Product Shields Plans
Against Multiple Hits
ING Re is edging its way into the group health “multiple occurrence” reinsurance market.
ING Re, a U.S. unit of ING Groep N.V., Amsterdam, introduced its multiple loss medical reinsurance product about a year ago. Company executives say they believe the product might be the first of its kind.
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The product will not protect health plans against terrorism, the most obvious source of big multiple occurrence claims. But the product will protect health plans against births of triplets, epidemics, night club fires, car wrecks that hurt several members of the same family, and many other events that affect 3 or more insureds.
Health plans that buy the coverage and suffer multiple losses still have to pay a deductible, but they should get back more than they would collect if they had to pay 3 or more separate, conventional reinsurance deductibles or rely entirely on standard aggregate coverage, according to Michelle Fallahi, a vice president in ING Res Minneapolis office. ING Re is selling the product as a separate agreement along with conventional reinsurance.