(Suitland, MD – Insurance News 360) – For the third quarter of 2018, the Bureau of Economic Analysis has released a report that revealed real gross domestic product (GDP) increased by 3.4 percent, according to the third estimate. This is a decline from the second quarter, when real GDP increased by 4.2 percent.

The GDP estimate released on Dec. 21, 2018, shows that personal consumption expenditures and exports were revised down, while private inventory investment went up.

Real domestic income (GDI) rose by 4.3 percent in the third quarter of 2018; the average of real GDP and real GDI increased 3.8 percent in the same quarter. The current-dollar GDP increased 4.9 percent. $246.3 billion in the quarter; during the second quarter, current-dollar GDP increased 7.6 percent.

Corporate profits from current production rose 78.2 billion in the third quarter, $13.2 billion more than the second quarter. Profits from domestic financial corporations fell by $6.1 billion; profits from domestic non-financial corporations increased $83 billion and the rest-of-the-world profits increased $1.3 billion.

Source: Bureau of Economic Analysis, US.

(Suitland, MD – Insurance News 360) – For the third quarter of 2018, the Bureau of Economic Analysis has released a report that revealed real gross domestic product (GDP) increased by 3.4 percent, according to the third estimate. This is a decline from the second quarter, when real GDP increased by 4.2 percent.

The GDP estimate released on Dec. 21, 2018, shows that personal consumption expenditures and exports were revised down, while private inventory investment went up.

Real domestic income (GDI) rose by 4.3 percent in the third quarter of 2018; the average of real GDP and real GDI increased 3.8 percent in the same quarter. The current-dollar GDP increased 4.9 percent. $246.3 billion in the quarter; during the second quarter, current-dollar GDP increased 7.6 percent.

Corporate profits from current production rose 78.2 billion in the third quarter, $13.2 billion more than the second quarter. Profits from domestic financial corporations fell by $6.1 billion; profits from domestic non-financial corporations increased $83 billion and the rest-of-the-world profits increased $1.3 billion.

Source: Bureau of Economic Analysis, U.S.

(Suitland, MD – Insurance News 360) – The Bureau of Economic Analysis released a report on the November 2018 personal income and outlays of individuals in the United States. The report, released on Dec. 18, 2018 revealed that personal income increased by .2 percent ($40.2 billion) during the month of November; disposable personal income increased by $37.8 billion, and personal consumption expenditures increased by $54.4 billion.

The BEA notes that the personal income increase comes mostly from farm proprietors’ income, increases in wages and increases in salaries. These were offset by personal dividend income and social security benefits. Farm proprietors’ income rose by $14.9 billion, including subsidy paymenst from the Department of Agriculture’s Market Facilitation Program.

Personal outlays rose by $56.6 billion, and personal saving was $944.2 billion. The personal saving rate was 6 percent.

Source: Bureau of Economic Analysis, U.S.

(Jackson, MS – Insurance News 360) – Seventy nine individuals died from fire-related issues in 2018 across the state of Mississippi; the State Fire Marshal’s Office (SFMO) investigated 74 of those cases and local agencies investigated the others. This is an increase from 56 deaths in 2017 and 53 investigations by the SFMO.

This is a 36 percent increase, but State Chief Deputy Fire Marshal Ricky Davis does not call this a record-breaking number.

“As recently as 2006, the SFMO has investigated upwards of 100 fire deaths,” Davis said. ”In fact, in the last five years, we’ve significantly lowered the number of preventable fire deaths across the state. I can’t say specifically why the numbers are higher this year, but in a majority of these cases, a working smoke alarm could have saved lives.”

Of the 74 deaths investigated by SFMO, nearly 40 cases showed that there was no working smoke alarm.

State Fire Marshal Mike Chaney notes that a dozen cases involved the presence of non-working smoke alarms.  “It’s upsetting because these fires were preventable, and in every one of these cases, a life could have been saved,” Chaney said. “The State Fire Marshal Office doesn’t just investigate after a fire has occurred. Our educators are out working in communities and schools every day.”

The SFMO urges people to install and maintain smoke alarms, make escape plans specific to their homes, and keep lighters away from children’s reach.

