tag:blogger.com,1999:blog-15755953.post4158145785256183820..comments2024-03-08T03:12:04.069-05:00Comments on da po' blog: Insurance Companies Refuse to Insure against Riskda po' boyhttp://www.blogger.com/profile/13639638708282388176noreply@blogger.comBlogger7125tag:blogger.com,1999:blog-15755953.post-7403564435126057642007-01-22T17:29:00.000-06:002007-01-22T17:29:00.000-06:00Yeah, insurance companies are in business, but the...Yeah, insurance companies are in business, but the coastal areas of the nation include some of the most economically important and profit producing zip codes in the world. What are they going to do, not insure New York City? The state of Florida? <br /><br />What they're waiting on, and what they are lobbying for, is government disaster funding, like what Florida created after Andrew in 1992. That's government insurance for insurance companies, meaning those companies who make profit (and a lot of it) based off risk, will be able to pass the burden off on the taxpayer if that risk should be called due. <br /><br />Not that a government disaster fund is a bad idea for any (especially coastal) state...but when government makes laws requiring the purchase of insurance policies to secure loans for home & auto ownership, and then collects tax dollars to make sure those insurance companies aren't actually taking any risk, well that's not a profit making business, that's a privatized IRS and a double hit on the taxpayer's wallet. At that point, why not just nationalize all insurance companies anyway, because all the risk is already shared by the taxpayer.<br /><br />One day soon, someone will realize this, and create an insurance co-op where the 'shareholders' are the policy holders themselves, and the company exists solely to make profit to lower premiums and increase payouts for disaster.Cousin Pathttps://www.blogger.com/profile/04445894373136726700noreply@blogger.comtag:blogger.com,1999:blog-15755953.post-40861619988127897452007-01-22T17:24:00.000-06:002007-01-22T17:24:00.000-06:00Da Po,
You oughtta make that comment a post in and...Da Po,<br />You oughtta make that comment a post in and of itself. That's exactly my view, so I must be a resident of your crazy world. You put it very succinctly.Sam Jasperhttps://www.blogger.com/profile/15609640045088229908noreply@blogger.comtag:blogger.com,1999:blog-15755953.post-9342852635318367422007-01-22T12:13:00.000-06:002007-01-22T12:13:00.000-06:00Maybe something will be done about it now that the...Maybe something will be done about it now that the NE coastline and Manhattan are in the highest risk uninsurable equation. So are they not going to insure their own offices?<br /><br />Like the pharmaceutical industry, they spend a lot of time crying about how expensive it is to operate while singing all the way to the bank.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-15755953.post-10433049942963177362007-01-22T09:12:00.000-06:002007-01-22T09:12:00.000-06:00You don't see many insurance companies going out o...<i>You don't see many insurance companies going out of business though.</i><br /><br />Interestingly true. They (as an industry) made high profits in 2005 (despite Katrina and Rita) and 2006. I readily admit that I do not understand how the insurance industry works.da po' boyhttps://www.blogger.com/profile/13639638708282388176noreply@blogger.comtag:blogger.com,1999:blog-15755953.post-27550689182920380542007-01-22T08:53:00.000-06:002007-01-22T08:53:00.000-06:00True on the business part, and the not denying it ...True on the business part, and the not denying it part.<br /><br />I hold firm to the belief that "businesses," "employment," or "jobs" exist to provide a service that a community needs. Money, or profit, is compensation for providing that service.<br /><br />Profit is never, in my crazy world, a sole reason for a business to exist. I judge the worth of a business, including the one I work at, by how well it serves its community, not by how much profit it makes.<br /><br />The need for insurance predated the insurance industry. The insurance industry evolved to meet that need. It made a lot of money off of meeting that need. <br /><br />Now, as in the case of the 1840 Cape Cod mansion, the insurance insustry has decided that it exists not to provide a service where it has been needed for a long time, but exists to make money.<br /><br />I just don't think any community can function well or fairly for all its members using that business model.da po' boyhttps://www.blogger.com/profile/13639638708282388176noreply@blogger.comtag:blogger.com,1999:blog-15755953.post-77661081881056149002007-01-22T07:59:00.000-06:002007-01-22T07:59:00.000-06:00My cousin works for Chubb in New England. They're ...My cousin works for Chubb in New England. They're doing the same thing. You don't see many insurance companies going out of business though.Marcohttps://www.blogger.com/profile/15368817115763985331noreply@blogger.comtag:blogger.com,1999:blog-15755953.post-31294511497365538432007-01-22T07:15:00.000-06:002007-01-22T07:15:00.000-06:00Insurance companies aren't in the business of risk...Insurance companies aren't in the business of risk. They are in the business of profit, and they don;t deny it.Anonymousnoreply@blogger.com