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Mercury Insurance company awarded top spot as inclusive employer

March 11, 2024March 8, 2024 Nordstrom

Insurance company - Inclusivity at the workplace

Newsweek has named the insurer on its 2024 America’s Greatest Workplaces for Diversity list Newsweek has named the Mercury Insurance company as one of America’s Greatest Workplaces for Diversity for 2024. Newsweek and partner Plant-A Insights, a market data research firm used their own selection methodology to choose the top businesses. Several criteria were considered for the awarding of the title Before the title was awarded to Mercury Insurance company, the employers being considered were judged based on their growth opportunities, competitive salaries and other factors, when compared with other…

House Committee Gives Green Light to Wildfire Insurance Coverage Study

March 4, 2024March 2, 2024 Loreen

Setting Opinions Aside: An Objective Look at Wildfire Insurance In the wake of devastating wildfires across the country, the House Financial Services Committee has taken a significant step towards addressing the growing concern over insurance coverage for damages resulting from such disasters. With a strong bipartisan backing, the committee has forwarded a bill that mandates a comprehensive study on the state of wildfire insurance. Rep. Patrick McHenry, R-N.C. and chair of the committee, emphasized that the conversation about wildfires must transcend the usual debate on climate change, focusing on observable…

State Farm Registers $6.3 Billion Net Loss in Challenging 2023 Fiscal Year

March 3, 2024 H. Cutner

Despite attempts to improve results following a substantial $6.7 billion loss in 2022, State Farm, a leading insurance giant, ended 2023 with a $6.3 billion net loss. The company cites a surge in catastrophe claims as a significant factor contributing to their financial results. Elevated Claims and Unfavorable Results The Financial Climate State Farm’s financial report for the year reflects a tumultuous period, as total revenue reached $104.2 billion, yet it was not enough to prevent a net loss. The company’s combined ratio, a key measure of underwriting profitability, rose…

Lawsuit Alleges USAA Uses Computer System to Arbitrarily Deny, Reduce Claims

February 20, 2024February 19, 2024 Logan B.

In a legal case currently gaining attention, USAA is accused of utilizing a computer program to indiscriminately deny or lessen claims for personal injury protection and medical payments. This system, provided by CCC’s Auto Injury Solutions, is at the heart of numerous lawsuits that the insurance giant has faced in recent years. Allegations of Systematic Denials The class-action lawsuit, which emerged from Washington Superior Court for Clark County, suggests that USAA’s reliance on Auto Injury Solutions’ (AIS) computerized system is to the detriment of policyholder claims following vehicle accidents. San…

California Insurance Market Seeks Solutions Amid Homeowner Policy Crisis

February 20, 2024February 19, 2024 Loreen

California’s insurance landscape is poised for a substantial rewrite as authorities deal with the implications of devastating wildfires and market instability. With a pivotal public hearing on the horizon, Insurance Commissioner Ricardo Lara spearheads the effort to address the frustrations of both homeowners and insurers. The Plight of California Homeowners and Insurers Amid the ashes of devastating wildfires, Californian homeowners have faced soaring insurance premiums and widespread policy cancellations, driving the need for regulatory reform. A proposed overhaul by Commissioner Lara aims to streamline rate increase approvals and clarify regulations…