Latest news with #CareFirst
CTV News
24-06-2025
- Automotive
- CTV News
Alberta's Care-First auto insurance could cost drivers more: IBC
The Insurance Bureau of Canada says Alberta's Care-First plan is in desperate need of changes if it's expected to help reduce costs and improve care. (File) Auto insurance premiums could increase for Albertans under the province's new Care-First system, says the Insurance Bureau of Canada (IBC). The company says it's reviewed a report from consulting firm MNP that found the maintaining the ability of drivers to sue other drivers in an accident would add $136 in annual premiums. IBC says it wants the Alberta government to resist pressure to keep this ability in the new system. 'Litigation in Alberta's auto insurance system creates significant costs for Alberta drivers. Removing this, to improve affordability and care, is the main reason the government decided to transition to its Care-First model,' said Aaron Sutherland, IBC's Pacific and Western vice-president in a news release. 'The provincial government designs and mandates the auto insurance products that insurers must sell. No other province with a care-based system permits the ability to sue as envisioned in Alberta because of the significant costs it adds for drivers, while doing nothing to improve care for those injured in collisions.' IBC says legal costs are increasing by 9.7 per cent and benefit costs are increasing by 11.9 per cent – much faster than the government's 7.5 per cent auto insurance cap can handle. With higher repair costs, inflation and tariffs, the inclusion of tort access in the Care-First model could risk its failure, IBC says. 'The Alberta government is trying to deliver significant savings under the new system, but current auto insurance rates are under tremendous pressure,' said Sutherland. 'The insurance industry supports the government's goal of making auto insurance more affordable for Alberta drivers. But to do that, a significant course correction is needed.' The final look of Alberta's Care-First model hasn't been announced. The system is expected to come into effect in approximately 18 months.
Yahoo
24-06-2025
- Automotive
- Yahoo
Report finds including limited right to sue in new Alberta auto insurance model could cost drivers up to $136 annually
Province's Care-First system unlikely to deliver premium savings for drivers unless changes are made EDMONTON, ON, June 24, 2025 /CNW/ - A new analysis from consulting firm MNP finds that the government's intention to maintain the ability to sue in Alberta's Care-First auto insurance model could add up to $136 to required premiums annually. In light of the findings, Insurance Bureau of Canada (IBC) is urging the government to resist pressure to keep tort access in the new system and instead stay focused on ensuring victims receive the highest level of care to support their recovery. "Litigation in Alberta's auto insurance system creates significant costs for Alberta drivers. Removing this, to improve affordability and care, is the main reason the government decided to transition to its Care-First model," said Aaron Sutherland, Vice-President, Pacific and Western, Insurance Bureau of Canada (IBC). "The provincial government designs and mandates the auto insurance products that insurers must sell. No other province with a care-based system permits the ability to sue as envisioned in Alberta because of the significant costs it adds for drivers, while doing nothing to improve care for those injured in collisions." As the Alberta government moves forward with the final design of its new Care-First auto insurance system, it has indicated that those injured in collisions will retain the ability to sue when the at-fault driver is guilty of select Criminal Code and Traffic Safety Act violations, as well as to recover out-of-pocket expenses beyond what is covered by their own insurance policy. IBC commissioned MNP to explore the impact this would have on required premiums. The firm's findings can be found here. After years of escalating legal costs and government-imposed rate interventions, Alberta's auto insurance market is in crisis. Soaring repair costs, inflation and tariffs are only adding to the pressure. Now, with the government's intention to allow tort access to continue as a cost pressure, the success of Alberta's Care-First model is at risk—eroding the savings that drivers could see when the new system comes into effect in 18 months. "Drivers deserve an auto insurance system that they can count on when they need it," added Sutherland. "IBC and its members are eager to work with the government to stabilize the system today and ensure the new system brings drivers savings and the access to the best medical benefits so that they can recover." The Alberta government's Automobile Insurance Rate Board (AIRB) recently published new data on cost pressures impacting driver premiums over the next year, all of which are growing well in excess of the current 