Insurance companies are cherry picking the forecasters to justify rate hikes. Why did the pr from the insurance companies include this prediction last year of a mild season and the rates reflect such?
You can rest assure that the rates for last year were not predicated upon political pressure for insurance companies to lower thier rates because \”they were too high\” which left them vulnerable to sizable hits to their surplus which those same politicians said \”were too high\”…
So what that some didn\’t get predictions right and insurance companies had a good year. I want my insurance company to put enough money in the bank to pay for my house when something happens to it. Don\’t you? Do you save money in the event that something catastrophic will happen to your financial situation (job loss, your child is crippled in a car accident). I am sure you \”try\”. But \”trying\” is not good enough for an insurance company. They\’re required and expected to do it. If you\’ve saved a huge nest egg that will replace your home, then you\’re your own little insurance company and can drop your home insurance. It always amazes me how we don\’t like to hear that our insurance companies are \”stockpiling\” money in order to pay claims. No, I don\’t work for an insurance company just tired of the whining that goes on about record profits,missed predictions, mild year, etc. And you\’re a Katrina victim?
would you rather see the companies run out of money? sorry, you chose to live in a vulnerable area. carriers are using approved models to price for rates based upon the risk. if you don\’t like paying for it, don\’t. I\’m sure uncle sam will offer you a trailer for a few months since you didn\’t buy insurance.
Everytime someone predicts a moderate to heavy hurricane season the price of fuel goes up. STOP WITH THE PREDICTIONS !!! If you live in a hurricane prone area like I do…get prepared and wait & see what happens. You can\’t change the weather. We are not betting on the over/under on the number of named storms so what value does the information really have.
The insurance company got all the money. We need sum. they should give it to us because we got damaged and no one paid us. we supposed to be paid if we lose something. i cant efford insurance even if i got a job. you stupid company people make excuse to get more money. No. Give me sum.
\’Insurance companies are cherry picking the forecasters to justify rate hikes. Why did the pr from the insurance companies include this prediction last year of a mild season and the rates reflect such?
Rates in my state are a product of looking at past claims and then coordinating with our insurance commissioner to set future rates, up or down. When some insurers run out of money after catastrophes, how can anyone write those remarks? Must be an attorney.
My company filed for a rate decrease last year and the commissioner didnt want to give it. Nasty commissioner!
Some friends and I were discussing this just the other day. They can\’t even predict where the storms will land once they do get one to track. Also, the new director of the National Hurricane Center in Miami said on a news report that the models used are outdated.
And yes, the cost of gas does go up when these predictions come out. I guess W really loves these forecasts.
Mark, good luck! If something happens to your house don\’t wait for your insurance company to pay for it or the Feds, you\’d better depend on your own nest egg!
Predictions have nothing to do with rising gas cost. Every year at the beginning of summer the cost of gas goes up. Vacations/Travel, it has been ongoing for years and years. This is nothing new.
Insurance rates do NOT depend on hurricane forecasts. The length of the rate approval process alone would prohibit this, even if a company were stupid enough to try it.
Exactly – while some companies use a hurricane model as part of their ratemaking process, the outcome of the model isn\’t \”this year\’s forecast.\” It\’s how much damage we can expect a hurricane to do in an average year.
I realize we\’ve got the changeover to summer blends of gasoline, and the increased demand, but isn\’t the price partly based on predictions? My loose understanding is that you have people looking at a number of factors and predicting what the price per barrel will be. So, the gas companies operate based on the a prediction of what the oil price will be, not what it actually is. When the price of gas at your local quickie fill goes up 5 cents, it could be because the gas company has said that based on the prediction that the price of oil will go up, you need to raise your price at the pump so you have enough to pay for your next load of gas.
I also understand that the profit on a gallon of gas is only about 7 cents. That seems to be a little known that haters of Big Oil will never talk about.
Where the oil companies have to drill offshore now, deepwater, costs ONE BILLION DOLLARS and takes two years if all goes well. THAT\”S why gas prices are high. Duh………can you understand that?
Meanwhile oil oozes out of the groung in California and elsewhere where drilling is virtually banned.
Insurance companies are cherry picking the forecasters to justify rate hikes. Why did the pr from the insurance companies include this prediction last year of a mild season and the rates reflect such?
