Mutual of Omaha is a Fortune 500 mutual insurance and financial services company based in Omaha, Nebraska. Founded in 1909 as Mutual Benefit Health & Accident Association, Mutual of Omaha is a financial organization offering a variety of insurance and financial products for individuals, businesses and groups throughout the United States.
Based in Nebraska, Mutual of Omaha has been selling insurance and other financial products and services for more than 100 years. As a mutual company, policyholders each own a small stake in the company.
Others correctly criticize when the cost of punitive awards may be passed on to the public, resulting in a public subsidy of plaintiff windfalls. (Note, Insurance Coverage of Punitive Damages, supra, 10 Idaho L.Rev. 263, 268; Carsey, The Case Against Punitive Damages, supra, 11 The Forum 57, 60.) Such result, obviously contrary to sound public policy (cf. Gov. Code, 818 (no punitive damages against a public entity)), is nonetheless risked when punitive damages are awarded against an insurer for deficiencies in its claims practice. (Cf. Borer v. American Airlines Inc. (1977) 19 Cal. 3d 441, 447 [138 Cal. Rptr. 302, 563 P.2d 858].) The risk becomes a certainty for mutual insurance companies like Mutual. Because future premiums are based largely on past loss experience and administrative expense in the industry, such premiums can be expected to reflect punitive damages paid by the industry. \"The public, then, is in the peculiar and indefensible position of penalizing itself with the payment going as unjust enrichment to someone for whom the tort law, through the medium of compensatory damages, already fully provides.\" (Long, [24 Cal. 3d 827] Punitive Damages: An Unsettled Doctrine, supra, 25 Drake L.Rev. 870, 888; Note, Insurance Coverage of Punitive Damages, supra, 10 Idaho L.Rev. 263, 268.) fn. 2 59ce067264