7.5% auto insurance rate cap: Legal costs are increasing 9.7% Accident benefit costs are increasing 11.9% Over the last year, costs for vehicle damage coverages were projected to increase by more than 15%. The AIRB also highlighted that last year auto insurers lost 20 cents for every dollar sold in premiums due to the government's ongoing rate cap. This is creating significant strain on the availability of coverage for drivers today and on the ability of the Care-First system to deliver savings for drivers in the future. "The Alberta government is trying to deliver significant savings under the new system, but current auto insurance rates are under tremendous pressure," said Sutherland. "The insurance industry supports the government's goal of making auto insurance more affordable for Alberta drivers. But to do that, a significant course correction is needed." About Insurance Bureau of Canada Established in 1964, Insurance Bureau of Canada (IBC) is the national industry association representing Canada's private home, auto and business insurers. Its member companies make up the vast majority of Canada's highly competitive property and casualty (P&C) insurance market. As the leading advocate for Canada's private P&C insurers, IBC collaborates with governments, regulators and stakeholders to support a competitive environment for the P&C insurance industry to continue to help protect Canadians from the risks of today and tomorrow. IBC believes that Canadians value and deserve a responsive and resilient private P&C insurance industry that provides insurance solutions to both individuals and businesses. For media releases, IN Focus articles, or to book an interview with an IBC representative, visit Follow us on LinkedIn, X and Instagram, and like us on Facebook. If you have a question about home, auto or business insurance, contact IBC's Consumer Information Centre at 1-844-2ask-IBC. We're here to help. SOURCE Insurance Bureau of Canada View original content to download multimedia:
Technical.ly
07-06-2025
- Business
- Technical.ly
Techstars announces AI Health accelerator will stay in Baltimore, with more cash for startups
Techstars' accelerator focused on artificial intelligence and healthcare will stay in Baltimore for the next few years and companies taking part can expect more cash, organizers announced Thursday. The AI Health Baltimore accelerator will host five more programs in the region. Participating startups can expect up to $220,000 in investment instead of the previous $120,000, managing director Nick Culbertson said at the accelerator's inaugural demo day at M&T Bank Stadium. Eight companies hailing from Argentina to Pittsburgh pitched their startups at the event. Innovations included using AI to detect cancer, using the tech as a between-sessions therapy assistant and having it facilitate compliance with rebate policies. No companies in this cohort were from Baltimore, and Culbertson acknowledged that. 'We really want companies in Baltimore to apply,' Culbertson told the crowd. However, he added, 'It's not just about Baltimore companies. Many of the companies who came here, came here because of the resources we have to offer, because of the ecosystem we have provided.' That ecosystem includes Johns Hopkins University and Mid-Atlantic insurance provider CareFirst — the program's key partners. Inaugural cohort urged to stay in Baltimore Lester Davis, the executive vice president and chief of staff at CareFirst, called for founders in this cohort to keep a presence in the region. 'We need you to stay here,' Davis told the crowd. 'Baltimore, the Maryland area, has everything that you need … Stay right here, invest here, build here.' AidRx CEO Tony Lee is taking that advice. He's creating a platform that enables pharmacists to work remotely and connect with patients and outpatient physicians. While completing the Techstars program, Lee from Calgary signed with three outpatient clinics in Canada to use his product. Plus, he's now working with digital health firm Scene Health in Brooklandville to use his product. Leaning into investments in health, tech Investment in AI and healthcare is on the rise for Techstars. The firm is running another health-focused accelerator in nearby DC this spring, with applications accepted now through June 11. Baltimore gets equal investment from Techstars in comparison to players like New York and London, per Andrew Cleland, its chief investment officer. Techstars is also leaning into these health and AI verticals, he said. Out of 500 healthcare investments from Techstars, a third of those are related to AI. Those companies are some of Techstars most successful. 'They've rewarded investors and owners and families,' Cleland told the crowd during a presentation. 'They've changed for our thousands of people. All that context goes into why we're here and why we're so committed to this program.' Applications just closed for the next cohort in Baltimore, and that group will start in September.
