Tag: insurance payout

Insurance news shows the mis-selling complaints in the U.K. continue

G. Turner
UK cyber Insurance industry News united kingdom

A recent report issued by the watchdog organization has revealed that banks will need to provide more in payouts. The Financial Ombudsman Service in the United Kingdom has now stated that the number of complaints that it has received with regards to the insurance news of the mis-selling scandal in the country have skyrocketed within the six months that ended in September. This has increased the odds that banks will be required to pay a higher amount for compensations. The Financial Ombudsman Service is the official watchdog that steps in…

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Citizens Property Insurance board places $102.8 million settlement on the table

Nordstrom

The board of directors from the Louisiana Citizens Property Insurance Corp. has offered a settlement worth $102.8 million to the 25,000 policyholders in the state, who have been arguing that the agency took too long in their claims adjustment process following 2005’s Hurricanes Katrina and Rita. The offer was made following the board’s 12-0 vote at a public meeting, following a 2 and a half hour discussion that addressed the litigation. The settlement included an offer to pay $92.8 million to the 18,563 people who took part in the Geraldine…

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