Weekly Global News Wrap: Insurance premiums doubles for Ukraine war-exposed business; Health insurers owe 8.2 million people $1b
Dajiah mulls dump of luxury hotels to cash in on rising travel demand
From Reuters:
Premiums are doubling or even tripling for some aviation and marine businesses particularly exposed to the war in Ukraine, increasing costs for airline and shipping firms, according to Reuters industry sources.
Garrett Hanrahan, global head of aviation at Marsh, said that as a result of the conflict between Ukraine and Russia, aviation war insurance was no longer available for both countries and Belarus.
From CNBC:
Health insurers owe 8.2 million policyholders an estimated $1b in premium rebates this fall according to an analysis from the Kaiser Family Foundation.
The amount is said to be down from $2b issued in 2021 and a record $2.5b in 2020.
The rebates are happening because insurance companies that sell group or individual policies must adhere to a “medical loss ratio” requiring them to spend at least 80% of premiums paid by enrollees on healthcare costs and certain other expenses related to patient health. If that threshold is not met, enrollees are then reimbursed the difference.
From Bloomberg:
Chinese insurer Dajia Insurance Group Co is mulling selling off some of its overseas luxury hotels, aiming to cash in on surging travel demand.
Dajia is said to be tapping advisers for a potential transaction, sources said.
The hotels that could possibly be sold off are the Montage Laguna Beach in California and the Four Seasons resorts in Jackson Hole, Wyoming, and Scottsdale, Arizona. These properties are estimated to bring in $1b.
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