Mercury Insurance’s controversial Proposition 17 has been resurrected and made its way to California’s November ballot. The proposition received funding from George Joseph, the billionaire chairman of the insurance company. The money was enough to bring the proposition back to life after it had been struck down by voters in 2010. Now, voters will have another opportunity to weigh in on the proposition, but there may be no guarantee that their efforts will put an end to the insurer’s plans for good. The proposition aims to make changes to Proposition…
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Mercury Insurance to raise rates in California, agitating consumer advocates
Mercury Insurance is looking to raise rates on homeowners and renters insurance policies in California. The company has plans to raise rates by an average of 8.8% for some 300,000 consumers in the state. If state regulators approve the proposal, the company will be generating an additional $19 million per year in profits. Consumer Watchdog, a non-profit organization concerned with fairness for insurance consumers, claims that the proposal is unreasonable because the insurer is already awash with profit. According to Consumer Watchdog, the company paid less than 50 cents on…
Read MoreConsumer 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 MoreCalifornia auto insurance law is being challenged by Mercury General Corp
Mercury General Corp., one of California’s largest auto insurance providers, has taken a bold new step in confronting one of California’s most controversial auto insurance laws. Proposition 103, as it is known, was first passed in 1989, much to the chagrin of many insurance companies offering automobile policies. The law brought many changes to the industry, among which were new regulations regarding rates and limiting the power of insurers to deny claims. For the past decade, Mercury General has been campaigning to change the law. As California’s Legislative session nears…
Read MoreMercury experiences growth in homeowner business leading to new hiring
Mercury Insurance has announced that as a result of a significantly increasing customer base, it will be hiring 63 new employees for full-time property claims in its New York, New Jersey, Texas, and California offices. Since the start of 2011, the homeowners business at Mercury has jumped by over 10 percent. According to the human resources director at Mercury, Clarisa Eng, the company is doing their part to put people in the United States back to work. She explained that the new hires will be assisting the company to “provide…
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