Morning Briefing: Insurers call for full inclusion on TTIP

Insurers call for full inclusion on TTIP… Employers report low take up of healthcare among low paid workers… Nova Scotia could follow Ontario with winter tire insurance discount…

Insurance News

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Insurers call for full inclusion on TTIP
Insurers in the US and Europe are calling for the full inclusion of the industry in the Transatlantic Trade and Investment Partnership. The American Insurance Association, Insurance Europe and the American Council of Life Insurers are collectively urging those involved in this week’s negotiations in Miami to include insurance along with other financial services in the agreement; the sector has not been included in negotiations so far. Bilateral insurance trade and investment already exceeds $185 billion a year and the three industry bodies believe that inclusion in the TTIP will also benefit regulatory cooperation between the two sides.
 
Employers report low take up of healthcare among low paid workers
Businesses which are required to offer workers healthcare insurance as part of the Affordable Care Act say that many low paid workers are declining the option. The New York Times reports that those in hospitality and retail are among the workers who are turning down coverage through employers as buying through state or federal exchanges offers subsidies that employer schemes do not. “Based on what we’ve seen in the marketplace, we’re advising some of our clients to expect single-digit take rates,” Michael A. Bodack, an insurance broker in Harrison, N.Y. told the New York Times “One to 2 percent isn’t unusual.” The article references a recent study by consultancy firm Mercer which showed that the employer mandate has made little difference to take-up rates through employer schemes with other routes to purchase or no coverage being preferable for many low paid workers.
 
Nova Scotia could follow Ontario with winter tire insurance discount
With the Canadian winter looming the recent announcement from Ontario is being eyed by other provincial governments. CBC News reports that Nova Scotia could also implement legislation which would require insurers to offer discounts to those fitting winter tires to their vehicles. Some insurers already discount premiums of around 5 per cent for using the tires and the Ontario law comes into effect at the start of 2016 although the actual discount rates have not been set. Amanda Dean, vice-president Atlantic, Insurance Bureau of Canada told CBC that a similar law in NS would only be considered after consultation with insurers and research on driver behavior but she welcomed anything that makes for safer driving.
 

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