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- Insurance News Digest 6-5-2025
Insurance News Digest 6-5-2025
Developments in health reflect a growing emphasis on accountability, innovation, and evolving care standards. From CMS intensifying Medicare Advantage audits to insurers grappling with emerging therapies and long COVID's impact, the industry is navigating a rapidly shifting landscape with new tools and priorities.
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We deliver the latest insights and developments shaping insurance, focused on insights and opportunities for those who serve the insurance industry. Stay informed on how emerging trends like current events, regulatory changes, AI, and innovative products can help you better serve your clients and partners and drive business growth.
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Florida's property insurance market reported underwriting profits in 2024 for the first time in eight years. Legislative reforms and increased market participation contributed to improved financial performance, signaling a more stable insurance environment in the state.
Risk Strategies' 2025 report outlines a stabilizing insurance market with ongoing challenges in casualty and homeowners lines. The report emphasizes the importance of agility and data-driven strategies to navigate the evolving risk landscape.
A study by the American Tort Reform Association reveals over $2.5 billion spent on legal service ads in 2024, linking increased advertising to third-party litigation funding. This trend raises concerns about its impact on insurance claims and premiums.
A massive Saharan dust plume is expected to reach Texas and Florida, potentially affecting air quality and health. While it may suppress hurricane formation, residents should prepare for respiratory issues due to increased particulate matter.
Advancements in gene and cell therapies present challenges for insurers lacking historical data to set premiums. Insurers are developing new risk models to price these innovative treatments accurately, ensuring sustainable coverage options.
A 2025 study by Synchrony reveals that nearly 80% of pet owners underestimate lifetime care costs, which have risen by up to 20% since 2022. This financial gap is driving increased interest in pet insurance and financing options.
Ohio-based insurer Westfield is integrating generative AI to enhance claims efficiency and address workforce challenges. The technology aids in summarizing information and supporting adjusters, improving both employee and customer experiences.
Industry expert Chris Burand critiques the reliance on the combined ratio for assessing profitability, noting that insurers often report profits despite ratios over 100 due to investment income. He advocates for more comprehensive financial metrics.
A cargo ship transporting approximately 3,000 vehicles, including 800 electric ones, was abandoned following a fire off Alaska's coast. The incident underscores the complexities of maritime fires involving EVs and raises concerns for insurers.
Twelve Securis' analysis suggests the 2025 Atlantic hurricane season will have average to moderate activity. While forecasts are more aligned this year, the firm cautions that even below-average seasons can lead to significant insured losses.
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Focus Of The Week: Developments in health reflect a growing emphasis on accountability, innovation, and evolving care standards. From CMS intensifying Medicare Advantage audits to insurers grappling with emerging therapies and long COVID's impact, the industry is navigating a rapidly shifting landscape with new tools and priorities.
A study analyzing Medicare data from October 2021 to March 2023 found that nearly 1 in 25 beneficiaries were diagnosed with long COVID, particularly those with chronic conditions and without prior vaccination. The findings suggest that multiple COVID-19 vaccine doses may reduce the risk of developing long COVID.
The June 2025 ITL Focus highlights the difficulties insurers face in pricing emerging treatments like gene therapies due to a lack of historical data. Actuaries are developing new models to estimate costs and manage risks associated with these innovative therapies.
The CDC has updated its COVID-19 vaccine recommendations, stating that healthy children aged 6 months to 17 years may receive the vaccine based on discussions between parents and healthcare providers. This change follows an announcement by Health Secretary Robert F. Kennedy Jr. removing the vaccine from the recommended schedule for healthy children and pregnant women.
The Centers for Medicare & Medicaid Services (CMS) plans to audit all Medicare Advantage contracts annually, increasing from about 60 to approximately 550 plans per year. By leveraging advanced systems and expanding its team of medical coders, CMS aims to identify and recover overpayments more effectively.
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