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Message
re: Allstate had a 259% increase in profits
Posted on 5/1/25 at 10:15 am to Spankum
Posted on 5/1/25 at 10:15 am to Spankum
quote:
That’s exactly what I was thinking when I read that. Seems like that is intentionally misleading.
It’s either this or just a complete lack of understanding
quote:
I would like to see absolute profits vs premiums paid or something like that.
It’s all in the 10-K. But just like with power companies (Entergy around here), people whine and complain they are making a killing and the rates are too high, yet somehow fail to realize that they are public companies, so if you think you are being ripped off, it can be mitigated by buying the stock.
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Posted on 5/1/25 at 10:18 am to Lakeboy7
quote:
So, you think insurance companies dont defend against lawsuits? They do, and some of the lawyers that do that work are pretty good.
Jesus frick
Posted on 5/1/25 at 10:22 am to boosiebadazz
Starbucks reported a net income amounting to 3.76 billion U.S. dollars during the 2024
In 2024, Amazon's net income was $59.2 billion
Lululemons net income for 2024 was $1.81 billion
I’m sure we are good with all that right???
Go sign an NIL deal using clients money
In 2024, Amazon's net income was $59.2 billion
Lululemons net income for 2024 was $1.81 billion
I’m sure we are good with all that right???
Go sign an NIL deal using clients money
This post was edited on 5/1/25 at 10:36 am
Posted on 5/1/25 at 10:26 am to nola tiger lsu
quote:
These insurers are paying plenty of illegitimate claims
It works both ways. They also deny legitimate claims. I've had to fight tooth and nail on both of my claims with State Farm.
Which insurer do you work for?
Posted on 5/1/25 at 10:27 am to DCtiger1
quote:
In 2024, Amazon's net income was $59.2 billion
personal injury attorneys in US appear to be about a 57 billion dollar industry.
Posted on 5/1/25 at 10:32 am to CocomoLSU
quote:
So your argument here is that you aren't "forced" to purchase car insurance, but if you don't you'll have to pay cash for the government to hold to cover liability insurance coverage? It's all semantics, but even in your (ridiculous) example, we still are "forced to purchase insurance." It's just that technically in your example the insurance money doesn't go to an insurance company.
No, the point of insurance is to guarantee that the people that you may hit will have at least a minimum amount of money available to compensate them for their injuries and property damage. Many people can’t afford tens of thousands of dollars so they pay an insurance company a premium for a contract whereby the insurer agrees to pay those damages. The insurer prices those contracts based on actuarial calculations, essentially predicting how many accidents are likely to happen, how much they’ll have to pay out on resulting claims, etc.
You don’t have to pay an insurance company if you have the cash yourself. You can deposit the cash with the state as an alternative to paying for the insurance policy. If you never cause an accident, you can get your money back. Your deposit is proof that you have the minimum required amount of cash to pay instead of an insurance policy. Of course, you can be sued for damages in excess of your deposit, just like you can be sued for damages in excess of an insurance policy.
If you have enough cash to handle your own risks and the risks you pose to others, there’s no requirement that you pay an insurer for access to their pot of cash.
Unless, of course, a liberal president comes along and requires you to purchase health insurance, just for living in this country. In that case, you would be forced to buy insurance, even if you don’t need or want it.
Posted on 5/1/25 at 10:33 am to Chad504boy
No one has a problem with Gordon paying LSU athletes millions of dollars, and that money is coming from client settlements who are being paid by insurance companies.
The amount of stupidity when it comes to insurance, especially in LA, never ceases to amaze.
The amount of stupidity when it comes to insurance, especially in LA, never ceases to amaze.
Posted on 5/1/25 at 10:40 am to White Bear
quote:
Remove the mandate and allow me to protect myself from others and others from myself
How are you going to protect others from yourself if you don't have liability insurance to cover their losses in an accident you caused?
Posted on 5/1/25 at 10:43 am to WhoDatNC
quote:
Yet they are slow playing recovery for people here in Western NC from Helene. Fk them.....
Isn't almost all the Helene damage in NC related to flooding? If so, that's the federal government slow playing. National Flood Insurance Program is administered by FEMA.
