insurance companies

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Nickelback Frontman Sued By Own Insurance Company

Lloyd's of London sues to cancel band's insurance policy

(Newser) - After Nickelback was forced to cancel more than 60 summer concerts due to a cyst on lead singer Chad Kroeger's vocal cords, Kroeger filed a $13 million claim with the band's insurance company to cover the losses. But Lloyd's of London is now suing Kroeger, claiming the... More »

Insurance Laws Forced Woman to Sue Nephew: Lawyers

Jennifer Connell was only going to get $1 for medical bills: attorneys

(Newser) - There are two sides to every story, and now lawyers for the New York City woman who sued her 12-year-old nephew are telling hers. The Internet has demonized Jennifer Connell for suing Sean Tarala after he accidentally broke her wrist while in an excited state at his eighth-birthday party in... More »

School District Getting Rid of 'Dangerous' Swings

'It's a matter of liability,' Washington district says

(Newser) - Swingsets are becoming a thing of the past at school playgrounds in a Washington state school district because insurance companies have decided they're too hazardous. "It's just really a safety issue; swings have been determined to be the most unsafe of all the equipment on a playground,... More »

Insurance Firm Pays $21K of Settlement in Coins

Employees dropped off buckets of loose change to 73-year-old

(Newser) - Andres Carrasco was likely happy to hear in June that he was being awarded a settlement from an insurance company after one of its workers allegedly assaulted him. He was definitely not happy to see how $21,000 of that settlement recently arrived at his attorney's office—in 5-gallon... More »

Fans of Arming School Staff Have Surprising Opponent

Insurance companies, who say they will deny coverage or jack up premiums

(Newser) - Arming staff with guns may not be the magic bullet some schools had hoped in the battle to prevent future school shootings. That's because many insurers won't even let them try, the New York Times reports. In Kansas, where schools are now allowed to arm employees , EMC, the... More »

Sony Most Successful at ... Selling Insurance

Its devices are a money-losing operation

(Newser) - Walkman, Trinitron, PlayStation: In the US, we know Sony as a longtime player in the electronics world. But its electronics arm has lost $8.5 billion over the past decade, the New York Times reports. In fact, the driver of its current success is its insurance business, which doesn't... More »

Sandy Likely to Cost More Than Hurricane Irene

Damage estimates suggest $20B

(Newser) - It looks like superstorm Sandy is going to trump last year's Hurricane Irene in terms of damage costs, reports Reuters . The upper end of estimates is about $20 billion, while Irene came in under $16 billion, notes the Christian Science Monitor . "Sandy event is much more severe,"... More »

Romney White House Gives Health Insurers Fits

Industry could fave upheaval if he repeals ObamaCare

(Newser) - CEOs of big health insurance companies are surely salivating for a Mitt Romney presidency, right? Not necessarily, the AP reports. Though the insurance industry is no big fan of certain parts of ObamaCare, it has invested tens of millions preparing for it—and it stands to make scads of dollars... More »

Insurer to Woman: Pay to Fix Car That Killed Your Mom

Company sought $6K in vehicle repairs, then drops case

(Newser) - After a car fatally hit a 70-year-old pedestrian, the driver's insurance company sought payment to fix the vehicle—from the victim's daughter. Anna Cedeno, a recent cancer survivor, was walking to a bus stop when she was hit by a passing BMW, the New York Post reports. She... More »

Veteran Loses Insurance Over 2-Cent Mistake

Ronald Flanagan needs potentially life-saving transplant

(Newser) - Ronald Flanagan already has the donor for a potentially life-saving stem cell transplant, but he can’t have the surgery—because a $0.02 mistake left him without insurance. The Vietnam veteran’s wife, Frances, accidentally paid $328.67 instead of $328.69 when paying November’s bill online, she... More »

In Retreat, Obama Weighs Scaled-Back Health Options

Modest coverage, cost reforms now on horizon

(Newser) - President Obama, chastened by the voter revolt that cost the Democrats their 60th vote in the Senate, is ready to seriously pare down health care reform in an effort to salvage at least some of it. "I would advise that we try to move quickly to coalesce around those... More »

Gibbs on Dean: Nobody 'Rational' Would Kill the Bill

'I don't know what legislation he's reading,' says press chief

(Newser) - White House press secretary Robert Gibbs fired back at Howard Dean today for encouraging progressives to kill the health care reform bill. Dean thinks the bill, without a public option, is now too compromised to deserve further support. "I would ask Dr. Dean, how better do you address those... More »

AIG's Benmosche: I'm Not Quitting

CEO is 'committed' to firm's employees

(Newser) - AIG CEO Robert Benmosche isn’t fed up with running a government-controlled insurance giant after all: Backing away from his threat to quit, Benmosche said today that he remains "totally committed” to the company. The CEO conceded, however, that he and the board “are indeed frustrated” with the... More »

Industry Report Distorts Health Reform Cost

Insurance firms' numbers blindside Baucus bill's backers

(Newser) - A new report that says the Senate Finance Committee’s reform bill would raise private insurance premiums is riddled with troubling exceptions, writes Jonathan Cohn. The report, commissioned by America's Health Insurance Plans, estimates the costs of premiums over time if the bill is implemented, but it doesn’t take... More »

Critics Say Insurers Cutting Sick People Loose

(Newser) - Insurance companies are being hit from all sides on at least one issue—in industry jargon, it's called rescission. In the real world, it's when insurers cancel coverage because they say a customer has lied to them about a preexisting condition or some other issue. It's not clear how many... More »

Let's Make Health Insurance Policies Readable

Legal mumbo-jumbo means patients can't tell what they're covered for

(Newser) - There’s one important health care issue that’s generated little chatter: the oft-inscrutable language of insurance policies, writes Rhode Island health official John Cogan in the New York Times. Policies are penned at a grad-school level, which led his state to require, as of next year, that they be... More »

Ex-AIG Honcho Settles New SEC Case for $15M

(Newser) - The SEC today simultaneously announced a complaint against former AIG chief Hank Greenberg and the resolution of the matter—a $15 million payment to settle the suit, the New York Times reports. Greenberg and a former AIG CFO were accused of “numerous improper accounting transactions” between 2000 and 2005... More »

Wall Street Rakes in $1B in Fees on AIG Breakup

Morgan Stanley set to pocket $250M in 'advisory services'

(Newser) - The crumbling of AIG forced taxpayers to take on 80% of the company, but breaking the insurance giant up is turning out to be a bonanza for lawyers and banks. The Wall Street Journal calculates that firms will pull in $1 billion in fees from AIG and the Fed—one... More »

AIG Comes Out Swinging in $4.3B Lawsuit vs. Ex-CEO

(Newser) - AIG 's longtime CEO sold crucial assets in 2005 out of spite, the company's lawyers charged as they opened their civil suit against the ousted exec today in New York. “Hank Greenberg was mad. He was angry,” said a lawyer for the bailed-out mega-insurer. Greenberg was weeks away... More »

Spending on Health Care Lobbying Up 41%

Drug, insurance companies oppose public insurance

(Newser) - As the health care debate heats up in Washington, insurance and drug companies are keeping their lobbyists busy. So far this year, those industries have increased their lobbyist spending by 41% as they fight a proposed public insurance plan, USA Today reports. That's $35 million in the first quarter for... More »

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