Morning Briefing: Alberta storms caused $50 million insured damage

Alberta storms caused $50 million insured damage… Penn. health insurers request double-digit rate increases… Medicare takes larger chunk out of benefits than expected says study…

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Alberta storms caused $50 million insured damage
Figures from the Insurance Bureau of Canada reveal that insured losses from the storms on June 28 which hit southern Alberta were an estimated $50 million.

Areas including Calgary suffered heavy rain, hail, lightning and wind with resulting damage to property including flooding. Ontario, Manitoba and Saskatchewan were also hit by storms in late June.

"Storms like this bring the message home that we are seeing more extreme weather events and resulting damage to property," said Bill Adams, vice-president, Western and Pacific, IBC.

Penn. health insurers request double-digit rate increases
Six health insurers in Pennsylvania have requested large increases in rates amid rising costs and losses from previous years.

At a public information hearing this week, state insurance commissioner Teresa Miller heard testimony from insurers who warned that without rate increases it may become unsustainable to remain part of the health marketplace.

The increases being requested are 25.4 to 48.1 per cent for Highmark, 0.9 to 16.2 per cent for UPMC, 17.2 per cent for Aetna, and 19.9 to 22.5 per cent for Independence Blue Cross.
 
Medicare takes larger chunk out of benefits than expected says study
Medicare premiums and out of pocket expenses are taking a percentage of social security benefits than wasn’t expected for more than 70 years.

A survey by The Senior Citizens League reveals that 41 per cent of respondents say that their healthcare costs took at least a third of their benefits in 2015, the cost that The Medicare Trustees recently estimated would not be reached until 2090. For 2016 they forecast costs at a quarter of average social security.

“The findings illustrate the financial hit to retiree incomes when healthcare costs climb but Social Security cost of living adjustments remain flat,” says TSCL Chairman Ed Cates. “This trend has big implications for whether the financial resources of today’s older Americans will be sufficient to last a 25 or 30-year retirement.”
 

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