Insurance Coverage Lessons From Natural Catastrophes – How Fires, Floods and Hurricanes are Impacting Your Insurance Today


How do insurance provider get ready for large-scale natural catastrophes like Superstorm Sandy? They alleviate risk through policies they purchase from reinsurance business– those who insure the insurance companies. As an outcome, reinsurers have some of the best insight into the result of natural catastrophes on insurance coverage, and are on the front lines of driving changes in natural disaster policies.

According to Munich Re, one of the world’s leading reinsurance companies, 2013 produced $125 billion in losses from weather-related disasters throughout the world. As terrible as that sounds, that’s below the yearly average of $184 billion over the last 10 years, in part due to the fact that of the absence of destructive typhoons in the U.S. By contrast, in 2012 the U.S. alone had well over $100 billion in cumulative damages, led by Superstorm Sandy however also intensified by fires in the West in addition to tornadoes and dry spell in the Midwest and South.

A huge issue for reinsurers is that requirement …



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Medicaid 101 888011000 110888 MoneyTips Medicaid Essential Medicaid and CHIP (the Kid’s Medical insurance Program) exist to guarantee health protection for low-income Americans. CHIP is created to cover kids of households who have incomes too expensive to qualify for Medicaid but too low to afford private coverage. Many people think about Medicaid as being for younger Americans and Medicare for older Americans, however this is not strictly the case– for example, some assisted living home and long-term care protection is included under Medicaid requirements. Each state determines its own Medicaid eligibility requirements, in accordance with minimum federal standards. The federal government needs certain groups to be covered by Medicaid, consisting of “unconditionally needy” people (i.e., recipients of SSI and families with dependent kids receiving money support). Nevertheless, states maintain broad discretion …

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