July 2011 Archives

July 22, 2011

World's Largest Reinsurance Company Rewarded Top Salesmen With Company-Paid Prostitutes

When you pay your insurance premiums, it might seem far fetched to imagine that your money may eventually end up in the hands of a prostitute, but that is exactly what happened with Munich Re, the world's largest reinsurance company.

Munich Re is an insurance company for other insurance companies, also known as reinsurance. In 2007, to reward their top 100 salesmen, board directors and executives, the company held a spa party where they provided 20 prostitutes to provide an array of sexual services. To read more about this news story, see the BBC article, "German Insurer Held Orgy for Salesmen."

July 8, 2011

$500 Million in Claims Paid Toward Joplin Recovery

Insurance companies serving the consumers in the Joplin area had already paid more than $509 million in claims in the first five weeks after the tornado. These claims were all regarding residential, personal, and commercial property damage due to the EF- 5 tornado that struck on May 22nd. John M. Huff, director of the Department of Insurance expects this number to be three to four times larger by the time all the claims are settled.