively, the State Modernization and Regulatory Transparency (SMART) Act introduced in 2004 addresses market conduct, l
Alternatively, the State Modernization and Regulatory Transparency (SMART) Act introduced in 2004 addresses market conduct, l
easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi
icensing and antifraud data exchanges but has failed numerous times to move through the legislative process. It would leave regulation up to the states but to comply with uniform standards without federal oversight. The attempt to “modernize” the regulatory framework of the insurance industry has become synonymous with deregulation and appears that resistance on both sides of the argument mak
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
s reform more and more insurmountable along with immense struggles to provide sufficient delivery of adequate insurance for property owners.
The repeal of the McCarran-Ferguson Act has also caught the attention of the Senate Judiciary Committee which held a hearing on the issue on June 27, 2006 for the first time since 1994, precipitated by numerous complaints of less and less public disclos
The repeal of the McCarran-Ferguson Act has also caught the attention of the Senate Judiciary Committee which held a hearing on the issue on June 27, 2006 for the first time since 1994, precipitated by numerous complaints of less and less public disclos
and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ
ure of information and devices used for premium calculations. Such has impeded consumers from making a proper decision when purchasing policies. Travis Plunkett of the Consumer Federation of America (CFA) testified that “Insurers want competition alone to determine rates, they say. How about a repeal of the McCarran-Ferguson Act to test their desire to compete under the same rules as normal A
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
erican businesses?”
The CFA has also called for regulation to ensure consumers have availability of enough information in order to compare pricing of policies between insurers in order to make informed decisions. Unlike the way most consumer service products are purchased, insurance costs are based upon a non-finite uncertain condition to happen some time in the future. And consumers must re
The CFA has also called for regulation to ensure consumers have availability of enough information in order to compare pricing of policies between insurers in order to make informed decisions. Unlike the way most consumer service products are purchased, insurance costs are based upon a non-finite uncertain condition to happen some time in the future. And consumers must re
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
ly solely upon the agent, especially when actuarial tables and insurance models are non-accessible. Thus, more scrutiny not less has been called for.
But deregulation has also brought about insurance products sold worldwide as investments and annuities and reinsurance companies which provide catastrophic coverage for domestic insurers primarily are located overseas. Therefore, in a global ec
But deregulation has also brought about insurance products sold worldwide as investments and annuities and reinsurance companies which provide catastrophic coverage for domestic insurers primarily are located overseas. Therefore, in a global ec
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
onomy, federal oversight is far more necessary than in the past. Leaving global oversight up to state regulators is arguably negligent given the ramifications of lack of coverage during a catastrophe.
The insurance industry itself has been campaigning for some type of legislative reform to provide for a federal catastrophic fund which would subsidize insurers in cases of terrorism and natura
The insurance industry itself has been campaigning for some type of legislative reform to provide for a federal catastrophic fund which would subsidize insurers in cases of terrorism and natura
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
catastrophes. The American taxpayer and consumer have gotten their fill of that, however, where the Federal Emergency Management Agency (FEMA) has been and continues to pay out damages to the Gulf Coast states and primarily the City of New Orleans for rebuilding costs, with FEMA’s National Flood Insurance Program (NFIP) to homeowners and businesses and for FEMA housing costs for the displace
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
d.
But an unexpected phenomenon followed the 2005 hurricane season and is primarily fueling the fires for insurance reform and that is the record high premium rate hikes on homeowners as well as commercial property policies. In addition, hundreds of thousands of policies are being dropped and non-renewed by the country’s two largest insurance companies, namely State Farm Insurance Co. and Al
But an unexpected phenomenon followed the 2005 hurricane season and is primarily fueling the fires for insurance reform and that is the record high premium rate hikes on homeowners as well as commercial property policies. In addition, hundreds of thousands of policies are being dropped and non-renewed by the country’s two largest insurance companies, namely State Farm Insurance Co. and Al
t?
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
state Insurance Co., from the Gulf Coast all the way up to the tip of Maine.
Even more unexpected, however, were renewal denials for inland properties for policyholders in the Northeast including New York City, where property owners have never even previously filed a claim for property damage. With premiums on the Gulf Coast having at least doubled since 2005, thousands of dollars have been
Even more unexpected, however, were renewal denials for inland properties for policyholders in the Northeast including New York City, where property owners have never even previously filed a claim for property damage. With premiums on the Gulf Coast having at least doubled since 2005, thousands of dollars have been
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
added to mortgage loans. In some cases, many homeowners policies were not renewed at all, preventing homeowners from obtaining mortgages or rebuilding at all.
With insurers’ withdrawal from writing homeowners policies throughout regions of the U.S. and gutting those with less and less coverage for those in place, the industry believes it will be able to stay healthy. Astonishingly, in 2005 i
With insurers’ withdrawal from writing homeowners policies throughout regions of the U.S. and gutting those with less and less coverage for those in place, the industry believes it will be able to stay healthy. Astonishingly, in 2005 i
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
t made a record profit of $45 billion post-Katrina and after four storms in 2004 it realized a profit of $38 billion.
The models associated with risk management amongst insurers are also changing. The 100-year average of history for forecasting future hurricanes, for example, is presently being revised. And as those methods of calculations become murkier, homeowners can hardly feel safe or c
The models associated with risk management amongst insurers are also changing. The 100-year average of history for forecasting future hurricanes, for example, is presently being revised. And as those methods of calculations become murkier, homeowners can hardly feel safe or c
.
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
mfortable when purchasing new properties. There are also several states which only allow for the issuance of property insurance based solely upon a consumer’s credit history and income which makes it far more difficult for the working class consumer to be able to purchase insurance.
Over the next year, 43% of the U.S. population which covers 18 states can expect their policies to either be d
Over the next year, 43% of the U.S. population which covers 18 states can expect their policies to either be d
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
ropped by their insurance carriers or have their premiums escalate between 20% and 100%. And for that reason alone it might be time to reel in an industry which not only is in business to make a profit, but also has a moral obligation to help protect communities nationwide and such becomes necessary in the face of absolute destruction.
Copyright ©2006 Diane M. Grassi Contact: dgrassi@cox.ne
Copyright ©2006 Diane M. Grassi Contact: dgrassi@cox.ne
tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products
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