New York charges Johnson & Johnson with opioid claim insurance fraud

Opioid claim insurance fraud - pills - gavel

The state filed civil charges at the end of last week, accusing the firm of downplaying risks. Last week, the state of New York filed civil charges against Johnson & Johnson of opioid claim insurance fraud. It accused the company of downplaying the risks associated with these painkiller medications, including to patients who are elderly. Governor Cuomo said the charges follow a probe conducted by the state regulator. New York Governor Andrew Cuomo said the opioid claim insurance fraud charges by the state’s Department of Financial Services result from that…

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Gainsco insurance company to be acquired by State Farm

Gainsco insurance - business deal - handshake

The acquisition is reported to be for $400 million, according to a news release last week. State Farm and the Dallas-based Gainsco insurance company have come to an agreement in which the former will be acquiring the latter for $400 million. The 98-year-old industry giant has never acquired another insurer in its entire history. The deal will have State Farm purchasing all of the Gainsco insurance company’s stock. The acquired insurer will continue its operation as a separate business. However, in time, the two companies will start the process of…

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Insurance industry diversity challenges addressed at WSIA 2020 Virtual Annual Marketplace

Insurance industry diversity - Hands - business

Leaders from government agencies and insurers alike acknowledged the current problem. Insurance industry diversity challenges were recently addressed at the WSIA 2020 Virtual Annual marketplace. The Wholesale & Specialty Insurance Association (WSIA) holds the event annually. The event coincided with the WSIA’s announcement of its formation of the Insurance Industry Diversity Foundation (IIDF). The goal of the IIDF is “to promote and attract diversity in race, gender, sexual orientation and disability and to influence meaningful progress in the diversity of the insurance industry and its talent pipeline.” The panel discussion…

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Car insurance savings from pandemic likely to disappear and rates may rise

Car insurance savings - parked car

Many insurers are likely to begin requesting rate increases, particularly in states such as Florida. Millions of drivers across the United States have been benefiting from car insurance savings in different forms since the start of the pandemic crisis. Some insurers issued refunds, while others provided rebates and yet others lowered their rates. That said, it appears that rates may be returning to normal and some may even be increasing. A recent ABC Action News report pointed to at least one major insurer that would be seeking to raise auto…

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California wildfire risk increases homeowners’ insurance challenge

California wildfire risk - homes near fire

Insurers are facing massive losses and have been withdrawing from areas prone to fires. The California wildfire risk has been causing problems for homeowners in the state that extend beyond the devastation left behind by the widespread uncontrolled blazes that are becoming increasingly problematic. As massive blazes become more commonplace, the cost associated with them is sending insurers away. Due to the California wildfire risk, insurers are falling out of love with the opportunity to insurer the properties there, particularly in areas most prone to the fires. “The marketplace has…

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What is a No-Fault State?

what is a no fault state mean

Currently, there are 13 no-fault states in the U.S. These include Florida, Kentucky, Michigan, New Jersey, and New York. If you live in a no-fault state, it means that a driver has to first file a claim with their own insurance company if they’re in an accident. Every state sets its own laws as far as who pays for an accident. Sometimes when there’s an accident involving two parties, the goal isn’t determining fault. The following are specific things to know about living in a no-fault state. Overview of a…

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Ben Affleck movie insurance battle takes off following production delay

Ben Affleck movie insurance - Ben Affleck

The film’s producers are in a coverage fight with their insurer, Chubb, over pandemic postponements. Hollywood producers have launched a battle with insurer Chubb over a Ben Affleck movie insurance policy’s coverage of pandemic delays. The producers sued the insurer last week over its refusal to extend the policy’s coverage for the delay. The Ben Affleck movie insurance policy is set to expire in October, but the film’s production has been delayed due to the COVID-19 pandemic. As a result, the producers sough to extend their insurance coverage for the…

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