It\’s amazing the amount of money that filters through insurance companies.
The profits have been the best in 15 years and they are denying claims and withdrawing from writing premiums in ares they consider high risk. This should not be allowed.
This is proof that through lobbying and hedging the insurance companies are making money hand over fist while denying legitimate claims and pulling out od areas they have made high profits.
I wish I could take someones money for years and when they needed someof it back I said sorry there\’s a clause in your policy that doesn\’t cover his or that or because there has been volatile weather in your state for the past few years we are pulling out because if we have to pay your claims we won\’t make money because we don\’t know how to manage it properly.
They do know how to distribute it to the executives though!
We need to have our government to sstep in and not let this happen. This legal stealing is not isolated to the insurance industry. It with all of coporate america.
We will become a third world poor nation if this type of goings on isn\’t corrected.Money made needs to be invested back into the company so that buyers of thier services are compensated when needed.
Steve,
I see YOUR point problem is you don\’t see the general publics.
If you want to live on the coast by all means charge rates accordingly after all you have devastation just waitng to happen b ut don\’t tell me you have to raise my rates because you are not making money because of not charging the people who can most afford it the high premium of living in Tornado alley or on a coastline prone to devastating weather.
You know the old saying why should I pay for somebody elses stupidity!Let them pick up the tab.
On China!You may have something there! That seems to be where all our corporations are sending the money and jobs anyway.
See I knew somebody smart would give me an honest level headed answer to mine and williams comments and/or questions!
I applaud the ins companies, you did what business does, make money. My beef is that in the face of recored profits, etc…. they still spout doom and gloom in an effort to even further raise rates beyond a reasonable amount. ex. Allstate just received a 27% rate increase in my state…jeez on top of record profits by all the top companies, thats hard to swallow.
You state money should be invested back into the company so the claims can be paid when needed. The money is invested back into the company. It is called surplus, and it is there to support a carrier\’s ability to pay claims. However, claims are not paid on the basis on when people need it; they are paid on the basis of what is covered.
Building a company\’s surplus keeps that carrier financially stable, and ensures the ability to pay claims.
While I don\’t necessarily agree with the compensation that high level executives receive (I wish I was one of them though), it is compensation that is agreed upon in the employment contract between the company and the executive. Even if the the executives were not earning the money they do, it does not equate to a rate decrease in areas that are prone to catastrophic losses.
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It\’s amazing the amount of money that filters through insurance companies.
The profits have been the best in 15 years and they are denying claims and withdrawing from writing premiums in ares they consider high risk. This should not be allowed.
This is proof that through lobbying and hedging the insurance companies are making money hand over fist while denying legitimate claims and pulling out od areas they have made high profits.
I wish I could take someones money for years and when they needed someof it back I said sorry there\’s a clause in your policy that doesn\’t cover his or that or because there has been volatile weather in your state for the past few years we are pulling out because if we have to pay your claims we won\’t make money because we don\’t know how to manage it properly.
They do know how to distribute it to the executives though!
We need to have our government to sstep in and not let this happen. This legal stealing is not isolated to the insurance industry. It with all of coporate america.
We will become a third world poor nation if this type of goings on isn\’t corrected.Money made needs to be invested back into the company so that buyers of thier services are compensated when needed.
Is it just me or do we need another Captain Obvious to tell us the our industry made money last year?
And am I the only one who wonders how we get \”detailed\” profitability numbers from \”consolidated estimates?\”
Wow.
Some lawyer or lawmaker will use this article as fodder for their next suit / campaign.
Excuse me while I go ask for a raise…
Steve,
I see YOUR point problem is you don\’t see the general publics.
If you want to live on the coast by all means charge rates accordingly after all you have devastation just waitng to happen b ut don\’t tell me you have to raise my rates because you are not making money because of not charging the people who can most afford it the high premium of living in Tornado alley or on a coastline prone to devastating weather.
You know the old saying why should I pay for somebody elses stupidity!Let them pick up the tab.
On China!You may have something there! That seems to be where all our corporations are sending the money and jobs anyway.
See I knew somebody smart would give me an honest level headed answer to mine and williams comments and/or questions!
PLJ needs to move back to China or Cuba where the love of communism runs rampant. You definitely do not belong in America.
I applaud the ins companies, you did what business does, make money. My beef is that in the face of recored profits, etc…. they still spout doom and gloom in an effort to even further raise rates beyond a reasonable amount. ex. Allstate just received a 27% rate increase in my state…jeez on top of record profits by all the top companies, thats hard to swallow.
You state money should be invested back into the company so the claims can be paid when needed. The money is invested back into the company. It is called surplus, and it is there to support a carrier\’s ability to pay claims. However, claims are not paid on the basis on when people need it; they are paid on the basis of what is covered.
Building a company\’s surplus keeps that carrier financially stable, and ensures the ability to pay claims.
While I don\’t necessarily agree with the compensation that high level executives receive (I wish I was one of them though), it is compensation that is agreed upon in the employment contract between the company and the executive. Even if the the executives were not earning the money they do, it does not equate to a rate decrease in areas that are prone to catastrophic losses.