As the insurance industry
October 18, 2001 3:39 AM Subscribe
As the insurance industry is hit with its biggest losses ever, here in NYC they are now running stern advertising (at least on the radio) warning people not to commit insurance fraud - or else!
The under-insurance of properties that were totally destroyed (an event that was never seriously contemplated) will have an impact on the building industry for many many years. Insurance companies will suffer through having no premium income, because their clients are no longer solvent. The re-insurance market is reeling from huge losses in what is traditionally a high-profit sector of the market.
Even here in Australia, the cost of insuring single event entertainment or public involvement projects has skyrocketed to the point where many such functions have been cancelled.
If there's ever a time that fraud needs to be controlled, it's now. If there's ever a time when lawyers need to perhaps moderate their fees, it's now.
Yeah, that'll happen.
posted by lucien at 5:24 AM on October 18, 2001
Even here in Australia, the cost of insuring single event entertainment or public involvement projects has skyrocketed to the point where many such functions have been cancelled.
If there's ever a time that fraud needs to be controlled, it's now. If there's ever a time when lawyers need to perhaps moderate their fees, it's now.
Yeah, that'll happen.
posted by lucien at 5:24 AM on October 18, 2001
Actually, I had noticed TV ads on the topic even before 9/11.
posted by fpatrick at 5:42 AM on October 18, 2001
posted by fpatrick at 5:42 AM on October 18, 2001
Not exactly related, but - -
Kind of funny that insurance is sold under the guise of money-to-be-paid-in-event-of-calamity/damage, yet when that damage occurs the insurance industry wants help from the government. Here in the US, life insurance underwriters want some government assistance. Fortunately, property/casualty companies are taking care of themselves (self-regulation at work!).
It's just irritating that the insurance companies are running to the government for assistance in making payments, which is what the insurance companies are objectively designed to do.
posted by yesster at 6:38 AM on October 18, 2001
Kind of funny that insurance is sold under the guise of money-to-be-paid-in-event-of-calamity/damage, yet when that damage occurs the insurance industry wants help from the government. Here in the US, life insurance underwriters want some government assistance. Fortunately, property/casualty companies are taking care of themselves (self-regulation at work!).
It's just irritating that the insurance companies are running to the government for assistance in making payments, which is what the insurance companies are objectively designed to do.
posted by yesster at 6:38 AM on October 18, 2001
"are objectively designed to do."
Did you mean "ostensibly"? I don't think they're objectively designed to do that.
Insurance is a scam. Obviously, the large majority of people never get out of it what they put into it, otherwise no one would want to own an insurance company.
If it weren't a practical necessity to get insurance, I never would. Unfortunately, hospital bills and such are based on the assumption that you have it.
posted by sonofsamiam at 8:31 AM on October 18, 2001
Did you mean "ostensibly"? I don't think they're objectively designed to do that.
Insurance is a scam. Obviously, the large majority of people never get out of it what they put into it, otherwise no one would want to own an insurance company.
If it weren't a practical necessity to get insurance, I never would. Unfortunately, hospital bills and such are based on the assumption that you have it.
posted by sonofsamiam at 8:31 AM on October 18, 2001
sonofsamiam - yes, "ostensibly" is correct, thank you
yeah, one of the first things I would do with a time machine is kill the insurance industry
it's unfortunately impossible to backtrack and eliminate it now
posted by yesster at 8:50 AM on October 18, 2001
yeah, one of the first things I would do with a time machine is kill the insurance industry
it's unfortunately impossible to backtrack and eliminate it now
posted by yesster at 8:50 AM on October 18, 2001
I can't afford to pay tens of thousands of dollars of medical bills if I get in an accident. Offering to cover those bills in the event that they occur is a valuable service, one for which I am willing to pay. Hence, medical insurance. On the other hand, I can afford to replace my car if it gets destroyed, so I choose not to carry collision insurance.
Just because some people have fundamental misunderstanding of the nature of insurance (and view it as a solution for health maintenance) and other people are irresponsible (and don't carry auto liability policies) doesn't make it a scam.
posted by jaek at 10:47 PM on October 18, 2001
Just because some people have fundamental misunderstanding of the nature of insurance (and view it as a solution for health maintenance) and other people are irresponsible (and don't carry auto liability policies) doesn't make it a scam.
posted by jaek at 10:47 PM on October 18, 2001
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posted by BlitzK at 3:47 AM on October 18, 2001