La.’s Blanco: Insurance Industry Over-Reacting to 2005 Hurricanes

February 15, 2007

  • February 15, 2007 at 11:03 am
    Mjolnir says:
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    Yeah that\’s it. It\’s probably not a response to your political grand-standing and half-assed management.

    Your corrupt local politicians and fraudulent citizens aren\’t even on the insurance industry radar.

    Yep. A firm full of professional risk managers and skilled accountants are freaking out over the losses from two storms.

  • February 15, 2007 at 11:08 am
    Southern Lady says:
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    MISSISSIPPI HAS ALREADY COMPLETED ONE GRANT AND THEY ARE ABOUT TO FINISH
    PHASE II.
    LOUISIANA HAS PAID 600 PEOPLE AND I DO NOT BELIEVE ONE PERSON RECEIVED THE FULL AMOUNT $150,000.
    VICTIMS AGAIN.

  • February 15, 2007 at 1:53 am
    Shelby says:
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    Typical political pap.
    Areas of AL & MS were hit as hard but rebuilding has began and in some cases finished.
    LA just sits there due to the incompitence and lack of guts on the part of the local and state politicians.
    Why not start by mandating that buildings may not be reconstructed if they are below sealevel.

  • February 16, 2007 at 2:39 am
    Mark says:
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    You must be living under a rock because it\’s commonly known that Louisiana is corrupt. And it\’s common to know that Louisiana is very litigious. I guess it was just a rumor that was started?

    I\’m sorry your rates went up with no claims, but it\’s not a bank account. It\’s insurance. And when the pool of money is running low, everyone must pay in, not just the people who got some of the money in the pool. This is just how insurance works.

    As far as profits and corporate advertising is concerned… when Tostitos raises the price of tortilla chips to help pay for the Tostitos Fiesta Bowl, no one cries. Marketing is a way of life in America. It\’s part of what a business does. Companies are trying to attract profitable business…. in part to offset certain insurance black holes like Florida/Mississippi/Alabama/Louisiana. I would name Texas, but my home state is big enough to be self sustaining over the long run. And aside from East Texas, our politics are (generally) not as corrupt. And, aside from Houston and Dallas, we\’re not as litigious.

    There is a reason PUP policies are an average of $500 in Louisiana and only $200 in Texas.

  • February 15, 2007 at 2:43 am
    Compman says:
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    Let\’s see, first Gov Bonko says that companies shouldn\’t leave as the business of insuring homes that will eventually have another claim is good business and they shouldn\’t walk away and then she threatens that if the insurers leave, the State will provide the insurance and reap all the rewards. In the next breath, she states that the State can\’t take on such a high risk. So, which is it Bonko? record breaking profits on LA homes or too much risk? Talk about talking out of two holes at once.

  • February 15, 2007 at 6:45 am
    INSULTED says:
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    Mjolnir, I resent the fact that you categorized the CITIZENS as fraudulent and the local politicians as corrupt! If there are not fraudulent citizens or corrupt local politicians where you live, you must be living in a dream world!

    I had no damage, yet my insurance has gone up considerably! These poor insurance companies want to pick the weather event they cover you for. They can sponsor large events like \”Bowls\” and their stocks soar! Poor companies!

    Shelby, you can not compare the damage in LA to the damage in Al or MS or TX! After being hit by 2 hurricanes back to back, the amount of structures damaged does not compare! I am not minimizing the damage in AL,MS or TX, I feel for all these people. Even if they collect from their insurances, they are still losing!

    I think before we judge and put everyone in one category we need to stop and think!

  • February 16, 2007 at 7:53 am
    Realist says:
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    Sate of Louisiana has sent 3 different insurance commissioners to jail in the past 20 years. The state is corrupt.

  • February 16, 2007 at 8:00 am
    Mjolnir says:
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    I don\’t care if you\’re insulted. Your governor contradicted herself in her own statement. That is a direct (and negative) display of both her particular failures and the failure of the people around her.

    She can\’t write and present a simple speech without looking like a shallow, vindictive, poorly-organized moron, but I\’m supposed to assume that her administration is some sort of paragon of justice and efficiency.

    Wrong.

    I don\’t care how you feel about your state being labeled corrupt. Several other areas have suffered from natural disasters. Several states got hit with the same storm Louisiana did. Snow in the midwest, tornados in Florida, icestorms in the northwest….

    However, I haven\’t seen any news reports about all the false insurance claims in MS. Nobody\’s talking about the exportation of violence from Biloxi. Nobody is talking about all the fraud arising from the Florida tornados. Ranchers in Colorado aren\’t asking for judicial re-interpretation of their livestock policies.

    You don\’t want to be lumped in with thieves, deadbeats, and idiot politicians? Move.

    Someone else already addressed how sad it is your rates went up, so I\’ll leave that one alone.

  • February 16, 2007 at 9:51 am
    INSULTED says:
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    Wake up, fraud is all around you!

    Mississippi Man Sentenced for Katrina Fraud;
    Prosecutors say it\’s the biggest case of Katrina fraud in Mississippi. Four people, including a Florida contractor, have been indicted;
    TWO YEAR PRISON TERM FOR FEMA FRAUD IN MISSISSIPPI

    These are just a few of the stories from Mississippi!

    Insurance Agent Arrested, Accused Of Fraud in Florida.
    Jacksonville Man Charged In $5.6 Million Insurance Fraud.

    The above a couple of Fla stories.

  • February 16, 2007 at 10:29 am
    Mjolnir says:
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    So… let me get this straight… you\’re defending the fraud and incompetence in Louisiana by pointing out there\’s fraud in two other states?

    Do you really think that makes us feel better about how the government and (some) citizens of Louisiana have acted?

    Please don\’t misunderstand me- I don\’t think the insurance companies are unsoiled here. I also don\’t believe that a large number of LA residents are crooked. A few bad apples, and all that.

    I\’m just tired of hearing how insurance companies have taken advantage of the noble residents and shining politicians of the virginal State of Louisiana.



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