Posted On: August 20, 2008, 7:03 am CDT

Posted By: Stat Guy

Dread, you are so correct about commoditizing insurance. There has been a trend to quantify insurance so it can be moved around like tangible "products" to help measure it, analyze it, and sell it. In fact, my kid bought insurance over the internet and was really proud that he was able to "quote. buy. print" but when I asked him what his limits and deductibles were and what they represented, he didn't know but buying on the internet was "soo cool!". I am not sure how this will all shake out when a catastrophe hits but you can bet there will be gnashing of teeth and wailing in the streets a la Katrina and the industry will be getting another black eye where insureds are really at their own fault.