Daily Market Update

Is Uber about to exit another state?
Following Uber’s exit from Kansas last week over the state’s bill calling for drivers to be covered by its insurance from the moment they are logged on to the company’s system; Oregon could be next. The ride-share service is using its app to gather support among users to oppose a similar insurance bill in the state. Uber claims it will shut down their business but Rep. Margaret Doherty told the Willamette Week that it was only the same requirement that the state expects from all operators. The bill going through the Oregon House is backed by Portland taxi companies.
 
MGIC Investment reports strong growth in mortgage insurance
The oldest private mortgage insurer in the US has reported strong growth in April. Primary new insurance written was up by $3.6 billion or 57 per cent from April 2014 while delinquencies fell 21 per cent in the same period. The firm is expecting increasingly strong growth with more homebuyers requiring insurance due to having lower than 20 per cent downpayments.
 
Popular SUVs disappoint in insurance industry tests
Dodge Journey was the worst performer in recent tests by the Insurance Institute for Highway Safety ranking as ‘poor’. Seven SUVs were tested with three others receiving disappointing results and ranked ‘marginal’; Dodge Durango, Jeep Cherokee and Hyundai Santa Fe. Nissan Murano, Ford Flex and the four-door Jeep Wrangler were ‘acceptable’ or ‘good’. The Murano has scored well in other IIHS tests and receives the grading of Top Safety Pick Plus. USA Today reports that the Journey’s main failure was structural integrity; buckling after a 40 mph crash into an overlap barrier.
 
Insurers told that free contraception is required by Obamacare
The Affordable Care Act’s mandate on contraception was clarified Monday with the Obama administration stating that health plans must provide at least one of each type of contraception identified by the Food & Drug Administration. The Health and Human Services Department noted that although generic versions of contraceptives must be made available without charge insurers are permitted to charge to encourage patients to use a particular brand with cost-sharing permitted in these cases. Changes to policies must be implemented by July this year although will not generally be effective until new plan terms begin.