Nice response by our insurance commissioner.It is nice to have an adult running the show instead of the headline hunters in office here in California. I had no idea AIG has so many interest in our State.
I agred TJ. Most of pinheads who are opining about AIG are clueless. The financial meltdown never involved ANY of AIG’s insurance companies. As the commissioner points out, they are VERY stable and were never at risk. However, the HERD mentality always wins and people make stupid assumptions.
The insurance side of the business still underprices exposures to win market share. They offer “platinum” type of coverage at a very low price which undermines their book of business. With the current state of affairs at the company, can anyone be sure AIG insurance business could afford to absorb a major CAT (EQ, Firestorm) and then continue to renew policies after?
The Commissioner states that they don’t review the top holding company structure just the individual companies. Ugh! Hello! That’s where all the problems were. What a lousy excuse for not doing your job. Geez, every chair on the Titanic was set just fine but when the ship sinks, hey, we never checked that!
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.
We’re lucky in CA to have such a competent commish.
Nice response by our insurance commissioner.It is nice to have an adult running the show instead of the headline hunters in office here in California. I had no idea AIG has so many interest in our State.
I agred TJ. Most of pinheads who are opining about AIG are clueless. The financial meltdown never involved ANY of AIG’s insurance companies. As the commissioner points out, they are VERY stable and were never at risk. However, the HERD mentality always wins and people make stupid assumptions.
Mr.Poizner,please do your best to “calm down”the fears circulating at the moment.Your efforts will be appreciated.
The insurance side of the business still underprices exposures to win market share. They offer “platinum” type of coverage at a very low price which undermines their book of business. With the current state of affairs at the company, can anyone be sure AIG insurance business could afford to absorb a major CAT (EQ, Firestorm) and then continue to renew policies after?
The Commissioner states that they don’t review the top holding company structure just the individual companies. Ugh! Hello! That’s where all the problems were. What a lousy excuse for not doing your job. Geez, every chair on the Titanic was set just fine but when the ship sinks, hey, we never checked that!