Cavalcade of Risk


As Congress meets in its “lame duck” session, we’re delighted to host Cavalcade of Risk #221, bringing you a flock of posts from around the insurance and risk-related blogosphere.

In our opener, Rubber, Road and Lyft: Insurance Crisis? Hank Stern of InsureBlog takes another look at the important topic of ride-sharing. Now that Lyft’s had its first fatality, he considers the insurance issues the service (and its drivers and customers) will face.

CVS Caremark is slapping an extra co-pay on members who fill their prescriptions at stores where tobacco is sold (i.e., CVS’ competitors). In CVS: Drugs, tobacco… and guns? David Williams of Health Business Blog makes the point that CVS is unlikely to extend that policy to stores that sell guns, even though it would be logically consistent.

Talking of taxing issues, in Who will pay the Cadillac Tax? Jason Shafrin of Healthcare Economist investigates a coming tax on high-cost health insurance plans. Beginning in 2018, many individuals will face the “Cadillac” tax. Will you pay it?

Meanwhile, the growing waistline of America is not only having an impact on our health, but on workers’ compensation programs. In Impact of Obesity on Workers Compensation, Michael Stack of reduceyourworkerscomp.com notes that this impact can increase the costs of common work injuries.

How risky is your job? At Workers’ Comp Insider, Julie Ferguson posts a video showing how high voltage cable inspectors work – as she says: “not a job for a hot duck.” Trigger warning for acrophobes!

Another hot topic comes from Nancy Germond of insurancewriter.com in her post Tips to avoid a dryer fire. According to the U.S. Fire Administration (USFA), about 2,900 dryer fires occur each year in the United States, causing five deaths, about 100 injuries and over $35 million in property losses annually.

Finally, there’s no ducking the importance of the TRIA issue with our own post on the future of terrorism risk insurance. The imminent expiry of the Terrorism Risk Insurance Act (TRIA) December 31 means the clock is ticking for lawmakers to find a solution before year-end.

That’s it for now. Van Mayhall at http://www.insreglaw.com hosts the next Cav.

Forecasters’ Twitter feeds are alight this morning as to the potential development of two systems in the tropical Atlantic.

Here’s the latest graphic of where they’re located, courtesy of the National Hurricane Center (NHC):

two_atl_5d0

 

 

 

 

 

 

 

 

The NHC gives the first disturbance currently located several hundred miles east of the southern Windward Islands a 50 percent chance of tropical cyclone formation in the next five days.

The second disturbance, a tropical wave located 1,000 miles east of the Lesser Antilles, has a low (20 percent) chance of tropical storm formation in the next five days.

Over at Weather Underground, Dr. Jeff Masters noted that if the first disturbance (designated Invest 96L by the NHC) does develop, it would likely be similar to Tropical Storm Bertha of early August while it is in the Caribbean—a weak and disorganized system that struggles against dry air.

Meanwhile @EricHolthaus tweets that Invest 96L could be a tropical threat to the U.S. next week, based on the first model runs.

It’s still too early to tell, but Hurricane Hunters are on call to investigate 96L Thursday afternoon if necessary.

Check out I.I.I. facts and statistics on hurricanes.

And a shout-out to  Paul Dzielinski of The Dec Page who hosts Calvalcade of Risk #215 Dog Days of Summer edition here.

We’re honored to be hosting Cavalcade of Risk #209. For those of you not already in the know, the CavRisk blog carnival is a round-up of risk and insurance-related posts from around the blogosphere.

With the official start of the 2014 Atlantic hurricane season just days away, there’s no better place to begin this week’s Cav than with a post on hurricane risk pricing. In Hurricane Pricing At All Time Low, Paul Dzielinski of The Dec Page argues that residual market boards and politicians should be taking advantage of this pricing arbitrage to buy more reinsurance.

The techniques insurers use to evaluate and ultimately price a risk have come a long way over the years. InsureBlog’s Henry Stern steps outside his comfort zone with this post on predictive analytics (aka “modeling”) and how this innovative risk assessment tool is used in the commercial risk field in Predictive Analytics (A Risky P&C Post).

Data Breaches are becoming more common in businesses both large and small and these attacks typically are not covered under your standard general liability insurance policy. In Cyber Liability Insurance – A Definition, R J Weiss CFP of WeissIns provides a timely overview of cyber liability insurance and what it covers.

The Supreme Court upheld the Affordable Care Act with one major exception; it declared that states did not have to expand their Medicaid eligibility rules. This puts in play a risky proposition for several states and their constituents. In ACA, Medicaid Enrollment and the Woodwork Effect Jason Shafrin at The HealthCare Economist explains that the ACA may have indirectly increased Medicaid enrollment even in states that did not change their eligibility rules, while David Williams at Health Business Blog highlights the risk to rural hospitals as a result of the refusal of states to tow the line in Medicaid Expansion Rejection Starts to Bite.

And no risk assessment would be complete without a bold prediction into the future. In McDonald’s Workers Fight to Automate Their Jobs, Bob Wilson at workerscompensation.com speculates that for retail and food service employees fighting to double the minimum wage, the true enemy is not the employer, but rather technology and simple economics.

Over and out from us. Jeff Root at http://www.rootfin.com/ will host the next Cavalcade of Risk.

Is this the real life? Is this just fantasy? Either way, we’re delighted to be taking our first turn at hosting Cavalcade of Risk #194. For those of you who, like us, are new to this, the CavRisk blog carnival is a round-up of risk and insurance-related posts from around the blogosphere.

Our debut as a Cav host kicks off with a post on fantasy insurance in which Hank Stern of InsureBlog poses the question: What if your Fantasy Footballer gets sidelined in real life? The good news is there’s an insurance policy for that. Game on.

Next up, at Workers’ Comp Insider, Julie Ferguson, brings us back to real life with a roundup of the impact that the government shutdown is having on workplace health & safety and various regulatory and employment-related matters. It’s her second, and hopefully last, roundup on the shutdown, Julie notes.

Another real world post comes from Jason Shafrin of Healthcare Economist about how the Affordable Care Act (ACA) mandates insurers to have a medical loss ratio (MLR) of at least 80 percent. In his post What’s up with the ACA’s Medical Loss Ratio rules? he considers whether capping MLR is a good way to reduce premiums.

Also keeping it real on the topic of the ACA, Louise Norris of Colorado Health Insurance Insider, dispels another ACA myth that just won’t die as she talks about part of the House amendment to “delay Obamacare” in House Republicans Want To Strip Congressional Staffers Of Their Health Insurance Benefits.

Last but certainly not least, in his post Patients should not be responsible for telling doctors to wash their hands David Williams of Health Business Blog ponders the absurd situation in which patients are being cast in the role of “hand washing police.”

Over and out from us. Jason Hull at http://www.hullfinancialplanning.com will host the next Cavalcade of Risk.