Private insurance companies, Allstate among many others, can "write" policies through the NFIP but they act as little more than a service provider for FEMA on those policies. FEMA controls the purse strings and makes all the rules.
Posted on 5/1/25 at 10:45 am to CocomoLSU
quote:
give the money that would cover insurance to the government for them to hold
Sure thing. I trust the government to hold my money. How long until a legislator sees this pot and goes "oh look, they won't know if we 'borrow' from this pot."
Posted on 5/1/25 at 10:46 am to Tiger Prawn
Yes, you are correct but some areas didn't suffer the mass destruction of the flooding.
Posted on 5/1/25 at 10:46 am to boosiebadazz
Because they have denied my roof claim and the roofers say You are not alone! 50 years with these AH's! Allstate =Collect premiums but don't pay claims...Works every time, until we drop them!
Posted on 5/1/25 at 10:49 am to DCtiger1
quote:
No one has a problem with Gordon paying LSU athletes millions of dollars, and that money is coming from client settlements who are being paid by insurance companies.
The amount of stupidity when it comes to insurance, especially in LA, never ceases to amaze.
Umm what? This assumption that “no one has a problem” with what an attorney does with the profits is ridiculous. The fact you are using this to call other stupid is laughable.
Posted on 5/1/25 at 10:52 am to WhoDatNC
quote:
Yes, you are correct but some areas didn't suffer the mass destruction of the flooding.
Was there much wind damage up there? All that really made the news down here was images of the flooding.
Posted on 5/1/25 at 10:55 am to Lakeboy7
quote:
So, you think insurance companies dont defend against lawsuits? They do, and some of the lawyers that do that work are pretty good.
They usually only really put up a serious defense if its a policy with high limits that the plaintiff is seeking a massive payout on.
Every day I see claim history reports that show vehicle / property damage payouts where the dollar amount is equal to barely more than a paint scrape, but the bodily injury payout is in the tens of thousands...often equal to policy limits on a lower limit policy. Its cheaper to settle than to fight and risk still losing in most cases.
Posted on 5/1/25 at 10:55 am to Ingeniero
Just canceled a policy, which had just renewed, with them due to selling a house.
These frickers sent the check to the address of the sold house, even though they asked for the new address at cancelation. Upon contacting to send a new check, they're internal policy says they have to wait until 14 days have passed, at which point I have to contact them again to initiate it. Eventually I will get the money, but I have to pry it out of their hands and they're keeping it an extra month or so. Apparently, no one on earth has the capabilities to override their system and correct the issue. Basically, they make it a process just to pay out money even outside of denials.
These frickers sent the check to the address of the sold house, even though they asked for the new address at cancelation. Upon contacting to send a new check, they're internal policy says they have to wait until 14 days have passed, at which point I have to contact them again to initiate it. Eventually I will get the money, but I have to pry it out of their hands and they're keeping it an extra month or so. Apparently, no one on earth has the capabilities to override their system and correct the issue. Basically, they make it a process just to pay out money even outside of denials.
Posted on 5/1/25 at 11:03 am to OceanMan
You’re right, I shouldn’t speak in absolutes. The majority of the OT has no issue with what attorneys like the OP do with their ridiculous profits.
If a customer truly deserves a settlement of 500k, why is an attorney entitled to 25% or more of said settlement that is intended to indemnify their client?
If a customer truly deserves a settlement of 500k, why is an attorney entitled to 25% or more of said settlement that is intended to indemnify their client?
Posted on 5/1/25 at 11:04 am to boosiebadazz
quote:
reduce claims payouts
why are we paying insurance again? oh right because i dont have a fricking choice if i have a mortgage
Posted on 5/1/25 at 11:06 am to boosiebadazz
Yeah, make tons of money when they take in premiums and rarely agree to replace a roof.
Posted on 5/1/25 at 11:11 am to Billy Blanks
quote:
rarely agree to replace a roof.
their roof policy is probably the shittiest out there. if your roof is over 5 years old they'll only cover a portion of the cost. they have a depreciation chart so every year you get less and less. they dont always mention that when you get a quote from them either. i had to ask about it for it to be brought up in the quote.
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