Funny thing is, the judges didn\’t \”rule\” anything. They made a \”recommendation\” to the TDI on the amount of rate decrease for rates in 2004. The recommendation is essentially the same rate Allstate is charging now. AND the recommendation by the judges is LESS of a reduction that TDI sought initially, anyway. The media is clearly against insurers.
Comrades, the State is always right. We have not the time nor the understanding for you to make your silly capitalist arguments. Do as we say, and be done with it.
What a joke if you think this a victory for anyone but Allstate. Allstate uses so many tricks at claim time that this little refund is a pacifier… a media manipulater… an Alex Winslow award. It\’s obvious that TDI has no intention to hit Allstate where it really hurts. I guess plantiff\’s lawyers are all that\’s left for consumers to gain justice and we all know they ultimately end up working for the insurers if they\’re any good.
This is a disturbing national trend. When the attorneys general demand and go to court to force coverage issues on the insurance industry for claims and at the same time without regard to building surplus for the payment of future catastrophic loss, they destroy the competitive market for insurance products.
The solution is to make the market more attractive to insurance companies and rely on competition to manage rates. With the increase in catestrophic storm activity and the potential exposure in the state to coastal storm activity, it is essential that the insurance industry be allowed to build significant surplus in order to provide the ultimate payments necessary when the eventual catastrophe takes place.
If the regulatory climate continues in the current pattern, you will inevitably displace the current market and ultimately cause the withdrawal of companies which make your current marketplace.
Read this before making such bold statements about surpluses:
\”The companies that provide Americans with their homeowners and auto insurance made a record $44.8-billion profit last year even after accounting for the claims of policyholders wiped out by Hurricane Katrina and the other big storms of 2005, according to the firms\’ filings with state regulators.\”
White collar crimes involving deceptive trade usually result in the exercising of judicial power. I don\’t believe that homeowners want something for nothing. It\’s the lack integrity at claim time which is when the industry makes up for lost ground that gets the insurance industry in trouble with public opinion leading to outrage then action by the judicial powers who are there to serve the public.
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.
Funny thing is, the judges didn\’t \”rule\” anything. They made a \”recommendation\” to the TDI on the amount of rate decrease for rates in 2004. The recommendation is essentially the same rate Allstate is charging now. AND the recommendation by the judges is LESS of a reduction that TDI sought initially, anyway. The media is clearly against insurers.
I am not familiar with rate setting methodology and protocol in Texas.
While judges are typically educated individuals, the likelihood they are educated in actuarial science seems remote.
What do they do, use a magic 8 ball to arrive at an answer?
Comrades, the State is always right. We have not the time nor the understanding for you to make your silly capitalist arguments. Do as we say, and be done with it.
Your comrade, Vlad.
What a joke if you think this a victory for anyone but Allstate. Allstate uses so many tricks at claim time that this little refund is a pacifier… a media manipulater… an Alex Winslow award. It\’s obvious that TDI has no intention to hit Allstate where it really hurts. I guess plantiff\’s lawyers are all that\’s left for consumers to gain justice and we all know they ultimately end up working for the insurers if they\’re any good.
This is a disturbing national trend. When the attorneys general demand and go to court to force coverage issues on the insurance industry for claims and at the same time without regard to building surplus for the payment of future catastrophic loss, they destroy the competitive market for insurance products.
The solution is to make the market more attractive to insurance companies and rely on competition to manage rates. With the increase in catestrophic storm activity and the potential exposure in the state to coastal storm activity, it is essential that the insurance industry be allowed to build significant surplus in order to provide the ultimate payments necessary when the eventual catastrophe takes place.
If the regulatory climate continues in the current pattern, you will inevitably displace the current market and ultimately cause the withdrawal of companies which make your current marketplace.
Cautious thought would be appropriate.
Read this before making such bold statements about surpluses:
\”The companies that provide Americans with their homeowners and auto insurance made a record $44.8-billion profit last year even after accounting for the claims of policyholders wiped out by Hurricane Katrina and the other big storms of 2005, according to the firms\’ filings with state regulators.\”
\”Besides boosting profits, the industry raised its surplus by more than 7% to nearly $427 billion, according to an analysis of company filings by the National Assn. of Insurance Commissioners, which represents regulators from the 50 states.\”
SOURCE: http://www.latimes.com/news/nationworld/nation/la-na-insure5apr05,0,3061059.story?coll=la-headlines-pe-california
White collar crimes involving deceptive trade usually result in the exercising of judicial power. I don\’t believe that homeowners want something for nothing. It\’s the lack integrity at claim time which is when the industry makes up for lost ground that gets the insurance industry in trouble with public opinion leading to outrage then action by the judicial powers who are there to serve the public.