Oklahoma Schools Destroyed by Tornado Lacked ‘Safe Rooms’
Connecticut Court Rules That Lawyers Can’t Be Sued for Fraud
Wage and Hour Claims Among Top Threats to U.S. Employers
Cyber Attacks On Banks More Serious Than Public Realizes
Golf and Country Clubs Weather the Storm
Midwest AGs Go After Storm-Chasing Roofing Companies
Medical Malpractice Payouts Not Driving Up Health Costs: Study
Florida Lawmakers Approve Medical Malpractice ReformFree Newsletters
Sign up to receive insurance news alerts!Most Popular
Current Issue
Editors and Contributors
-
Andrea WellsAgency Compensation Playbook: 2013 Agency Salary Survey -
Andrew G. SimpsonHow Process Improvement Drives Agency Profitability -
Stephanie JonesThe Acquisition Cycle -
Don JerglerIndustry Predictions -
Chris BurandReasonable Compensation -
Andrea WellsPersonal Lines: How Technology is Changing the Way Agents Do Business
Hey Florida, notice that this is a private company in a competitive market charging premiums commensurate with the exposure and paying claims; they’ll take a charge against their profits but they don’t need to ask for Florida to subsidize their market to keep the premiums artificially low..No need for socialism here; just plaim capitalism findng the true value of goods and services….SARCASM fully intended…
Not a numbers person but I think there is an error in the first paragraph. It says profit dropped by $760 million, then the next paragraph says the net income was $760 million, a decrease of $453 million.
So it dropped by $453 million, not $760 million.
Allstate is one of the most poorly managed insurance companies. While they think they make sound decisions, it always comes back to bite them. They pull in and out of lines like people drink water. They don’t consistantly spread their risk over a long period of time, but a very short narrow time frame. California VP HB is the worst there is.
My friend is allstate agent. She can save me “oodles” of money on our personal auto and homeowners, she says.
Then I say, well, Allsnake has problems paying claims.
She says, Yeah I know.
Umm hmmm, now they will pull out of California too… oh pooor pooor Allstate! My heart bleeds for them …. wait for the pause… NOT!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
How did you mean this? I assume you aren’t saying they don’t have the money? They’re cautious about making sure there is coverage and not over paying? No, that can’t be what you mean because as insurance professionals we all know that’s a good thin. That assures we continue to have our jobs and that the next claim can be paid. I had Allstate for many years until I moved to where they didn’t write HO. I had three claims and all were paid fairly and promptly. I’ve never worked for them but I just don’t see the problem with a company making as much money as the market will allow (free market; imagine that!) and thoroughly investigating a claim. How can you work for an insurance company and feel otherwise? Do we really think there is a huge difference and how each company addresses a claim? Until there’s a free market, I defend a company’s right to leave a market when they wish. Get Gov’t much less involved in insurance and it would be so much better.