Allstate Insurance Company has filed a lawsuit against 10 defendants in the New York area in order to help to recover $5 million in fraudulent insurance claims. This is the company’s fourth lawsuit of this nature this year. The complaint includes specific mention of five medical professional corporations, a physician, one corporation, and three individuals who are not physicians. Thirty one fraud lawsuits worth over $170 million in damages have been filed by Allstate in the state of New York since 2003. New York state is a hotbed of insurance…
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Regardless of tornado losses, Allstate posts better results than predicted
The largest publicly traded American home and auto insurance company, Allstate Corp., has posted its losses for the second quarter, following catastrophe expenses that broke insurance industry records; but its results weren’t as bad as had been predicted. Allstate’s catastrophe losses reached $2.34 billion, making that quarter one of the worst in the entire history of the company. It had already been anticipating significant losses as a result of April and May’s tornado and severe weather activity in the United States. That said, analysts had not anticipated the revenue to…
Read MoreIndependent Allstate agents look toward unionization
The National Association of Professional Allstate Agents (NAPAA) is looking to unionize as independent Allstate agents accuse the insurer of unfair treatment. Agents are claiming that the company is manipulating independent contractor rules for their benefit as well as reducing compensation for agents. The association, which accounts for nearly 10% of Allstate’s agent force, will be holding votes over the course of the week to determine whether aligning with a union is in the best interest of its members. If members choose to unionize, the NAPAA will become affiliated with…
Read MoreAllstate updates its estimated Q2 losses, up to $2.3 billion
Allstate has announced their latest estimates of their Q2 losses. The prestigious insurer has had a rough year given the frequency and severity of storms and other natural disasters throughout the U.S. Indeed, the entirety of the nation’s insurance industry has been shaken and many now believe that it stands on unstable ground. Risk analysts and insurance officials have speculated that the industry may not be able to withstand another natural disaster without significant financial aid from the federal government. Allstate’s previous estimations of their losses for the months of…
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