Absolutely GT – you got it. Allstate is a business (see SprawlMart et al for an indication of what a business is) they are in business to make a profit. They are not there to provide you and yours peace of mind – they are there to provide themselves a piece of the action. Do you walk down to the local coffee shop and ask why your coffee costs more than 3 bucks? No, because you know it’s a business that is out for profit. Insurance is a business not a charitable organization. Regulating rates will only force them higher as more and more businesses choose other states to write in where the rates are less artificially deflated. I’m sorry you’re so angry on this issue but the reality is exactly what you said profits before people. Period. Plain, simple, English.
Do you really think making a logical argument, presenting facts, and generally being correct will cause people here to agree with you? Surely you underestimate the hatred of our industry present here. Now, off with your numbers. They can say whatever you want them to say…..(please note sarcasm in previous statement)
TAMPA – Behind the fight between Florida’s insurance commissioner and Allstate Insurance Co. is a mystery that could have come from a John Grisham novel.
Secret Allstate documents – known as the McKinsey documents – allegedly show how the insurance giant intentionally has made low-ball claims offers to its customers for years, netting Allstate billions of dollars in the process.
Overall, Allstate tried to standardize the claims process, by using computer models that offered low-ball estimates of the value of a person’s claim, Berardinelli said
C’mon guys, the McKinsey documents don’t have anything to do with proerty insurance or hurricanes, they were the work product of a consultant on auto med claims. They are, however, part of the everything-including-last-Sunday’s-newspaper subpoena from the Florida DOI.
Stay on topic!
So Mr. no backbone no name, you want to copy and paste articles? How does this one grab you?
Home > Insurance Blog > Archives > 2008 > February > 01 > Entry
McCarty Gives Allstate A Little Love
By Randy Diamond | Friday, February 1, 2008, 07:42 PM
Could the state’s legal battle with Allstate be coming to a settlement outside the courtroom before an appeals court rules on whether Florida officials have the power to ban the insurer from writing new policies?
Insurance Commissioner Kevin McCarty in the last few weeks has not missed a chance to slam the insurer for not turning over all subpoenaed documents regarding the company’s pricing, underwriting and business practices.
But McCarty was a bit more cordial towards Allstate in a statement on Thursday.
“Although my office has not yet received all the documents requested from Allstate, I remain confident that everything in our subpoenas will be produced in a timely fashion and that we will continue to work together to an amicable resolution of this matter,” he said.
McCarty said the insurer had produced 25,000 documents within a week of his January 17 order suspending Allstate from writing new business.
Of course, McCarty’s statement came after an appeal panel sided with Allstate and refused to reintstate for now the state’s ban on the writing of new policies by the insurer.
The court has not yet ruled on the overall issue of whether the state had overstepped its authority in suspending Allstate’s ability to write new business but so far the tea leaves haven’t been in Florida’s favor.
So a quick settlement now could save McCarty the embarrassment of a court ruling that might conclude that he and regulators had abused their power.
……..he and regulators had abused their power.
….just in case you didn’t catch it the first time.
Florida Subpoenas Allstate Over Home Insurance Rate Increases, Industry Ties
National News • October 16, 2007
Florida officials have subpoenaed Allstate Insurance and its subsidiaries to get the insurer to explain why it is not lowering homeowners insurance rates in the state and to defend its dealings …
We have updated our privacy policy to be more clear and meet the new requirements of the GDPR. By continuing to use our site, you accept our revised Privacy Policy.
Absolutely GT – you got it. Allstate is a business (see SprawlMart et al for an indication of what a business is) they are in business to make a profit. They are not there to provide you and yours peace of mind – they are there to provide themselves a piece of the action. Do you walk down to the local coffee shop and ask why your coffee costs more than 3 bucks? No, because you know it’s a business that is out for profit. Insurance is a business not a charitable organization. Regulating rates will only force them higher as more and more businesses choose other states to write in where the rates are less artificially deflated. I’m sorry you’re so angry on this issue but the reality is exactly what you said profits before people. Period. Plain, simple, English.
… can be found at this web address:
http://www.flains.org/content/view/1262/38/
At the very bottom click on “Fl Hurricane Insurance Facts, Jan. 2008”
The most straight forward and reasoned document on the Florida situation to date.
Rachel had a good idea – Just give everyone free insurance from the state and then raise property taxes.
Problem solved.
Do you really think making a logical argument, presenting facts, and generally being correct will cause people here to agree with you? Surely you underestimate the hatred of our industry present here. Now, off with your numbers. They can say whatever you want them to say…..(please note sarcasm in previous statement)
TAMPA – Behind the fight between Florida’s insurance commissioner and Allstate Insurance Co. is a mystery that could have come from a John Grisham novel.
Secret Allstate documents – known as the McKinsey documents – allegedly show how the insurance giant intentionally has made low-ball claims offers to its customers for years, netting Allstate billions of dollars in the process.
Overall, Allstate tried to standardize the claims process, by using computer models that offered low-ball estimates of the value of a person’s claim, Berardinelli said
C’mon guys, the McKinsey documents don’t have anything to do with proerty insurance or hurricanes, they were the work product of a consultant on auto med claims. They are, however, part of the everything-including-last-Sunday’s-newspaper subpoena from the Florida DOI.
Stay on topic!
You must be psychic. Could you help me pick stocks over the next twelve months?
Thanks, your commrade, Vlad.
So Mr. no backbone no name, you want to copy and paste articles? How does this one grab you?
Home > Insurance Blog > Archives > 2008 > February > 01 > Entry
McCarty Gives Allstate A Little Love
By Randy Diamond | Friday, February 1, 2008, 07:42 PM
Could the state’s legal battle with Allstate be coming to a settlement outside the courtroom before an appeals court rules on whether Florida officials have the power to ban the insurer from writing new policies?
Insurance Commissioner Kevin McCarty in the last few weeks has not missed a chance to slam the insurer for not turning over all subpoenaed documents regarding the company’s pricing, underwriting and business practices.
But McCarty was a bit more cordial towards Allstate in a statement on Thursday.
“Although my office has not yet received all the documents requested from Allstate, I remain confident that everything in our subpoenas will be produced in a timely fashion and that we will continue to work together to an amicable resolution of this matter,” he said.
McCarty said the insurer had produced 25,000 documents within a week of his January 17 order suspending Allstate from writing new business.
Of course, McCarty’s statement came after an appeal panel sided with Allstate and refused to reintstate for now the state’s ban on the writing of new policies by the insurer.
The court has not yet ruled on the overall issue of whether the state had overstepped its authority in suspending Allstate’s ability to write new business but so far the tea leaves haven’t been in Florida’s favor.
So a quick settlement now could save McCarty the embarrassment of a court ruling that might conclude that he and regulators had abused their power.
……..he and regulators had abused their power.
….just in case you didn’t catch it the first time.
Florida Subpoenas Allstate Over Home Insurance Rate Increases, Industry Ties
National News • October 16, 2007
Florida officials have subpoenaed Allstate Insurance and its subsidiaries to get the insurer to explain why it is not lowering homeowners insurance rates in the state and to defend its dealings …