U.S. P/C Industry Posts Record 1Q Profits; Net Gain on Underwriting Rises Nearly 21%
National News • June 28, 2006
The U.S. property/casualty industry's net gain on underwriting rose $1.4 billion, or 20.8 percent, to $8.4 billion in first-quarter 2006 from $6.9 billion in first-quarter 2005. The combined ratio ...
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Subject: Can Deceptive Claim Handling Practices = Greater Profits?
Posted On: July 4, 2006, 4:53 pm CDT
Posted By: Roger Poe
Comment:
7-4-2006
1. Overall, why aren't insurers happy with an 5-10% net INVESTMENT gain? They should be really happy with a 21%+ net UNDERWRITING gain on top of thatr.
2. However, insurers like Allstate, State Farm, Farmers, Safeco, USAA, the TWIA, or others, should NOT go through a catastrophe affected area and promote false damage assessments/reconstruction protocols. Or during daily claims either.
3. Insurers should not use the highly distressful aftermath (that hurricane/hail storm victims face) as a means to underassess and underpay claims, and then pretend they are not doing just that.
4. Some will comment here so as to play down how consumers, their neighbors, are taken unfair advantage of psychologically and financially, while others gain financially.
Subject: Can Deceptive Claim Handling Practices = Greater Profits?
1. Overall, why aren't insurers happy with an 5-10% net INVESTMENT gain? They should be really happy with a 21%+ net UNDERWRITING gain on top of thatr.
2. However, insurers like Allstate, State Farm, Farmers, Safeco, USAA, the TWIA, or others, should NOT go through a catastrophe affected area and promote false damage assessments/reconstruction protocols. Or during daily claims either.
3. Insurers should not use the highly distressful aftermath (that hurricane/hail storm victims face) as a means to underassess and underpay claims, and then pretend they are not doing just that.
4. Some will comment here so as to play down how consumers, their neighbors, are taken unfair advantage of psychologically and financially, while others gain financially.