It Figures

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488%

The jump in profits for the third quarter reported by Harleysville Group Inc. The insurer saw its third-quarter profits climb to $24.7 million, up from $4.2 million in the year-ago period. Revenue at the insurer rose to $244.3 million, up 5 percent. Reduced expenses helped the bottom line. Realized investment gains helped, too.

$700 Billion

One-third of the nation’s healthcare bill and how much the U.S. healthcare system wastes every year, according to a report from Thomson Reuters. The study blames overuse of antibiotics and lab tests to protect against malpractice exposure for $200 to $300 billion a year. Fraud makes up another $200 billion a year. The rest is attributable to administrative inefficiency, medical mistakes and preventable conditions such as uncontrolled diabetes.

35 Million

The number of new prospects identified by military insurance company USAA, which is expanding its customer base by opening up eligibility for its products to all veterans who have honorably served in the U.S. Armed Forces anytime. More than 18 million U.S. military veterans and their 17 million eligible family members may now join USAA. The firm, which now has 7.3 million customers, had previously restricted its sales to military officers and their families as well as some enlistees and non-commissioned officers. No personnel who served before 1996 were eligible; now they will be.

$455 Million

American International Group’s net income for the third quarter — it’s second profitable quarter in a row. CEO Robert H. Benmosche described the results as reflecting the “continued stabilization in performance and market trends.”

17%
The point decline in U.S. property/casualty industry capitalization in 2008, according to A.M. Best Co. Even with the decline, the capital still exceeded adequate levels thanks to excess from previous years.

13
The number of international interns from Azerbaijan, China, Egypt, Saudi Arabia, Thailand and Zambia welcomed by state insurance commissioners. The National Association of Insurance Commissioners has sponsored its International Internship Program for Education and Regulatory Cooperation since 2004. States hosting the interns are Oklahoma, New York, Pennsylvania, Michigan, West Virginia, Hawaii, Puerto Rico, Vermont, South Carolina and the District of Columbia.

Topics USA

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