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(NPR)   Insurance companies less enthusiastic about their business model after having to pay claims   ( divider line
    More: Obvious, Munich Re, State Farm  
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3390 clicks; posted to Business » on 05 Nov 2012 at 8:38 AM (5 years ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»

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2012-11-05 01:34:00 PM  
1 vote:

MugzyBrown: If any of you insurance people are supposed to be working on my submission, get back to work!

Are you kidding? I'm working my ass off. Sandy is killing me. Had to refill the ink blotter for my "CLAIM DENIED" stamp six times today already.

/oops, I've said too much
2012-11-05 01:15:50 PM  
1 vote:

swahnhennessy: I can only assume people defending insurance companies make their livelihood through insurance or possibly protection rackets.

Or, you know, actually understand how insurance works.

Do you know how much premium the US property casualty insurance industry earned in 2011? $438 billion.

Do you know how much they paid in claims and other expenses during 2011? $474 billion.

That's a whopping underwriting profit of negative $35 billion!! Modern day robber barons, indeed!
2012-11-05 12:41:42 PM  
1 vote:
I can only assume people defending insurance companies make their livelihood through insurance or possibly protection rackets.
2012-11-05 12:38:20 PM  
1 vote:

mjohnson71: I wouldn't mind if premiums for houses on the beach went up ten-fold. It's not my fault you decided to build just a few feet above sea level/a few yards from the ocean.

But but but then prices will go up!!! We need the NFIP to make sure that rates for extremely risky property stay low, through taxpayer subsidization. People who build or buy property in risky areas should never have to pay for the true risk of their waterfront property. That just wouldn't be fair!!
2012-11-05 10:16:10 AM  
1 vote:

KrispyKritter: and then they raised our rates through the farking roof.

this was the 3rd time our house was damaged by neighbors trees

Would you want to insure a house that keeps getting hit by trees?
2012-11-05 09:32:01 AM  
1 vote:
"We're seeing more of everything, and what we're doing is trying to factor that in going forward as we work with others to have a better sense of what the future holds," says State Farm spokesman David Beigie.

translation: We're gonna triple your premiums.
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