Insurance premiums (1 - 10 of 37 items)
Terrorism Risk Insurance: Market Challenges May Exist for Current Structure and Alternative Approaches
GAO-17-62: Published: Jan 12, 2017. Publicly Released: Jan 12, 2017.
Under the Terrorism Risk Insurance Act's (TRIA) current structure, insurers manage their terrorism exposure to cover their share of losses and not the federal share of losses, which may be recouped from policyholders after an event. Specifically, insurers do not assume the risk of the federal share of potential losses and, thus, do not consider the potential federal share of losses in how they man...
Flood Insurance: FEMA Needs to Address Data Quality and Consider Company Characteristics When Revising Its Compensation Methodology
GAO-17-36: Published: Dec 8, 2016. Publicly Released: Jan 9, 2017.
The Federal Emergency Management Agency (FEMA) has yet to revise its compensation practices for Write-Your-Own (WYO) companies to reflect actual expenses as required by the Biggert-Waters Flood Insurance Reform Act of 2012 (Biggert-Waters Act), and as GAO recommended in 2009. FEMA continues to rely on insurance industry expense information for other lines of property insurance to set compensation...
Flood Insurance: Potential Barriers Cited to Increased Use of Private Insurance
GAO-16-611: Published: Jul 14, 2016. Publicly Released: Jul 14, 2016.
Lenders and their regulators have taken some action to implement provisions on private flood insurance in the Biggert-Waters Flood Insurance Reform Act of 2012 (Biggert-Waters Act). Specifically, lenders told GAO they send notifications to borrowers that encourage borrowers to compare private and National Flood Insurance Program (NFIP) policies. Lenders with whom GAO spoke accepted private policie...
Private Health Insurance: The Range of Base Premiums for Individuals Age 19 and 64 in the Individual Market by State in January 2013
GAO-14-263R: Published: Jan 31, 2014. Publicly Released: Feb 4, 2014.
GAO reported the range of base premiums prior to underwriting for individual market health insurance plans as displayed on the HealthCare.gov Plan Finder in January 2013. The base premiums were for individuals aged 19 and 64 in each of the 50 states and the District of Columbia. The base premiums reflected information from data submitted by insurers to the Center for Consumer Information and Insur...
Homeowners Insurance: Multiple Challenges Make Expanding Private Coverage Difficult
GAO-14-179: Published: Jan 30, 2014. Publicly Released: Jan 30, 2014.
Homeowners insurance policies typically protect homes, garages and other structures, and personal belongings from damage caused by perils such as fire, hail, lightning, explosion, and theft, among others. The insurance industry considers these perils insurable because they are accidental, predictable, and do not involve catastrophic losses. These policies also typically exclude losses from a numbe...
Risk Retention Groups: Clarifications Could Facilitate States' Implementation of the Liability Risk Retention Act
GAO-12-16: Published: Dec 8, 2011. Publicly Released: Jan 9, 2012.
Certain indicators suggest that the financial condition of the RRG industry in aggregate generally has remained profitable. In 2003, RRGs wrote about $1.8 billion, or 1.17 percent of commercial liability insurance. In 2010, RRGs continued to comprise a small percentage of the total market, writing about $2.5 billion--or about 3 percent of commercial liability coverage. Other financial indicators,...
Private Health Insurance: Research on Competition in the Insurance Industry
GAO-09-864R: Published: Jul 31, 2009. Publicly Released: Aug 31, 2009.
Health care providers and members of Congress have raised concerns that consolidation in the private health insurance industry may be resulting in less competitive markets and contributing to rising health insurance rates paid by consumers and employers. However, measuring the extent of changes in market competition over time or the effects of changes is challenging. In particular, reliable, longi...
Insurance Sales to Military Personnnel: Additional Actions Needed to Prevent Improper Life Insurance Sales and Pay Allotment Transactions
GAO-09-452: Published: May 29, 2009. Publicly Released: Jun 29, 2009.
Concerns over unsuitable insurance products and inappropriate sales practices directed at servicemembers have prompted legislative and regulatory changes to address these concerns. Congress asked GAO to assess oversight efforts by the Department of Defense (DOD), the National Association of Insurance Commissioners (NAIC), and state insurance regulators. In this report, GAO (1) describes actions to...
National Flood Insurance Program: FEMA's Management and Oversight of Payments for Insurance Company Services Should Be Improved
GAO-07-1078: Published: Sep 5, 2007. Publicly Released: Sep 5, 2007.
Extraordinary recent flood events raise serious questions about the solvency of the National Flood Insurance Program (NFIP), which is administered by the Federal Emergency Management Agency (FEMA). The NFIP is largely implemented by private insurance companies that sell and service policies and adjust claims under the Write Your Own (WYO) Program. This report, prepared under the authority of the C...
Title Insurance: Actions Needed to Improve Oversight of the Title Industry and Better Protect Consumers
GAO-07-401: Published: Apr 13, 2007. Publicly Released: Apr 17, 2007.
In a previous report and testimony, GAO identified issues related to title insurance markets, including questions about the extent to which premium rates reflect underlying costs, oversight of title agent practices, and the implications of recent state and federal investigations. This report addresses those issues by examining (1) the characteristics of title insurance markets across states, (2) f...