Allstate is tossing away its reputation. Insurance is about managing risk. If the insurer wants to charge a premium but not take on any risk, then that insurer will quickly lose its reputation and its customers.
They should figure out how to handle the risk. Instead they are cashing out of the system.
It no wonder…..remember north ridage and what Allstate did….
what were the fines imposed???the costs of the loss of reputation and the headaches casued…..go figure
It seems they want to take money form poilcy holders but then not pay pay out.
Maybe the Disney movie about Mr. Incredibles day job is describing the inner workings of Allstate???
Watch the movie and you will see.
I plan to cancel my two auto policies, rv coverage, homeowner coverage and cancer supplement policy with Allstate just to make a statement. All the Allstate agents and friends here in my local area are shell shocked. They had no idea this was coming. This is a NO BRAINER business decision for me. I am taking my business to competitor insurance way BEFORE my renewal date. What the hell is reinsurance for (isn\’t it to reduce insurance company risk??) when one of the largest insurance companies in the country can\’t be trusted any longer. Allstate now must hold their hands wide open with fingers spread completely apart if they want to continue being known as the \”Good Hands People\”. There needs to be some truth in advertising.
HA HA, THAT\’S PERFECT. AND SO TRUE. NOW INSTEAD OF WRONGING THEIR AGENTS THEY\’RE STICKING IT TO THE CLIENTS. PERFECT. GOOD JOB ALLSTATE. THIS MEANS SHOPPING WILL OCCUR AND I WILL TAKE MORE OF THEIR CLIENTS. THANKS AGAIN ALLSTATE. WHEN YOU SHOOT………… IT\’S IN THE FOOT.
As an independent agent selling Earthquake with all of my companies I am glad to pick up the numerous new business clients from Allstate. However, this is not a good thing for the industry. When a big company like Allstate decides they can do this than the little guys tend to follow suit. However, I guess that will remain to be seen. I agree with Rick that the purpose of insurance is to cover risk and Earthquake is a big risk that should be covered. If they manage it properly, purchase the right amount of reinsurance, and charge the right premium, they should be able to pay the claims when they come. Bottom line is Allstate wants big returns but small risk. Their poor management practices is finally catching up with them and they will lose market share. They might as well try to exclude wind, hail, and fire while their at it.
In my office, we don\’t use the terms \”you\’re in good hands\”, they\’re known as \”the goodfinger people\” (meaning, middle finger). All I know is that people don\’t shop them against us for rates, they shop their Allstate insurance because of problems with the company.
People have to have insurance! People do not need loans! Insurance is a necessity! I would not want to be an agent after what allstate, nationwide, usaa, and statefarm has done. I do not mind paying higher premiums living on the coast. My inusurance went up 500.00 a year after I was already paying 1495.00 for a premiums. I have a hurricane policy that was suppose to pay for any objects driven by a windstorm and this policy states this changes your policy. I would not have a problem paying higher premiums if it covered something. In 15 years i have paid an average of 7000.00 a year for 15 years. This includes life, fire, hurricane, and auto insurance. Last year was the first time i claimed anything. That is over 100000.00 with interest. which would be about 200000.00 with interest. My insurance check for my house was 1400.00 dollars. INSURANCE IS A RIP OFF YOU HAVE TO HAVE IT. IF WE DID NOT NEED IT THERE WOULD NOT BE INSURANCE. The reason why the profit is more at a bank than an insurance company is because the banks payroll is a lot less than an insurance company per person. Banks are there for investment and business startup and should yeild more profit. Insurance is there to get paid and rip off policyholders. If insurance would have done the right thing i could understand the premium hikes. Insurance last year was one of the most profitable year ever even with the money paid out. I see why it was the most profitable year when you collect premiums from customers with the intent of never paying out what they deserve.
As a Broker and a consumer, I believe the poor management decisions and the customer adverse positions taken by this company will be their ultimate downfall. CAN ANYONE SAY COMPANY FOR SALE. Maybe that is the idea??????
I agree, insurance does involve risk and it\’s a shame Allstate has decided to shoot out a generic letter dropping earthquake coverage to ensure their shareholders pockets are nicely lined. Let\’s see how fat those pockets stay as many seek insurance elsewhere, now that\’s a real risk!
I am disappointed that Allstate is more concerned about their profits than they are of protecting their customers\’ homes and possessions in the event of a catastrophe. I will be taking my insurance needs to a company who cares.
Forward thinking. Without it, this country would be sunk! We too are insured with AllState and were disappointed about the earthquake coverage being dropped, BUT, did you not read what the company lost on Katrina alone? Does this country love to gloat in corporate losses? Do our citizens not realize how much insurance money is invested daily into our country\’s economy. Without the fuel, the capital from corporate and private investors, this steam engine would not run.
Amy H
You are an insurance company for Christ\’s sake. You don\’t reduce risk, you embrace it and PROTECT your customers. What\’s next, no coverage for wind damage if you live on the coast or in tornado alley?
Saved approx $500 annual by switching from Allstate to State Farm in Missouri. Seems as though Allstate was taking me to the cleaners! So happy they dropped quake coverage. Now I’m enlightened, saving $$$, and have the quake coverage I need.
Forgot to mention. My Allstate agent told me the reason they dropped the coverage was that Allstate needed to put $12 of every $1000 worth of coverage aside in case of a disaster. Allstate’s management wanted access to all that $$$, so they dropped the coverage.
Don’t know how true this is, but it came straight from my agent’s lips.
