Latest Insurance industry News

Buffett's firm reports $44B loss but its businesses thrive

Aug. 06, 2022 14:33 PM EDT

OMAHA, Neb. (AP) — Warren Buffett’s company reported a $43.76 billion loss in the second quarter as the paper value of its investments plummeted, but Berkshire Hathaway’s many operating companies generally performed well suggesting the overall economy is weathering the pressure from inflation...

EXPLAINER: Why is insulin so expensive and difficult to cap?

Aug. 05, 2022 06:28 AM EDT

Washington (AP) — Reining in the soaring prices of insulin has thus far been elusive in Congress, although Democrats say they'll try again — as part of their economic package that focuses on health and climate. The price of the 100-year-old drug has more than tripled in the last...

Firm downgrades 3 insurers in Florida, adding to concerns

Aug. 03, 2022 12:46 PM EDT

TALLAHASSEE, Fla. (AP) — A ratings agency has withdrawn ratings for two insurance companies and downgraded a third firm in Florida, raising concerns for homeowners who could end up paying more for insurance and further muddying a troubled market. Demotech, which rates 40...

Growing prescriptions help push CVS past Q2 expectations

Aug. 03, 2022 10:59 AM EDT

CVS Health thumped second-quarter expectations and hiked its full-year forecast as growing prescription claims and COVID-19 test kits sales countered a drop in vaccinations. A longer cough, cold and flu season also brought in more business, and claims in CVS Health's biggest segment,...

Dems seem headed for climate, health win after ups and downs

Aug. 01, 2022 12:33 PM EDT

WASHINGTON (AP) — It’s been more than a year in the making and has seen plenty of ups and downs. Now, a Democratic economic package focused on climate and health care faces hurdles but seems headed toward party-line passage by Congress next month. Approval would let President Joe...

Ruling leaves questions about Boy Scouts bankruptcy plan

Jul. 29, 2022 23:28 PM EDT

DOVER, Del. (AP) — A Delaware bankruptcy judge has approved parts of the Boy Scouts of America’s reorganization plan but has rejected other provisions, saying in a ruling Friday that the organization has "decisions to make” regarding the plan. Judge Laurie Selber Silverstein...

Washington judge overturns insurance rate credit scoring ban

Jul. 29, 2022 17:23 PM EDT

OLYMPIA, Wash. (AP) — A judge on Friday overturned a Washington state rule prohibiting insurers from using credit scoring to set rates for auto, homeowner and renter insurance. Insurance Commissioner Mike Kreidler adopted the rule in February, immediately drawing a legal challenge...

Blue Cross & Blue Shield of Mississippi sue for defamation

Jul. 28, 2022 18:30 PM EDT

FLOWOOD, Miss. (AP) — Blue Cross & Blue Shield of Mississippi on Thursday said it was suing three employees of the University of Mississippi Medical Center for allegedly spreading false information. The lawsuit is the latest development in a dispute between the state's largest...

Florida plans to backup insurance companies facing downgrade

Jul. 28, 2022 14:55 PM EDT

TALLAHASSEE, Fla. (AP) — Florida has taken action to back up property insurance companies facing a downgraded rating in an effort to help thousands of homeowners comply with mortgage requirements rather than being forced to seek new policies. The state-created Citizens Property...

Ukraine's grain is ready to go. But ships aren't. Why? Risk

Jul. 27, 2022 15:31 PM EDT

Shipping companies are not rushing to export millions of tons of grain trapped in Ukraine, despite a breakthrough deal to provide safe corridors through the Black Sea. That is because explosive mines are drifting in the waters, ship owners are assessing the risks and many still have questions over...