Katrina, Asbestos, Soft Market Test Mettle of Today's Bright CEOs
Features • October 3, 2005
But SOX May Be What Really Keeps Them Focused on Financial Strength
Industry pundits have praised today's insurance chief executive officers as better informed and more disciplined than their ...
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Subject: Perspective
Posted On: May 3, 2006, 9:48 pm CDT
Posted By: Jo Ellen Powers
Comment:
While I certainly respect the comments made by these gentlemen, I still wonder why intelligent executives don't see the harm done for years to the Industry by the rediculous market cycles and the total lack of understanding by the general public. This has been going on for years! Why has this been permited to happen, and why are they worried about making good decisions about resisting insufficient rates just for share? Can't shareholders be educated in the long term benefits of not participating in this silly game?
And, why are they so worried about a social problem of people refusing to realize that professionals are predicting that this global weather change which is producing hurricanes will go on for the next decade? If they choose to refuse to relocate, they do so at their own peril. If they want to offer coverage, do so at rates which will produce a profit in that rating group. Or, do not do it. You can't always protect people from their own psychological problems. I do not live in California. I don't want to be in an earthquake. So, I don't live there. Simple.
And, claims adjusters should receive more training. They alienate the public by their lack of good knowledge.
I have seen this go on for years and have always been mystified by it. The Executives say one thing, while their claims department does not appear to carry out Corporate Philosophy.
Very Bad PR. Insurance is not that complicated a subject. Don't keep it a secret.
Jo Ellen Powers
Subject: Perspective
And, why are they so worried about a social problem of people refusing to realize that professionals are predicting that this global weather change which is producing hurricanes will go on for the next decade? If they choose to refuse to relocate, they do so at their own peril. If they want to offer coverage, do so at rates which will produce a profit in that rating group. Or, do not do it. You can't always protect people from their own psychological problems. I do not live in California. I don't want to be in an earthquake. So, I don't live there. Simple.
And, claims adjusters should receive more training. They alienate the public by their lack of good knowledge.
I have seen this go on for years and have always been mystified by it. The Executives say one thing, while their claims department does not appear to carry out Corporate Philosophy.
Very Bad PR. Insurance is not that complicated a subject. Don't keep it a secret.
Jo Ellen Powers