Steve, Mr. Know-it -All, why you bother to post here ? - Saab General Bulletin Board - Saabnet.com
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Steve, Mr. Know-it -All, why you bother to post here ?
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Posted by TKC (more from TKC) on Thu, 18 Sep 2008 14:29:56 Share Post by Email
In Reply to: Re: Perhaps the line should be drawn>>, steve, Wed, 17 Sep 2008 18:43:44
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You always have to be right, you always have the answer.

Why do you need to post here ? To educate us who are lesser than you ?

Do you know how much property and casualty insurance companies pay out for catastrophic events ?

Do you know how much premium they get each year ?

If insurance is a scam, why do you have it ?

If your home or car get destroyed, whom do you go to first ?

Insurance is just like any business, you need to sustain it over the long term. Cat events are rare but they do happen and cat claims can easily wipe out years of premium.

Flood insurance is subsidized, yes, you pay your premium, but when cat events (read plural) occur, they easily deplete any cat funds state or federal. Look at Ike, the estimate is between $7Billion to $12Billion to the insurance industry. Guess who pay for the flood damages if a state depletes its flood insurance, yes, you and I.

Now let me ask you this, if someone keeps rebuilding a house 20 feet from the ocean in a hurricane zone, why should the insurance company insure this property knowing that it's going to get destroyed time after time. If you run an insurance company, will you ever write this home an insurance policy ?

As for AIG, it's not their core insurance business that caused its demise. I don't think you understand insurance at all and you kept throwing "actuarially" words. Give me a break.


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