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Blogs by Bill Flynn
Insurance premiums are out of control
3/8/2012 8:13:25 AM
Insurance Company premiums (income) Vs Losses (payout)
I started thinking about the total insurance premiums paid for home and car insurance while living in a small Massachusetts town with 2600 houses and about 3400 cars. The average premium paid to insurance companies for cars by the home and car owners in my town was $800.00 per car and $200.00 per home.
I knew that there were only four car accidents a year in town and only two house fires on average. If we do the math it's obvious that much more is paid in to insurance companies than was paid out to those people in my town. If you extend that math across the number of cars and homes in the United States the premium income for the ten leading insurers of cars and homes will be mind boggling.
Then... I noticed that Boston had two high rise buildings down town named THE PRUDENTIAL and THE JOHN HANCOCK...Wow, Those insurance companies could afford to build those mega-million dollar sky scapers. Then...I noticed that the leading payers for advertising in the media, inclusive of television, were insurance companies like Allstate and Progressive who spent billions for air time...Gee, what a large budget for advertisement to compete against each other for our premiums. Could that budget come from excessive profit?
Then...I read that the automobile insurance companies were lobying the state of Massachusetts for an additional 20% increase in auto insurance premiums without any disclosure as to why the increase was justified like premium (pay in) to Loss (pay out) ratios. There was a nebulous excuse about tornado losses in the South by the companies as justification for that increase.
If we compare big oil's full disclosed profits to those of insurance companies...we know the excessive profit the oil companies make each year, but we do not have a clue as to what the insurance companies reap in profit each year?,...then perhaps we should since those high premiums come out of our pocket.
The capitalist system we subscribe to in America is loved until it becomes so greedy that its excesses pinch the resourses of the so called middle class.
update: example of Insurance Company greed. Ted Kelly Liberty Mutual CEO was just paid 63 million dollars Liberty Mutual is SUPPOSED to be a MUTUAL Company. Also...Liberty Mutual is building a high rise in Boston with 46 million dollars that was subsidized by the city of Boston. Dastardly Greed.
Bill Flynn
Author of:
THE FEATHERY; golf with suspense
A DEADLY CLASS REUNION; Bullying
A DRUMBEAT TOO NEAR:Cape Cod WW ll; Historical fiction
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