You can rest assure that the rates for last year were not predicated upon political pressure for insurance companies to lower thier rates because \”they were too high\” which left them vulnerable to sizable hits to their surplus which those same politicians said \”were too high\”…
So what that some didn\’t get predictions right and insurance companies had a good year. I want my insurance company to put enough money in the bank to pay for my house when something happens to it. Don\’t you? Do you save money in the event that something catastrophic will happen to your financial situation (job loss, your child is crippled in a car accident). I am sure you \”try\”. But \”trying\” is not good enough for an insurance company. They\’re required and expected to do it. If you\’ve saved a huge nest egg that will replace your home, then you\’re your own little insurance company and can drop your home insurance. It always amazes me how we don\’t like to hear that our insurance companies are \”stockpiling\” money in order to pay claims. No, I don\’t work for an insurance company just tired of the whining that goes on about record profits,missed predictions, mild year, etc. And you\’re a Katrina victim?
would you rather see the companies run out of money? sorry, you chose to live in a vulnerable area. carriers are using approved models to price for rates based upon the risk. if you don\’t like paying for it, don\’t. I\’m sure uncle sam will offer you a trailer for a few months since you didn\’t buy insurance.
Everytime someone predicts a moderate to heavy hurricane season the price of fuel goes up. STOP WITH THE PREDICTIONS !!! If you live in a hurricane prone area like I do…get prepared and wait & see what happens. You can\’t change the weather. We are not betting on the over/under on the number of named storms so what value does the information really have.
The insurance company got all the money. We need sum. they should give it to us because we got damaged and no one paid us. we supposed to be paid if we lose something. i cant efford insurance even if i got a job. you stupid company people make excuse to get more money. No. Give me sum.
Who writes this junk?
\’Insurance companies are cherry picking the forecasters to justify rate hikes. Why did the pr from the insurance companies include this prediction last year of a mild season and the rates reflect such?
Rates in my state are a product of looking at past claims and then coordinating with our insurance commissioner to set future rates, up or down. When some insurers run out of money after catastrophes, how can anyone write those remarks? Must be an attorney.
My company filed for a rate decrease last year and the commissioner didnt want to give it. Nasty commissioner!
I think me victum was trying to be sarcastic gill… at least I hope so. :)
Some friends and I were discussing this just the other day. They can\’t even predict where the storms will land once they do get one to track. Also, the new director of the National Hurricane Center in Miami said on a news report that the models used are outdated.
And yes, the cost of gas does go up when these predictions come out. I guess W really loves these forecasts.
Linda, you just said W. You know who that\’s going to summon don\’t you?
Mark, good luck! If something happens to your house don\’t wait for your insurance company to pay for it or the Feds, you\’d better depend on your own nest egg!
If this person did so well in 2006 maybe they will be right again this year.
Ted Kennedy is also laughing all the way to the bank since he owns a significant share in oil and gas companies…
OOPS, did I just expose ANOTHER hypocracy of the left???
Predictions have nothing to do with rising gas cost. Every year at the beginning of summer the cost of gas goes up. Vacations/Travel, it has been ongoing for years and years. This is nothing new.
Insurance rates do NOT depend on hurricane forecasts. The length of the rate approval process alone would prohibit this, even if a company were stupid enough to try it.
Exactly – while some companies use a hurricane model as part of their ratemaking process, the outcome of the model isn\’t \”this year\’s forecast.\” It\’s how much damage we can expect a hurricane to do in an average year.
Bull,
You make an awful lot of references to Ted. I was just wondering if you two used to date, and it ended badly?
I realize we\’ve got the changeover to summer blends of gasoline, and the increased demand, but isn\’t the price partly based on predictions? My loose understanding is that you have people looking at a number of factors and predicting what the price per barrel will be. So, the gas companies operate based on the a prediction of what the oil price will be, not what it actually is. When the price of gas at your local quickie fill goes up 5 cents, it could be because the gas company has said that based on the prediction that the price of oil will go up, you need to raise your price at the pump so you have enough to pay for your next load of gas.
I also understand that the profit on a gallon of gas is only about 7 cents. That seems to be a little known that haters of Big Oil will never talk about.
Where the oil companies have to drill offshore now, deepwater, costs ONE BILLION DOLLARS and takes two years if all goes well. THAT\”S why gas prices are high. Duh………can you understand that?
Meanwhile oil oozes out of the groung in California and elsewhere where drilling is virtually banned.