Insurance “backpack” could replace Obamacare
A proposal to scrap the Affordable Care Act and introduce a new range of financial support for health insurance is being proposed by the Republicans.
The plan, due to be unveiled Wednesday by House Republicans at the American Enterprise Institute, would include an idea previously mooted by House Speaker Paul Ryan in which Medicare recipients could instead receive a subsidy to buy private health insurance.
“Our proposal is like a health-care ‘backpack’ that provides every American access to financial support for an insurance plan chosen by the individual and can be taken with them job-to-job, home to start a small business or raise a family, and even into retirement years,” Ryan wrote in a summary.
There is also a chance that a former John McCain proposal to tax those with employer-provided health insurance based on the value of the plan, although it is expected that there would be a cap on how much would be taxable.
Some of the ideas tie-in with Donald Trump’s health plan ideas but others could put the GOP at odds with its presidential hopeful.
Lloyd’s expands into Colombia
Lloyd’s has opened a new office in Bogota, Colombia to help build its trading relationships in the fast-growing market. Two Lloyd’s insurers, Advent and
Brit, will be represented on the Lloyd’s Colombia platform alongside the representative office.
Lloyd’s chairman John Nelson said the market is an important part of the global insurance and reinsurance market’s expansion plan: “As Colombia realizes its economic potential, insurance and reinsurance can play a key role in supporting this economic growth by improving resilience, taking risks out of the country, and helping the economy recover after catastrophes.”
Insurance penetration rates in Colombia are currently around 1.6 per cent, compared with a 6.1 per cent global average, so there is significant opportunity for further growth. Lloyd’s estimates that there is an underinsurance gap of $570 million against the country’s natural catastrophe exposures.
Lloyd’s is already a well-established provider of energy, property, financial lines and aviation cover in Colombia and is also licensed to provide cross-border Marine, Aviation and Transport insurance.
Auto insurance knowledge lacking in Quebec
A survey of drivers in Quebec has found that there is a lack of understanding of how auto insurance works.
The poll by SOM survey conducted on behalf of the consumer-focused insurance body Groupement des assureurs automobiles (GAA) discovered that 69 per cent are unaware that their insurance policy covers them following a collision for which they are not liable, even if they have no coverage for damage to their vehicle.
A fifth of drivers believe that the color of their vehicle affects their insurance premium although most are aware of the ratings criteria used by insurers.
