Welp, I see Tom Wilson is still in charge at Allstate…….

Folks, it’s not that Wilson and his cronies in Northbrook are assholes that is the problem here.

Staten Island family says Allstate Insurance hasn’t paid out after Sandy, but used images of their flattened home in a commercial ~ Victoria Cavaliere New York Daily News

The problem is they’re God-damned assholes.

BREAKING: Snake State Farm facing criminal investigation in Texas over Hurricane claims handling

Gee folks what else is new?  I wonder who the boogie man will be this time now that Dickie Scruggs isn’t around.

Texas’ Gregg Cox better get ready because when Ed Rust feels threatened he does very nasty things to people.  James Robie now sleeps with the fishes so Ed may need to break out the Wiretapper but I can pretty much guarantee Skadden partner Sheila Birnbaum will be slithering about. Gregg this will get very nasty indeed dude.

ABC News has all the skinny.

sop

A Ri$k Management sign of the times: Managing the ri$k your insurance won’t work.

Pearl River Communicty College, well outside of the flood zone, took almost 5 years to collect from their bad faith insurer.  They would represent the classic example of the type of enterprises that should have a representative in attendance. Hat tip to Rutgers Law Professor Jay Feinman, author of Delay Deny Defend and a friend to Slabbed.  Wish we could be there Jay! ~ sop

Good Faith v Bad Faith Insurance Practices: Behind the numbers

A short post to illustrate why Sam Friedman’s thesis that more PR spending is needed to turn public perceptions around about P&C insurers is all wet. Not that I’m picking on Sam because the discussion he started is a good one even if I think he has it wrong on why the public holds insurers in such low regard.

First off since I’m a CPA and an investor I know a thing or two about both the Edgar database at the US Securities and Exchange CommissionUS GAAP and financial statements so I’m going to take some shortcuts to bottom line this for everyone. (This is Saturday after all).

Earlier today, we covered the FBIC list of bad faith insurers, which our anecdotal collective experiences as Katrina slabbees well bears out on the property and casualty side. How does the loss ratio of a bad faith insurer such as Allstate compare to the number 1 good faith insurer Chubb? The answer is that cutting corners doesn’t equate profit margin. To wit: Continue reading “Good Faith v Bad Faith Insurance Practices: Behind the numbers”