This week in Las Vegas, Nevada, eight insurance executives from some of the largest insurance groups in the country had their heads shaved. Though the insurance industry is the target of rampaging criticisms, this was not an event where insurers were punished for their business practices. The event was organized by the AmWINS Group, a large insurance group based in California, in order to raise awareness for research concerning children with cancer. The event was part of the St. Baldrick’s Foundation’s fundraising efforts on the matter. Shaving the heads of…
Read MoreTag: california insurance company
Consumer Watchdog chastises California’s Mercury Insurance for supposed illegal practices
Mercury is looking to raise its auto insurance rates by $89 million in California, a move that consumer advocates are calling “illegal.” Consumer Watchdog, a group concerned with making the California insurance industry more consumer friendly, claims that the insurer is looking to pass a new law that would allow it to raise rates for good drivers that have, simply, not driven for a period of time for any reason. Mercury Chairman George Joseph claims that the legislation the company is backing would save policyholders money, but Consumer Watchdog calls such…
Read MoreIBHS gives recommendations to protect from Southern California faces wildfires
The Insurance Institute for Business & Home Safety (IBHS) has released a statement reminding property owners in Southern California that the Santa Ana winds are bringing a serious risk of wildfires with them, and that certain precautions should be taken. The National Weather Service has announced that the region could be affected by another significant shove by the winds, which can gust at more than 60 miles per hour. According to an IBHS senior Scientist, Dr. Steve Quarles, “Santa Ana winds are generally warm and dry, creating tinderbox conditions, but…
Read MoreNew California earthquake bill promises lower rates and more coverage
After seeing earthquakes rip through Japan and New Zealand, California is now being eyeballed as many realize how under-insured residents truly are. A new bill backed by California senators, Barbara Boxer and Dianne Feinstein, is promising high insurance premiums to be cut by 30% and a reduction of large deductibles for homeowners – without having to come out of the tax-payers pocket. The bill proposes that the California Earthquake Authority, a state run non-profit insurance program, will be allowed to apply for what’s called a, “guaranteed federal loan” in the event…
Read More