Oh, and I’m sure it has NOTHING to do with filing a new program with cut rates, writing a bunch of underrated business, and following up in a year or two saying you have to raise rates due to weather impacts…that you knew were coming anyway and would show those rates to be too low. Oldest trick in the second oldest profession on the planet. All you new Travelers policyholders, get your check books out…
I just feel so darned bad that the executives will get less of their million dollar stock option bonuses and still increase premiums on their policy holders or cancel them altogether.
They were paid now they owe!
I am a little concerned as here in the Midwest we have had some storms. I wonder how AutoOwners and WestBend will handle this? I heard they were going to be raising rates again and Pekin and Erie are right behind.
What I can tell you from experience is IF and that’s a big if your Insurance Company uses staff adjusters then you should see some action within a week or so. If you Company uses Independents then there will be delay as well. The groups need to make the necessary arrangements to send as many people as they can drum up to process the claims.
I was in charge of catastrophy losses for a region and handled it well. I had people in place that were used to handling these types of situations.If you have a company tat hasn’t addressed these issues then you are up the creek w/o a paddle.
If convergaence takes place after travel and they coordinate once they arrive at the scene normally the claims can linger for months even up to a year or more but once the ball starts to roll things should go relatively smooth except for the office staff.Normally you have a certain number of employees who handle everyday claims once a catastrophy takes place all resources within a Company are tapped and everyone gets on the phones the bad thing about this is the process of handling your claims have only been documented and the file initiated it takes at least another week to get anyone to call you then you have to have someone view the damage unless your Company just writes checks based on local assessments and/or policy limits and this is why I ALWAYS tell people to buy MORE Insurance than they need! The premium is not that much more but your coverage is what matters and be sure you know what replacement cost is defined as.
Now as far as whoi is to blame for the weather maybe it’s our Government. Ex Governor Jesse Ventura had a series for just a limited amount of time which showed proof that the government can control weather to a certain degree. He also exposed a cover up and corruption within the current administration”boy now that’s a surprise”but they removed the program from the air.Jesse Venturea said that if anything happened to him or his show that the government was to blame hence no more show! He was uncovering things our government does not want us to know. I’ll end this here because I could go on with quite a bit more and provide you with tangible proof that I am speaking the truth!
I’m attempting to understand the logic behind what you posted. Insurance executives working to make money by canceling customers? They should not have stock option bonuses in the millions after investing properly so not to require a bailout during the credit crises?
Your confusion is justified.I feel the same way but rest assured the CEO’s always get a bonus even during down times! I have NEVER seen an Insurance Comapny cancel a policy unless there has been fraud.They normally just raise your premiums
Cheney, Bush & Fox News (Murdoch) have conspired to ratchet up global warming to create natural disasters. They also have managed to entrapped the “Sex Poodle” in an abscam sort of sting operation to silence his his opposition, and they have also conspired with Travelers executives to lowball rates to acquire business, suffer losses due to the planned global warming, so they could then ratchet up the rates so as to then screw their customers as planned.
You forgot that they should apply for government lonas that aree tax payer funded and never paid back because executives take all the profits in bonuses!
It’s plain that there is a great deal of cynicism about this, and I understand why. On the other hand, I’ve seen an unusually large number of weather-related claims in the northeast this year due to microbursts. These were almost unheard of 10 years ago, but are so common this year that something definitely seems more extreme about the weather – and Travelers’ claim seems entirely plausible to me.
Midwest weather claims have upticked significantly over the past 10 years, and the real story is that this could be the final nail for so many of these regionals. Lib Mutual isn’t going to stand for Indiana’s big losses in the MW P/L market – and you KNOW that Safeco won’t tolerate it. Meanwhile, carriers like West Bend, Acuity, Secura, United Fire, etc., will have to decide between paying much higher CAT treaty premiums or keeping more. With combined ratios running in the 100’s (how many years in a row WB?) they can’t keep more in retention. So premiums finally gotta go up!
PREDICTION: Look for some of these regionals to start posting P/L rate increase of 10-20 percent by the end of 2010. Or higher deductibles. Or big premium increases on water back-up, wind, etc. etc.
And you know Traveler’s will take advantage of this as well.
