What Is AGI Liability Insurance?

AGI Insurance is an insurance advisor that specializes in residential, auto, travel, farm, and commercial insurance. Westland Insurance Group purchased the company.

Who is AGI Insurance?

Since 1987, AGI Insurance has been a family-owned insurance office in Saskatoon, Saskatchewan. Residential, auto, travel, agricultural, and business insurance services are all handled by their skilled insurance consultants.

What type of insurance does Assurant offer?

Pros of Assurant: Assurant has almost a century of expertise in the insurance market. Renters insurance, mobile device insurance, flood protection insurance, and other coverages are available. It is a Fortune 500 corporation with a high rating from AM Best. Assurant has a robust financial foundation and provides claims reporting 24 hours a day, seven days a week.

Assurant’s drawbacks include a high volume of consumer complaints filed with the Better Business Bureau. There is no commitment to a certain time frame for responding to claims. The official website leaves a lot to be desired, and buyer feedback is varied. There have been complaints about the carrier’s exorbitant prices when compared to other carriers.

Is Assurant owned by Geico?

When you click on the “Adirondack’s service website” link, you will be directed to an Adirondack-owned website, not GEICO’s.

GEICO has no control over the above-mentioned companies’ privacy practices and takes no responsibility for your use of their websites. Any information you give them directly is subject to their privacy policy, which is available on their website.

Non-affiliated insurance providers write renters coverage, which is secured by the GEICO Insurance Agency, LLC.

What type of insurance is AIG?

Property and casualty insurance, life insurance, retirement plans, mortgage insurance, and other financial services are all available through AIG. Chartis, the global property and casualty insurance company, was rebranded AIG Property Casualty in the third quarter of 2012. The life-insurance and retirement-services division of SunAmerica has been rebranded AIG Life and Retirement; other old names are still utilized in specific locations and market groups.

What kind of insurance does AIG sell?

Through our General Insurance, Life & Retirement, and Investments business groups, we offer a wide range of property casualty insurance, life insurance, retirement solutions, and other financial services to help our clients succeed in business and in life.

Is Assurant insurance any good?

In general, Assurant is a bad insurance provider. We discovered that Assurant has high premiums and a complex claims process, making it impossible to recommend it to the majority of people.

T-Mobile (Assurant)

T-Premium Mobile’s Handset Protection plan includes coverage from Asurion Assurant (previously T-Mobile utilized Asurion; this has changed) (thanks, to those who pointed this out). Your monthly insurance premium and deductible are determined by your phone plan and device.

PHP is included at no additional cost beyond the $10 JUMP price if you’re on one of T-new Mobile’s monthly device payback plans (JUMP!). There are five deductible tiers, and your deductible is determined by the phone you have. In the event of a claim, most modern high-end cellphones fall within the two highest classes, resulting in a deductible of $150-175. Every time you file a mechanical breakdown claim, you’ll be charged a $5 warranty processing fee, and you’ll be restricted to two claims every 12 months you’re enrolled in the plan.

If a refurbished replacement handset isn’t available, Assurant will ship you a new one within 1-2 business days (however user accounts of turnaround times seem to vary). Each refurb also comes with a six-month warranty.

Is Assurant Health going out of business?

After failing to find a willing buyer, Assurant Health will close its financially struggling individual insurance business by the end of 2016, according to its parent company. According to Modern Healthcare, the move might cost Assurant up to $250 million.

According to Stuart Gunn, a healthcare managing director at investment bank Houlihan Lokey, the fact that no business moved forward to acquire Assurant Health implies that many health insurers decided it was not worth the risk. Every year during open enrollment, consumers with exchange plans have the option of switching insurers. It’s possible that Blue Cross and Blue Shield plans, as well as other large commercial carriers with significant exchange presences, found it out. “We’ll be able to pick up the majority of those people on our own,” Gunn added.

Assurant, based in Milwaukee, was one of eight businesses offering more than 400 plans on the Illinois health insurance exchange, named Get Covered Illinois, this year.

National General Holdings Corp., a publicly traded insurance firm based in New York City, will buy Assurant Health’s self-funded small-group business and supplemental health plans for an unknown sum. The individual market, on the other hand, accounted for the great majority of the insurer’s revenue.

Assurant Health will not sell plans during the next open-enrollment season under the Affordable Care Act, which begins November 1 and concludes January 31, 2016. If a health insurer wants to quit providing individual plans, it must give at least 180 days notice under federal law. Next Monday, Assurant Health’s 1 million policyholders will get a letter informing them of the situation.

This year, Assurant Health offered health plans on 16 exchanges, marking the insurer’s first and sole ACA enrollment. Assurant Health, like other insurers, sought to profit from the new, growing individual marketplaces, where people are encouraged to shop for health insurance in the same way they shop for other commodities.

However, Assurant Health has lost $148 million on individual plans in the last 15 months, according to executives “It’s a lot worse than we expected.” Underpriced premiums and higher-than-expected medical claims from Assurant’s sick membership led the losses, forcing the company to explore selling its health insurance operations in April. Assurant is better known for its home and life insurance plans.

Going into the exchanges, Assurant Health’s reputation had to be rebuilt. Several state insurance authorities have fined the firm millions of dollars in recent years, including Connecticut and Missouri. Assurant Health was often found to have failed to pay or refused medical claims in an unreasonable manner by regulators.

To make up for the enormous shortfall, Assurant Health proposed to the federal government steep premium rate hikes for 2016 plans, some of which were over 70%. This could lead to members switching to alternative plans in the fall.

The demise of Assurant Health demonstrates the challenges that new entrants to the individual market face, particularly when they lack the size or provider negotiation leverage of larger carriers. “It’s starting to feel like a scale game,” Gunn remarked. “It’ll be extremely difficult to make the math work if you’re a little player like an Assurant.”

Assurant estimates that exiting the market will cost between $175 million and $250 million. The expectation that premiums will not cover future medical claims and other expenses accounts for up to $110 million of the total. The hundreds of millions of dollars Assurant Health expects to receive through the ACA’s risk-mitigation programs, known as the 3 Rs, are already factored into the expected reserve loss. As insurers took on a sicker and more expensive patient base, the ACA developed risk programs to balance high losses and prevent unfavorable risk selection.

Assurant estimates that severance-related expenditures will reach $95 million. Around 1,700 Assurant Health employees will be eliminated, with the first phase beginning this summer with 300 job cuts. Employees will have the opportunity to apply for other unfilled roles within the organization, according to Assurant.

This story first published on Crain’s sister newspaper Modern Healthcare’s website.