The Chubb Group of Insurance Companies has extended its medical benefits to transgendered employees and dependents. “This is a natural evolution for Chubb, where our inclusive environment demonstrates our commitment to fair and equal treatment for all employees,” said Trevor Gandy, senior vice president and chief diversity officer for Chubb. Chubb’s announcement reinforces a growing trend among employers and insurers who are recognizing sex reassignment as a medically indicated, rather than optional, procedure. Thirty-nine percent of Fortune 500 companies offered transgender-inclusive health benefits this year, up from 1% in 2004,…
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Nationwide Insurance reports losses in the third quarter due to natural disasters and poor investment results
Nationwide Insurance has reported its third quarter financial results for this year. The report details a turbulent third quarter, which has been wracked by severe storms and other natural disasters along with costly investment mishaps. Overall, the report shows that the insurer has lost billions in investments and millions in claims relating to storm damage. While Nationwide has an optimistic outlook for the remainder of the fiscal year, there can be no doubt that recent events will encourage changes to be made to the company’s policies. Nationwide reports that its…
Read MoreInsurance Technologies LLC receives Most Compelling Case Study Award for the year
Financial services industry sales automation solutions provider, Insurance Technologies LLC, has received the award for the Most Compelling Case Study in 2011, the ACORD Award. The recipient of the award was announced in Fort Lauderdale, Florida, at the ACORD Implementation Forum conference. Insurance Technologies received the award in recognition of the role it has played in standardizing eLabels – that is, tag values and instances – for any document which can be filled throughout a transaction with ACORD. Every year, the member partners of ACORD who have shown innovative development…
Read MoreInsurance executives concerned for the future of the insurance sector, says KPGM report
Optimism for the business conditions for the insurance industry in the U.S. is beginning to expire, according to a new report from KPGM, an audit, tax and advisory firm. The report shows that many of the nation’s highest ranking insurance executives are growing pessimistic of the conditions governing the insurance sector. These executives claim that conditions are worse now than they were a year ago and may gradually grow worse as the global economy shows signs of ailing. One of the major challenges facing the industry, notes KPGM, is the…
Read MoreHealth insurers eye climate change as a major concern for the future
Climate change is often a controversial issue, especially when the federal government is concerned. The insurance industry, however, is beginning to take the matter more seriously, as a new report shows that purely environmental factors may be causing the high costs seen in the health care system. The report comes from the Natural Resources Defense Council, an international environmental advocacy group based in New York. The report suggests that natural disasters that have struck the U.S. in the past decade may be having a significant impact on the health of…
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