insurance companies News

Commentary: Why Do People Keep Suing Property Insurance Companies?

The question of why people continually sue property insurance companies is a perplexing one. The simple answer to this question which keeps claims and litigation managers at property insurance companies awake at night staring at the ceiling is that it’s …

New Jersey Chiropractor Pleads Guilty to Health Claims Fraud

A northern New Jersey chiropractor has admitted he improperly received more than $89,000 by having his staff submit false documentation to insurance companies. Joseph Salomone of Nutley pleaded guilty Monday to health care claims fraud. He faces four years in …

Texas Insurance Community Aims High in United Way Campaign

Texas insurance companies and agency partners are challenging themselves and other insurance industry professionals to raise the bar for philanthropy and volunteerism on behalf of the United Way for Greater Austin. So far they are on track, with contributions coming …

California Insurers Urged to End Iranian Investments

Just eight of the 1,300 insurance companies doing business in California have holdings in Iran’s energy, military and nuclear industries, state Insurance Commissioner Dave Jones said Wednesday, down from 50 in 2009 when the department began publicly naming them. The …

New Jersey Chiropractor Pleads Guilty to Ffraud

A New Jersey chiropractor charged with ten others in what prosecutors say was a scheme to recruit accident victims as patients and then falsely bill insurance companies has pleaded guilty. State Attorney General Jeffrey Chiesa says 53-year-old Scott Greenberg of …

Insurers Sue Landowners in Oregon Fire

Insurance companies that paid $1.7 million to six homeowners in a fire blamed on a homeless Ashland, Ore., man have sued the owners of a vacant property where the fire started. The suit alleges the owners had been told vagrants …

Pennsylvania Doc to Repay $700K for Overprescribing Drugs

A Pittsburgh-area physician has agreed to repay two insurance companies $700,000 for covering powerful narcotic painkillers that he pleaded guilty to overprescribing to dozens of patients. McMurray physician Oliver Herndon pleaded guilty in May and is will be sentenced Sept. …

Florida Justices Rule on Hurricane Insurance Issues

Customers cannot sue insurance companies for violating a law that requires hurricane policies to include warnings of large deductibles in oversize, boldface type and capital letters, but even if they could there’s no penalty, the Florida Supreme Court ruled Thursday. …

Celent Survey Forecasts Insurers to Spend $140.6 Billion on Technology in 2012

Global information technology spending by insurance companies is expected to reach $140.6 billion in 2012, an increase of 6.3 percent over 2011, according to a new report from Celent, part of the Oliver Wyman (MMC) group. The figure is substantially …

UPDATE: Insured Loss Estimates from Thailand Floods

Last year’s flooding in Thailand is shaping up to be one of the costliest natural disasters in history, with insured losses alone estimated at more than $15 billion. The following is an updated list – NKSJ Holdings, Zurich, RenaissanceRe and …