Allianz SE insurance company is filing a lawsuit against celebrity and heiress, Paris Hilton. The insurer paid Damiani’s claim for jewels that were stolen from Ms. Hilton. Allianz says the police recovered part of the jewels, and she should return them to the owner; a Manhattan jeweler. But according to Ms. Hilton’s spokeswoman, the suit isn’t based on the facts. In December 2008, a burglary ring that was targeting celebrity homes, robbed Paris Hilton’s mansion. They stole over 2.5 million dollars worth of jewelry; including jewels that were on loan…
Read MoreTag: insurance news April 2011
Allstate Insurance looking to grow in Florida
Parts of Florida may see a small economic boost in Jobs. Allstate Insurance Company wants to expand its presence there and open around 50 new agencies. They’re estimating about 130 new jobs across the state would be created by this addition of offices. This is a big move for the insurance company that just six years ago dropped more than 95 thousand policies, and began scaling back the private property policies (in Florida). They based their decision to expand their agencies because of the huge growth in the north Florida…
Read MoreTexas insurance bill promises transparency
Texas is making a move to ensure the transparency of the state’s insurance industry. Legislators are toiling over a bill, dubbed the Texas Insurance Awareness and Affordability Act, which will require insurers to provide exhaustive information regarding any changes in policies. There have been growing concerns about how insurers determine their rate hikes recently, driving demand for more transparency. The bill is seeking to garner explanations on proposed premium increases in a language that everyone can understand. State insurers would be requires, upon changes in policy, to provide a side-by-side…
Read MoreNational Flood Insurance Program on financial shaky ground
On Wednesday, a subcommittee of the House of Representatives approved amendments that could help revitalize the stagnant National Flood Insurance Program. The program is currently in a state of bankruptcy, having been unable to procure any additional funding from the government. It will continue to operate until September 30, when funding will run out completely. The legislation, which was passed by a voice vote, seeks to revamp the program to make it more financially sound and provide federal agencies such as FEMA more flexibility in their operations. “In the near…
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