German reinsurer Munich Re is planning to reduce jobs through attrition but m
ay turn to voluntary buyouts at its ERGO insurance unit, CEO Christoph Jurecka said.
Speaking to journalists on Thursday evening in Munich, Jurecka said that nat
ural fluctuation “may possibly not be enough” for Ergo, where many routine tasks can be automated.
New York Governor Kathy Hochul announced an agenda aimed at making New York more affordable that includes fighting au
to insurance fraud and mandating property insurance discounts for mitigation efforts.
In her 2026 State of the State address, Hochul vowed to crack down on fraud including staged accidents that are behind “sky high” auto insurance premiums averaging $4,000 a y
ear — $1,500 more than the national average. She advocated reforming the serious injury threshold under the state’s no-fault insurance law and other anti-fraud measures.
On the home insurance issue, she said she would focus on policyholder discounts and a “check” on insurer profitability.
She also expressed support for dedicating resources to reduce workers’ compensation fraud.
In addition to insurance costs, Hochul’s affordability agenda includes advancing universal childcare statewide, bringin
g down utility costs, strengthening protections for renters, expanding food assistance, and eliminating state income taxes on tipped wages up to $25,000.
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“For years, New Yorkers have paid some of the highest auto insurance rates in the country, while bad actors exploited the syste
m to turn a profit,” said James Freedland, a spokesperson for CAR in a release. “Governor Hochul’s plan takes decisive action against the outdated rules and widespread frau
d that have driven premiums to record levels. This package is a game-changer for the millions of families struggling amid the state’s affordability crisis.”
Uber is spending millions of dollars on a national ad campaign to push for reforms in insurance policies The transportation firm and a number of insurers have also taken aim at legal a
buse by suing personal injury law firms, doctors and medical clinics it claim
s are involved in staging fake car accidents and performing unnecessary surgeries to take advantage of no-fault insurance policies.