Mercury Insurance, Awash In Profit, Seeks 8.8% Rate Hike on More Than 300,000 California Homeowners and Renters
CONTACT By Brian Stedge
Santa Monica, CA -- Mercury Insurance seeks to raise California insurance rates by 8.8% for approximately 300,000 homeowners and renters with Mercury policies. If approved, the increase would generate an additional $19 million per year for Mercury. The insurer is seeking the increase even though it paid less than 50¢ in claims for...
Consumer Watchdog Celebrates 100th Anniversary of California Initiative Process with Giant Birthday Cake at Occupy LA -- Recounts Direct Democracy Victories Over Insurance Companies
CONTACT Brian Stedge & Jamie Court
Occupy LA/Los Angeles, CA -- Consumer Watchdog, whose founder Harvey Rosenfield wrote Proposition 103, the 1988 insurance reform initiative that has saved drivers $62 billion, celebrated the 100th birthday of the California ballot initiative process at Occupy LA in downtown Los Angeles Thursday. The nonprofit, nonpartisan group blew out...
By Carmen Balber
The New York Times reported today that health insurance companies in New York are fighting to keep the reasons for insurance rate hikes secret. State insurance regulators have demanded the companies open their books to the public. In typical form, insurers are challenging the rule. New York’s financial services superintendent got it just...
By Mark Reback
The insurance industry has spent about $100 million on ballot campaigns alone to defeat or overturn Prop 103 including $63.8 million against Prop 103, the $16 million Mercury Insurance spent in its failed 2010 campaign for Prop 17, and the $8.1 million Joseph spent so far this year on a proposed 2012 initiative nearly identical to Prop 17....
CONTACT Brian Stedge & Doug Heller
Santa Monica, CA -- Mercury Insurance Chairman George Joseph launched another assault on consumer protections guaranteed by the 1988 insurance reform measure Proposition 103. The California Secretary of State reports that Joseph is the sole donor to the signature gathering campaign for a new Mercury Insurance backed ballot initiative that...
CONTACT Doug Heller & Brian Stedge
Santa Monica, CA -- California Attorney General Kamala Harris issued a title and summary yesterday for Mercury Insurance's ballot initiative explaining that the proposed initiative "Will allow insurance companies to increase cost of insurance to drivers who have not maintained continuous coverage." The proposed initiative...
HHS to U.S. Senate: Power to Reject Rates Provides Consumers "Maximum" Protection from Unjustified Health Insurance Rate Hikes
CONTACT Carmen Balber
Washington, DC – In a U.S. Senate Health committee hearing today examining the rapid pace of health insurance premium increases, a federal regulator told senators that the rate review provisions of the federal health care law are a powerful consumer protection tool, but that the authority to reject unjustified rates provides consumers...
CONTACT Douglas Heller
Santa Monica, CA – Starting next month, GEICO will begin implementing a 10.7% overall rate decrease for its California automobile insurance policyholders. GEICO originally asked the California Department of Insurance (CDI) for a 4% increase to its automobile insurance rates, but the nonprofit Consumer Watchdog challenged the hike....
CONTACT Doug Heller
Santa Monica, CA – With only seven lawmakers voting against the hotly contested measure, the California Assembly has passed AB 52 (Feuer), which would subject health insurance companies to the same kind of vigorous rate regulation currently in place for auto and homeowners insurance companies in California. Prior to the vote the...
CONTACT By The California Department Of Insurance
Cross-posted from California Department of Insurance: Insurance Commissioner Dave Jones today announced a substantial decrease in homeowner insurance rates by USAA. The recent approval of the company's rate filing reduces rates for most of its California policyholders by an average of 14.9 percent. "Today, I am pleased to...