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Walt Bernard Podgurski,  Editor,  440-773-1108, 
Walt@DailyInsuranceReport.com


Friday, 05/15/20 https://DailyInsuranceReport.com  

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The "Daily Insurance Report" is now subscribed to by 25,000 elite insurance industry influencers who receive it Monday - Friday and have a quick overview of what is appearing in the media regarding the insurance industry; with an emphasis on life, health, and employee benefits. The "Daily Insurance Report" publishes the life insurance, health insurance, and employee benefits news that matters.




Democratic senators — including Manchin — submit brief to US Supreme Court backing ‘Obamacare’
By Alex Thomas / Metro News Of West Virginia

The U.S. Senate Democratic Caucus is among the groups who filed a brief with the Supreme Court on Wednesday supporting the effort to protect former President Barack Obama’s health care law.

Forty-seven senators — including West Virginia’s Joe Manchin — waded into the legal challenge surrounding the individual mandate of “Obamacare” and the statute’s constitutionality.

The senators said Wednesday the individual mandate can be separated from the rest of the Affordable Care Act as lawmakers did not intend to discard the health care law through the tax legislation.

“Congress’s intent is manifest both in its action — a targeted amendment — and in the ways that a sweeping invalidation of the ACA would undermine the very benefits that Congress aimed to achieve,” the legislators stated.





Forbes Global 2000: Pandemic Will Roil The Insurance Sector
Amy Danise, Forbes Staff / Forbes

Last year will be seen as calm waters compared to the tsunami that’s hitting the insurance industry around the world right now. Balance sheet losses, substantial shifts in costs and a changing appetite for risk among insurers is quickly changing the insurance landscape. The pandemic will ultimately affect the types of coverage available, prices and earnings.

“This crisis has been heartbreaking to witness as it unfolds across the globe,” said Brian Duperreault, CEO of American International Group, in the company’s earnings call on May 5, 2020. AIG’s AIG executives believe that COVID-19 will be the single largest loss ever for the insurance industry. “And it will continue to have significant global economic ramifications for the foreseeable future,” said Duperreault.

The Forbes Global 2000 ranking is based on a composite score from equally weighted measures of revenue, profits, assets and market value.





The Difference Between Employer-Sponsored Personal Loans and Earned Income Advances
Mike Maron / TrueConnect

As the economic crisis continues to grow, more Americans are experiencing an overwhelming sense of financial stress and despair.

Millions of people across the country have endured lay-offs, furloughs, or reduced working hours leaving them in a financial pinch.

Gaining access to funds to help pay medical bills, rent, or even an unexpected car repair, can quickly turn into a nightmare if you have no safety net or steady cash flow in place. According to CNBC, the average unplanned expense is around $3,500.

This issue has only been exacerbated as we head into the second full month of the pandemic. According to a recent poll conducted by Marketplace, 60% of respondents said they would struggle to pay an unexpected expense of $1,000. What’s even more unsettling? 40% said they would struggle to pay off $250.

In times like these, employers are considering alternatives as a buffer to alleviate the burden of irregular income for their employees. For those who are still working but perhaps their spouse or partner has been laid off, is working reduced hours or their household has incurred other costly expenses, these solutions include earned income advances and employer-sponsored personal loans



Views How voluntary benefits can address the financial hardship of coronavirus
By Robin Holland / Employee Benefit Advisor

Those who weren’t already living paycheck-to-paycheck may be feeling some of that pressure now. Those who didn’t have savings set aside for an emergency are trying to figure out how to make ends meet while navigating this new normal of uncertainty and upheaval. Now more than ever, employees need options for meeting their short-term financial needs without compromising their long-term finances.

A silver lining in this storm cloud? Many employers already offer (or can easily begin to offer) an array of voluntary benefit options that provide employees tangible solutions to weathering this financial stress.

