Concerns That Insurance Antitrust Law Could Hit P&C Industry

Congress appears to be taking steps to block health insurers from pooling loss data - and the industry fears this could open a Pandora’s Box that would lead to a broader removal of the privilege for all insurers in the future. The Competitive Health Insurance Reform Act (HR 372), which repeals a 65-year-old antitrust exemption that allows all insurers to share loss data, was put to a vote on March 22 in the Lower House. Bloomberg explained in a report that the pooling of data is important, especially for small insurers that do not have extensive databases that larger insurers have.