Allstate is tossing away its reputation. Insurance is about managing risk. If the insurer wants to charge a premium but not take on any risk, then that insurer will quickly lose its reputation and its customers.
They should figure out how to handle the risk. Instead they are cashing out of the system.
It no wonder…..remember north ridage and what Allstate did….
what were the fines imposed???the costs of the loss of reputation and the headaches casued…..go figure
It seems they want to take money form poilcy holders but then not pay pay out.
Maybe the Disney movie about Mr. Incredibles day job is describing the inner workings of Allstate???
Watch the movie and you will see.
I plan to cancel my two auto policies, rv coverage, homeowner coverage and cancer supplement policy with Allstate just to make a statement. All the Allstate agents and friends here in my local area are shell shocked. They had no idea this was coming. This is a NO BRAINER business decision for me. I am taking my business to competitor insurance way BEFORE my renewal date. What the hell is reinsurance for (isn\’t it to reduce insurance company risk??) when one of the largest insurance companies in the country can\’t be trusted any longer. Allstate now must hold their hands wide open with fingers spread completely apart if they want to continue being known as the \”Good Hands People\”. There needs to be some truth in advertising.
HA HA, THAT\’S PERFECT. AND SO TRUE. NOW INSTEAD OF WRONGING THEIR AGENTS THEY\’RE STICKING IT TO THE CLIENTS. PERFECT. GOOD JOB ALLSTATE. THIS MEANS SHOPPING WILL OCCUR AND I WILL TAKE MORE OF THEIR CLIENTS. THANKS AGAIN ALLSTATE. WHEN YOU SHOOT………… IT\’S IN THE FOOT.
As an independent agent selling Earthquake with all of my companies I am glad to pick up the numerous new business clients from Allstate. However, this is not a good thing for the industry. When a big company like Allstate decides they can do this than the little guys tend to follow suit. However, I guess that will remain to be seen. I agree with Rick that the purpose of insurance is to cover risk and Earthquake is a big risk that should be covered. If they manage it properly, purchase the right amount of reinsurance, and charge the right premium, they should be able to pay the claims when they come. Bottom line is Allstate wants big returns but small risk. Their poor management practices is finally catching up with them and they will lose market share. They might as well try to exclude wind, hail, and fire while their at it.
In my office, we don\’t use the terms \”you\’re in good hands\”, they\’re known as \”the goodfinger people\” (meaning, middle finger). All I know is that people don\’t shop them against us for rates, they shop their Allstate insurance because of problems with the company.
People have to have insurance! People do not need loans! Insurance is a necessity! I would not want to be an agent after what allstate, nationwide, usaa, and statefarm has done. I do not mind paying higher premiums living on the coast. My inusurance went up 500.00 a year after I was already paying 1495.00 for a premiums. I have a hurricane policy that was suppose to pay for any objects driven by a windstorm and this policy states this changes your policy. I would not have a problem paying higher premiums if it covered something. In 15 years i have paid an average of 7000.00 a year for 15 years. This includes life, fire, hurricane, and auto insurance. Last year was the first time i claimed anything. That is over 100000.00 with interest. which would be about 200000.00 with interest. My insurance check for my house was 1400.00 dollars. INSURANCE IS A RIP OFF YOU HAVE TO HAVE IT. IF WE DID NOT NEED IT THERE WOULD NOT BE INSURANCE. The reason why the profit is more at a bank than an insurance company is because the banks payroll is a lot less than an insurance company per person. Banks are there for investment and business startup and should yeild more profit. Insurance is there to get paid and rip off policyholders. If insurance would have done the right thing i could understand the premium hikes. Insurance last year was one of the most profitable year ever even with the money paid out. I see why it was the most profitable year when you collect premiums from customers with the intent of never paying out what they deserve.
As a Broker and a consumer, I believe the poor management decisions and the customer adverse positions taken by this company will be their ultimate downfall. CAN ANYONE SAY COMPANY FOR SALE. Maybe that is the idea??????
I agree, insurance does involve risk and it\’s a shame Allstate has decided to shoot out a generic letter dropping earthquake coverage to ensure their shareholders pockets are nicely lined. Let\’s see how fat those pockets stay as many seek insurance elsewhere, now that\’s a real risk!
Yup I also live in Mo , and also got the generic letter dropping earthquake coverage , Im on to finding another insurer
I am disappointed that Allstate is more concerned about their profits than they are of protecting their customers\’ homes and possessions in the event of a catastrophe. I will be taking my insurance needs to a company who cares.
Forward thinking. Without it, this country would be sunk! We too are insured with AllState and were disappointed about the earthquake coverage being dropped, BUT, did you not read what the company lost on Katrina alone? Does this country love to gloat in corporate losses? Do our citizens not realize how much insurance money is invested daily into our country\’s economy. Without the fuel, the capital from corporate and private investors, this steam engine would not run.
Amy H
You are an insurance company for Christ\’s sake. You don\’t reduce risk, you embrace it and PROTECT your customers. What\’s next, no coverage for wind damage if you live on the coast or in tornado alley?
Saved approx $500 annual by switching from Allstate to State Farm in Missouri. Seems as though Allstate was taking me to the cleaners! So happy they dropped quake coverage. Now I’m enlightened, saving $$$, and have the quake coverage I need.
Forgot to mention. My Allstate agent told me the reason they dropped the coverage was that Allstate needed to put $12 of every $1000 worth of coverage aside in case of a disaster. Allstate’s management wanted access to all that $$$, so they dropped the coverage.
Don’t know how true this is, but it came straight from my agent’s lips.