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Zurich, Hiscox in battle over who defends Giorgio Armani employee over sexual misconduct claim
Loreto-Hays v. Herrera (2018), alleging sexual assault by Herrera while the plaintiff worked in a GAC store. Oberloh v. Giorgio Armani Corp. (2018), which included allegations that GAC ignored reports of Herrera sexually harassing multiple employees. Christin v. Herrera (2019), which involved five plaintiffs alleging a pattern of sexual harassment and assault by Herrera spanning…
Rising number of uninsured drivers increases auto insurance costs, report warns
Mercury Insurance, headquartered in Los Angeles, offers personal auto, homeowners, and renters insurance in several states through independent agents. The firm outlined several ways uninsured drivers impact insurance rates. When more drivers are uninsured, insurance companies face increased risk because they must cover more accident-related costs. As a result, insurers raise rates for all policyholders,…
Human talent still trumps AI
Despite acceleration of technology, risk takers are key for insurance companies, says industry veteran Source link
State Farm confirms $2.45 billion claims payout after LA wildfires
Catastrophic events during the prior year had a substantial impact, with the company paying out approximately $11.4 billion in catastrophe-related claims during the year. For instance, in mid-July 2024, severe convective storms across several states resulted in about 14,000 claims filed with State Farm. Source link
Quarterly annuity sales exceed $100 billion in all four quarters – LIMRA
In the fourth quarter, US annuity sales totaled $100.6 billion, a 13% decline from the record-setting fourth quarter of 2023. Lower interest rates contributed to declines in fixed-rate deferred (FRD) and income annuity sales, affecting overall results. Source link
Missouri passes bill allowing qualified organizations to offer healthcare benefit plans
Although SB 79 exempts these plans from certain state and federal health insurance laws, it requires coverage for ambulance services, hospitalizations, emergency services, and lab work. Additionally, the plans must have an annual coverage limit of at least $2 million, and applicants must be members of the organization for at least 30 days before qualifying….