According to reports published by the BBC, the huge insurance company Munich Re rewarded 100 of its best insurance agents by sending them to a massive orgy.

According to the report, the employees were taken to thermal baths in Budapest, Hungary, where 20 prostitutes awaited them.  The prostitutes wore color-coded arm bands, indicating their availability, with white-banded women reserved for the insurance executives.

Munich Re is a reinsurance company, meaning it provides insurance to other insurance companies.

In February 2010, Warren Buffet became Munich Re’s largest shareholder.  Warren Buffet also happens to be the president and CEO of Berkshire Hathaway, the owners of GEICO.

This story is appalling.  First, it is wildly disrespectful to the women involved.  Second, this type of corporate excess is particularly loathsome, considering how insurance money is often earned.

As a personal injury lawyer I represent clients every day who have been injured in auto accidents, and who rely on insurance companies to pay their claims.  Unfortunately, I have found that GEICO and other insurance companies routinely deny claims, forcing me and my personal injury clients to file a lawsuit against their insured in order to recover for their injuries.

The insurance companies know that by forcing injured people to file lawsuits, they can sometimes force an early settlement for less than the reasonable value of a case.  It’s good to know that the money that insurance companies save by low-balling injured people is being put to such lofty uses.

About the author

NFS Esq. Noah Schwinghamer is a personal injury lawyer in Sacramento, CA.

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