Oh, and I’m sure it has NOTHING to do with filing a new program with cut rates, writing a bunch of underrated business, and following up in a year or two saying you have to raise rates due to weather impacts…that you knew were coming anyway and would show those rates to be too low. Oldest trick in the second oldest profession on the planet. All you new Travelers policyholders, get your check books out…
Yes but is it not Obama that is progressive and has no clue or direction except for his personal agenda, react then find you have no clue?
Cut rates, grow the top line, and the bottom line goes to crap.
….ahhhh come on, you know. It’s Bush’s fault, he planned this years ago.
I just feel so darned bad that the executives will get less of their million dollar stock option bonuses and still increase premiums on their policy holders or cancel them altogether.
They were paid now they owe!
It is true! Bush and his Hurricane Machine are on the loose again!
I am a little concerned as here in the Midwest we have had some storms. I wonder how AutoOwners and WestBend will handle this? I heard they were going to be raising rates again and Pekin and Erie are right behind.
What I can tell you from experience is IF and that’s a big if your Insurance Company uses staff adjusters then you should see some action within a week or so. If you Company uses Independents then there will be delay as well. The groups need to make the necessary arrangements to send as many people as they can drum up to process the claims.
I was in charge of catastrophy losses for a region and handled it well. I had people in place that were used to handling these types of situations.If you have a company tat hasn’t addressed these issues then you are up the creek w/o a paddle.
If convergaence takes place after travel and they coordinate once they arrive at the scene normally the claims can linger for months even up to a year or more but once the ball starts to roll things should go relatively smooth except for the office staff.Normally you have a certain number of employees who handle everyday claims once a catastrophy takes place all resources within a Company are tapped and everyone gets on the phones the bad thing about this is the process of handling your claims have only been documented and the file initiated it takes at least another week to get anyone to call you then you have to have someone view the damage unless your Company just writes checks based on local assessments and/or policy limits and this is why I ALWAYS tell people to buy MORE Insurance than they need! The premium is not that much more but your coverage is what matters and be sure you know what replacement cost is defined as.
Now as far as whoi is to blame for the weather maybe it’s our Government. Ex Governor Jesse Ventura had a series for just a limited amount of time which showed proof that the government can control weather to a certain degree. He also exposed a cover up and corruption within the current administration”boy now that’s a surprise”but they removed the program from the air.Jesse Venturea said that if anything happened to him or his show that the government was to blame hence no more show! He was uncovering things our government does not want us to know. I’ll end this here because I could go on with quite a bit more and provide you with tangible proof that I am speaking the truth!
I’m attempting to understand the logic behind what you posted. Insurance executives working to make money by canceling customers? They should not have stock option bonuses in the millions after investing properly so not to require a bailout during the credit crises?
Your confusion is justified.I feel the same way but rest assured the CEO’s always get a bonus even during down times! I have NEVER seen an Insurance Comapny cancel a policy unless there has been fraud.They normally just raise your premiums
this is all Dick Cheney’s fault.
Cheney, Bush & Fox News (Murdoch) have conspired to ratchet up global warming to create natural disasters. They also have managed to entrapped the “Sex Poodle” in an abscam sort of sting operation to silence his his opposition, and they have also conspired with Travelers executives to lowball rates to acquire business, suffer losses due to the planned global warming, so they could then ratchet up the rates so as to then screw their customers as planned.
You forgot that they should apply for government lonas that aree tax payer funded and never paid back because executives take all the profits in bonuses!
It’s plain that there is a great deal of cynicism about this, and I understand why. On the other hand, I’ve seen an unusually large number of weather-related claims in the northeast this year due to microbursts. These were almost unheard of 10 years ago, but are so common this year that something definitely seems more extreme about the weather – and Travelers’ claim seems entirely plausible to me.
Midwest weather claims have upticked significantly over the past 10 years, and the real story is that this could be the final nail for so many of these regionals. Lib Mutual isn’t going to stand for Indiana’s big losses in the MW P/L market – and you KNOW that Safeco won’t tolerate it. Meanwhile, carriers like West Bend, Acuity, Secura, United Fire, etc., will have to decide between paying much higher CAT treaty premiums or keeping more. With combined ratios running in the 100’s (how many years in a row WB?) they can’t keep more in retention. So premiums finally gotta go up!
PREDICTION: Look for some of these regionals to start posting P/L rate increase of 10-20 percent by the end of 2010. Or higher deductibles. Or big premium increases on water back-up, wind, etc. etc.
And you know Traveler’s will take advantage of this as well.