Insurance industry sheds jobs in some sectors while adding to others, according to III report

The Insurance Information Institute (III) has released a new report drawing upon data from the U.S. Department of Labor. The report touches upon the volatility seen in the property/casualty insurance business in October of this year. According to the report, the property/casualty sector performed poorly in terms of employment while other sectors saw promising growth. Overall, the report highlights the turbulent year the insurance industry has faced as a whole and suggests that the trend can continue throughout next year depending on the economic climate. The III notes that 900…

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Farmers Insurance Inc. agrees to pay settlement of $1.5 million to almost 3,500 employees

Farmers Insurance Inc., from Los Angeles, will be paying $1.52 million in a settlement with 3,459 employees to cover the overtime back wages after having been investigated by the Wage and Hour Division of the U.S. Department of Labor.  The investigation showed that there had been federal Fair Labor Standards Act violations of the provisions for overtime and recordkeeping that were both sizable and systemic.  According to the Department of Labor, these violations happened within eleven of the insurer’s call centers, which were located in Texas, Florida, Michigan, Kansas, Oregon,…

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