Freedom Insurance chief resigns after royal commission grilling

The chief executive of Freedom Insurance Group has resigned a few months after giving evidence to the banking royal commission about the insurer's tactics of cold-calling people to try and sell life insurance. The company announced Craig Orton would resign ''for personal reasons'' before the end of the year and be replaced by Sean Williamson, who is currently a consultant […]

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Allianz 3 Profit Rises; Says Confident Of FY18 Targets – Quick Facts

Financial services company Allianz Group (AZSEY.PK) Friday reported that its third-quarter net income attributable to shareholders increased to 1.94 billion euros from 1.57 billion euros last year. Earnings per share were 4.54 euros, higher than 3.52 euros a year ago. Operating profit grew 20.6 percent to 2.99 billion euros from prior year’s 2.48 billion euros, mostly driven by our Property-Casualty […]

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Munich Re backs 2018 target, swings to profit

Munich Re (MUV2.XE) confirmed its 2018 profit target after it swung to a net profit in the third quarter, it said Wednesday. Net profit for the period was 483 million euros ($551.2 million) compared with a EUR1.44 billion loss a year earlier, when large losses from natural catastrophes hit the results. The company reported losses related to Typhoon Jebi and […]

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Minimum wage expansion, abortion restrictions among ballot initiatives for Tuesday

Beyond electing governors, members of the Senate and House, in 37 states, voters will decide on 155 statewide ballot measures. Those measures range from displaying the ten commandments on state property in Alabama to legalizing casino gambling in Florida. Additionally 15 states will vote on measures relating to election policy such as voting requirements and campaign finance. Also on the […]

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How retirees can save big on drug costs by paying cash for prescriptions

When a pharmacy sells a prescription drug to a customer, the health insurer reimburses the pharmacy at a negotiated rate that covers its cost for the drug, its dispensing fees, and any additional markup. It’s often the case that a patient’s copayment exceeds the pharmacy’s reimbursement, resulting in an overcharge in the copayment. More than one in four copayments were […]

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Radical ideas needed to tackle insurance auto-renew pricing

Here’s an intriguing idea the Financial Conduct Authority probably won’t adopt: get the entire population of the UK to renew, or switch, its car and home insurance policies on the same day every year. Absurdly impractical? Almost certainly, but the proposal has been included for consideration in the FCA’s study of how to shake up the general insurance market and […]

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