Posted On: March 28, 2005, 2:22 pm CST

Posted By: tired of hearing it all

How many of you high and mighty critics use AIG for your insurance placements? Is it Lexington and their non-admitted coverage? National Union and the money losing D&O market? How about Environmental Insurance? Need capacity? You probably involved American Home, Starr Excess or Lexington, most everyone does!

I only wish that AIG would tell the industry that it was only writing business on it's terms, charged every agent and insured an underwriting fee to consider their risk (that would eliminate mass marketing of every account to as many carriers as can be found via email in the ever popular broker hunt for lowest possible price and broadest coverage. Now you would have to know your markets and choose intelligently), and removed themselves from unprofitable lines of business. Wouldn't that be great! You would all have a bunch of underinsured and disgruntled customers. Oh yeah, the Errors and Omissions suits would come in too, without AIG THAT market would dry up as well. Hallelujah!

The insurance market is anything but efficient: our industry overpays our agents and brokers, undercharges our policyholders, tolerates regulatory stupidity, accepts legislative apathy and then gets to be flayed in public.


Insurance...gotta love it!