CBS News
05-06-2025
- Health
- CBS News
Maryland could see a spike in health insurance costs in 2026.
Thousands of Maryland residents who buy health insurance from the state could see an 18% spike in their premiums in 2026. The Maryland Insurance Administration announced the proposed increases from healthcare providers on Tuesday, June 4. Proposed insurance price increase Insurance companies are seeking an average increase of 17% for individuals and 5.5% for businesses with small group plans. "Really, all 250,000 people who are buying coverage for the exchange are going to be significantly impacted," said Johanna Fabian-Marks, the Director of Policy and Plan for Maryland Health Benefit Exchange. "These are the largest increases in the six years since Maryland took action to really stabilize our individual market." The increase by health care carriers is in response to the anticipated loss of federal funds, according to the Maryland Insurance Administration. Federal tax credits offered through the Affordable Care Act are set to expire at the end of the year. If Congress reauthorizes the enhanced tax credits, increases would be about 5% to 7%, instead of 8% to 18.7%, officials said. CareFirst BlueChoice requested the biggest average increase for individuals in the marketplace at 18.7%. Optimum Choice by UnitedHealthcare requested 18.6% and Kaiser Permanente requested 12%. "People could be looking at an average increase of more than $800 per year, per person in their premiums," Fabian-Marks said. What's next for Maryland health insurance rates The Maryland Insurance Administration is reviewing the requests from healthcare providers. The rates need to be approved by the commissioner, and decisions are expected in September. "We will be examining rates filed by carriers closely in the coming months, and urge Congress to take action to address affordability of health coverage," said Commissioner Marie Grant in a news release. The Maryland Insurance Administration is currently working with the Maryland Health Benefit Exchange on designing a state subsidy authorized by the state legislature with House Bill 1082. The measure was established to mitigate the impact of a reduction in federal tax credits. "We are in the process of developing a state program that will provide some financial assistance to people next year to step in if these tax credits do go away," said Fabian-Marks. "But we're not going to have the funds at the state level to fully replace the value of the Federal tax credits that would be expiring." The Maryland Insurance Administration will hold a virtual public hearing on the proposed premium increases on July 30. Find more information HERE. "Feedback from all stakeholders is very important and we urge everyone to participate in the public hearing," Commissioner Grant said in a statement. "Health insurance costs impact everyone, and we want to give all Marylanders the opportunity to be heard as we consider the proposed rates."
Yahoo
01-05-2025
- Health
- Yahoo
CareFirst gifts $6.2M to support Coppin State medical program
Coppin State University announced Wednesday that it received a $6.22 million investment from CareFirst BlueCross BlueShield to expand its health services and education. The investment, the largest philanthropic gift Coppin State has ever received, is aimed at renovating and expanding the university's health center, as well as building up its healthcare education and scholarship programs. One of these programs, the Carefirst scholarship program, will help train medical students through hands-on experience at Coppin State's health center. 'Our partnership with Coppin State responds to a critical need for a well-trained pool of healthcare professionals and greater access to quality care while strengthening a hub for transformative solutions,' said CareFirst president and CEO Brian D. Pieninck, in a news release. Pieninck noted that historically Black colleges and universities, like Coppin, 'receive 178 times less funding than Ivy League institutions, despite being engines of growth and innovation for communities of color.' 'This investment is about more than expanding services — it's about shifting the trajectory of our communities by improving opportunity and access,' he said in the release. Coppin State President Anthony L. Jenkins said the funding will help create jobs, build skills and improve health in the community, noting the two organizations' work on CareFirst's West Baltimore Workforce Development Program. 'This partnership is something special and an investment that will have a lasting impact on our students and the west side of Baltimore,' Jenkins said in the release. Have a news tip? Contact Mathew Schumer at mschumer@ 443-890-7423 and on X as @mmmschumer.