Electrical fires top the list, linked with 21 deaths. There were 13 cases where a cause for the fire could not be determined.

Source: Mississippi Insurance Department.

(Nashville, TN – Insurance News 360) – The Tennessee Department of Commerce and Insurance returned or located more than $17.9 million in 2019 through mediation and recovery of lost life insurance benefits, the department announced on Jan. 10.

Tennessee residents received more than $5.6 million through mediation, where TDCI insurance investigators worked with insurance companies and policy holders to overturn and pay wrongfully denied claims. In 2017, consumers received more than $6.5 million through those efforts.

Additionally, $11,695,834 in life insurance benefits was located in 2018 through the Life Insurance Policy Locator Service. This free service, which is provided by the National Association of Insurance Commissioners (NAIC) via TDCI’s Insurance Division, assists consumers in finding insurance policies or annuities for deceased loves ones. In 2017, nearly $3 million was returned to consumers through the Life Insurance Policy Locator Service.

“I’m proud of the efforts this year by our Insurance Division to help deserving consumers get the benefits of their insurance coverages,” said TDCI Commissioner and NAIC Past President Julie Mix McPeak. “We encourage Tennesseans to always remember to call our team with questions about their insurance coverages or to learn what resources may be available.”

In addition to the Department’s mediation and recovery efforts, the Insurance Division levied over $600,000 in civil penalties through disciplinary actions taken on behalf of Tennessee consumers against licensees who were found to be in violation of state insurance laws.

TDCI encourages consumers to contact the Department if they feel they have been unjustly denied a claim, if they have experienced unlicensed or unlawful activity, or even if they have a question or concern about their insurance policies.

If you have questions about insurance, visit the department’s website or call 1-800-342-4029 or (615) 741-2218.

Source: Tennessee Department of Commerce & Insurance.

(Jefferson City, MO – Insurance News 360) – Missouri residents are affected by large bills and aggressive collection tactics after using air ambulance providers, according to a report released on Jan. 8, 2019,  by the Missouri Department of Insurance, Financial Institutions and Professional Registration (DIFP).

The DIFP initiated a data call for insurers in the state and analyzed fully-insured health coverage under the department’s regulatory purview. The result is that they uncovered an estimated $25.7 million billed for air ambulance services in 2017, a potential for a maximum of $12.4 million in balance-billing for Missouri residents. The report revealed that residents with private insurance have been balanced billed for more than $100,000; and that many air ambulance providers do not participate in many health insurance provider networks.

Some air ambulance providers engage in aggressive collection efforts to collect amounts not paid by private health insurers, including filing lawsuits and placing liens on homes.  A quick search of Missouri’s court records returned over 184 records since 2012 for one of Missouri’s largest air ambulance providers. The four most legally active providers together had 427 actions over the same time period, with recoveries commonly in the tens of thousands of dollars.

“With air ambulance bills, Missourians are subjected to extremely aggressive collection efforts, at a time when they are quite vulnerable as they are already recovering from a medical emergency”, said Director Chlora Lindley-Myers. “We hope this report illustrates to state and federal policymakers the scope and seriousness of this problem and the need for urgent action.”

In investigating complaints regarding air ambulances, the Department’s jurisdiction is limited to fully insured health plans, covering approximately 1.2 million Missourians in 2017.  The Department has no authority to assist consumers who are covered under self-funded group health plans, which cover approximately 1.9 million Missourians.

The investigations ensure that the insurer is in compliance with relevant state insurance laws as well as their own contractual language.  The Department also is, in many instances, unable to assist consumers who have been saddled with unpaid air ambulance bills when the insurers’ actions do not clearly run afoul of insurance regulatory standards. States generally have very limited regulatory authority over air ambulances in general.

Air ambulance services are governed by the federal Aviation Deregulation Act (ADA) of 1978, which carved out broad federal preemptions to state regulation of aviation.  The act specifies that states may not regulate in any way the “price, route or service of an air carrier.”  The National Association of Insurance Commissioners has been engaged on this issue and in working with members of Congress to find ways to protect consumers from the financial devastation of air ambulance balance bills.

Source: Missouri Department of Insurance.