Here are three ways voluntary benefits can help employees alleviate some of their financial stress:

Give them alternatives to high-interest credit cards.
Give them alternatives to borrowing from their 401(k).
Give them alternatives to costly payday/title loans or rent-to-own options.



Telemedicine Is Becoming More Popular. That’s Good for Prescription Delivery Startups.
Sophia Kunthara / Crunchbase Daily

Perhaps one of the biggest shifts during the COVID-19 pandemic is the number of patients turning to technology to communicate with their doctors. But the increasing popularity of telemedicine is helping at least one other kind of business: prescription delivery startups.

Since the COVID-19 pandemic took hold, some prescription delivery startups are seeing a surge in demand from new users turning to the convenience of delivery. For Mountain View, California-based startup NowRx, the company is seeing an increasing number of referrals from physicians.

“Now, because of coronavirus, the market’s becoming more educated about other options, other delivery pharmacies,” CEO Cary Breese said in an interview with Crunchbase News. NowRx is a full-service pharmacy that accepts all major insurance company plans and offers free same-day delivery.



Berkshire Hathaway Specialty Insurance Launches Defense Base Act Coverage Globally via Dedicated Team in Dubai
BUSINESS WIRE / OLEAN TIMES HERALD

Berkshire Hathaway Specialty Insurance (BHSI) today announced that it is providing Defense Base Act (DBA) insurance on a global basis through its DBA-dedicated underwriting and claims team in Dubai.

“We are pleased to bring this mandatory coverage to contractors and companies operating throughout the Middle East and around the globe,” said Neeraj Yadvendu, Head of Third-Party Lines, BHSI Middle East. “Our coverage is supported by BHSI’s experienced Dubai-based DBA specialists who have well-established relationships with key vendors in volatile regions, ensuring exceptional services to customers when and where coverage is most needed.”

DBA insurance provides disability, medical and death benefits to covered employees, whether the injury or death occurs on or off the job in the course of employment. Further to its standard offering, BHSI can provide additional coverage in other key areas, such as Emergency Medical Evacuation and Supplementary Repatriation Expenses, tailoring its approach to meet customer needs.

U.S. federal law mandates DBA insurance for U.S.-government contractors, private employers and contractors working outside the U.S. on American military bases or under a contract with the U.S. government for public works or for national defense. These works include providing defense equipment, life support, materials or services to U.S. allies; or providing welfare services to benefit U.S. Armed Services.



Seeking the next Digital Innovators transforming benefits
By Evelina Nedlund / ebn

From hyperpersonalization to artificial intelligence, new technology is creating new ways for employers to engage their employees in benefits, healthcare and wellness. Our editors are seeking nominations now for digital innovators in the industry who are at the forefront of driving these technologies and making these innovations possible.

The honor recognizes extraordinary contributions such as fostering employee benefit innovations, helping HR professionals, benefits managers and brokers work smarter by using leading-edge tech to increase engagement, driving down healthcare costs, and, in general, elevating the use of technology in the profession.

Winners will be selected by Employee Benefit News' editors, and our Digital Innovators will be recognized on benefitnews.com and our upcoming publications.






Archives

Monday - 05/11/20 - - Will a Wave of Workplace Lawsuits Follow the Return to Work?

Tuesday - 05/12/20 - - Life Insurers Halt Sales As Hopes for Profit Dim — WSJ

Wednesday - 05/13/20 - -  Benefit Plan Deadlines Extended – COBRA, Special Enrollment, Plan Disclosures And More

Thursday - 05/14-20 - Doctors are turning to GoFundMe to stay afloat during the pandemic

Friday - 05-08-20 - - The Future of Voluntary Benefits




Editorial Mission Statement: The goal of this publication is to provide readers a broad selection of what is being written about the insurance industry and related issues. Some articles may have a “tilt” towards a particular perspective one way or another. Inclusion in this newsletter is not an endorsement of any views or content; but report the various and differing views appearing in media.
 
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Walt Bernard Podgurski - - Editor
440-773-1108
Walt@DailyInsuranceReport.com