American group Berkshire Hathaway, owned by billionaire Warren Buffet, has expressed interest in entering the Romanian insurance market and has already been in contact with the Financial Supervision Authority (ASF), according to Ziarul Financiar sources. Berkshire Hathaway could sell insurance locally based on the right to free movement offered by the European Union, through a branch in Ireland which was founded in 2017. The Ireland subsidiary, called Berkshire Hathaway Specialty Insurance Company, is specialised in selling property, liability and health insurance to corporate clients. The group has been active on the insurance market since 1996 through Geico, which sells auto and property insurance. Berkshire Hathaway is listed on the New York Stock Exchange and has a market cap of USD 504 billion. … [Read more...] about Warren Buffet’s Berkshire Hathaway looking to enter Romanian insurance market
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How “big data” gives insurers a giant edge over consumers
Instagramming pics of yourself partying hard in Cancun? Insurance companies tap troves of social media and other digital data to make coverage decisions on home, auto, life and health insuranceInsurers want to know about the media you consume, lawsuits you're involved in, credit record, education, employment and much more to help determine risks of underwriting policiesSome insurers have used data to assess how much they can raise premiums before you start shopping around -- a tactic called "price optimization"Global insurance company Gen Re found a new way to say, "Be my Valentine" last Feb. 14. Simply upload a selfie from your smartphone and the company could offer you a life insurance policy within minutes. "Facial analytics … brings a more human focus to the onboarding process," said the insurer in a promotional press release. Appealing, yes. But appalling to many consumer advocates and some state regulators, who question how much an insurer needs to know about you and when … [Read more...] about How “big data” gives insurers a giant edge over consumers
FT Health: High noon for the Pharma Seven
Concern over high drug prices is one of the few topics that unites US politicians, from President Donald Trump down. Seven executives from the world's biggest pharma groups were duly grilled by senators this week over who was to blame. The companies were accused of “finger-pointing” rather than taking responsibility. Some promised to cut list prices for medicines if the federal government reformed the rebate system. The drugmakers accuse pharmacy benefit managers, which administer drugs for insurance plans, of not passing on savings to patients. Makers of insulin in particular are feeling lawmakers' wrath.The end result means “the people who can least afford it are paying the most,” admitted Kenneth Frazier, Merck’s chief executive. “That’s the biggest problem we have as a country. We have a system where the poorest and the sickest are subsidising others.” The row over drug prices, which has been raging for some 60 years, is not … [Read more...] about FT Health: High noon for the Pharma Seven
In the US, dreams of a ‘Big Bang’ for health insurance
Having a health insurance card in America is no guarantee of medical care without the risk of financial ruin. One must take care to choose a doctor or hospital that is part of a pre-approved network. Estimate how much would be paid out of pocket after hospital bills that can reach tens of thousands of dollars. And, for Americans covered by their employers, be careful about any change in jobs and try to avoid risky gaps in health insurance coverage. The complexity of this public-private system, the continuing climb in prices and the fact that 27 million people go without health insurance have led numerous Democratic candidates for a White House bid in 2020 to propose a radical solution: a European-like system. Except they don't say it quite in those words. Vermont Senator Bernie Sanders, who came up with the idea, California Senator Kamala Harris and New York Senator Kirsten Gillibrand are among those calling for "Medicare for all," or offering everyone in the nation the type of public … [Read more...] about In the US, dreams of a ‘Big Bang’ for health insurance
New York strengthens abortion rights on anniversary of Roe vs. Wade
Joseph Spector and Jon Campbell Albany Bureau Published 12:57 AM EST Jan 23, 2019 ALBANY, NY - A long-stalled effort to strengthen abortion rights in New York became reality Tuesday evening when the Legislature easily approved the measure after Republicans stymied it for years. Gov. Andrew Cuomo immediately signed the Reproductive Health Act into law after Democrats pushed its passage for years. The vote Tuesday came on the anniversary of the Roe vs. Wade court case in 1973. The Senate passed the measure 38-24, while the Assembly passed it 92-47. "We’re saying that here in New York, women’s health matters," said Senate Majority Leader Andrea Stewart-Cousins, D-Yonkers. "We’re saying here in New York, women’s lives matter. We’re saying here in New York, women’s decisions matter." Approval in the Senate was made possible by Democratic victories at the ballot box in November, when the party was able … [Read more...] about New York strengthens abortion rights on anniversary of Roe vs. Wade