The biggest scandal to hit the insurance world since the “product liability crisis” of the 80s”. It’l get a lot of press, even in the mainstream business news, and then blow over in about a year.
In the meantime there will be a lot of money and time wasted having hearings and investigations, blah blah blah.
When it’s all said and done, a non-story.
This takes the attention away from the “crisis” of homeowners insurance pricing and availability.
Thinking “this will all blow over” is naive; as A.G.’s and regulators prove that even the most sophisticated corporate clients have not been able to protect themselves from bid rigging conspiracies and investors realize “finite risk” deals altered the risk/reward formula, we can expect a new era of scrutiny and regulation. And, I’m not so sure that’s a bad thing….
As an insurance professional, I am happy to see these changes. Our industry needs to fight all types and sources of fraud – not just the ones that cost us money. Also, our biggest asset is TRUST. Let’s remember that.
The biggest scandal to hit the insurance world since the “product liability crisis” of the 80s”. It’l get a lot of press, even in the mainstream business news, and then blow over in about a year.
In the meantime there will be a lot of money and time wasted having hearings and investigations, blah blah blah.
When it’s all said and done, a non-story.
This takes the attention away from the “crisis” of homeowners insurance pricing and availability.
Thinking “this will all blow over” is naive; as A.G.’s and regulators prove that even the most sophisticated corporate clients have not been able to protect themselves from bid rigging conspiracies and investors realize “finite risk” deals altered the risk/reward formula, we can expect a new era of scrutiny and regulation. And, I’m not so sure that’s a bad thing….
As an insurance professional, I am happy to see these changes. Our industry needs to fight all types and sources of fraud – not just the ones that cost us money. Also, our biggest asset is TRUST. Let’s remember that.
Two down, one to go.
Evan step down now.
Spitzer will be done with this once he gets the last Greenberg standing! No vendetta or personal agenda there??