California Fire - Best of luck to all

[PDUB]

Hopes and prayers for those and their families affected by the firestorm! Unfortunately, in losing everything they are only through half of the hell at this point... insurance is the other half. Those leaches are nothing but trouble. Insurance is the biggest scam perpetrated on the public. It should be a nonprofit industry and not pray on people's misfortune. Ask me how I know!

[Buzz]

Originally Posted by PDUB

Hopes and prayers for those and their families affected by the firestorm! Unfortunately, in losing everything they are only through half of the hell at this point... insurance is the other half. Those leaches are nothing but trouble. Insurance is the biggest scam perpetrated on the public. It should be a nonprofit industry and not pray on people's misfortune. Ask me how I know!

^^^
This X 100!
I've witnessed some real devastation from hurricanes in my lifetime, but this destruction just boggles the mind. I really feel for the people losing their homes and possessions to the fires, while the insurance company execs are all in a huddle to figure how they can protect their precious profits and avoid paying out desperately-needed claims.

[twobjshelbys]

Originally Posted by Buzz

^^^
This X 100!
I've witnessed some real devastation from hurricanes in my lifetime, but this destruction just boggles the mind. I really feel for the people losing their homes and possessions to the fires, while the insurance company execs are all in a huddle to figure how they can protect their precious profits and avoid paying out desperately-needed claims.

Some of these insurance companies will not have enough reserves to pay out their claims. They will have re-insurance which is insurance insurance companies buy. Warren Buffet's Berkshire Hathaway Reinsurance is one of the largest.

Many companies anticipated the loss risk and stopped selling in CA... The number I saw today was a snapshot in time early this morning but at $20B+. It'll only get bigger...

[Buzz]

Originally Posted by twobjshelbys

Some of these insurance companies will not have enough reserves to pay out their claims. They will have re-insurance which is insurance insurance companies buy. Warren Buffet's Berkshire Hathaway Reinsurance is one of the largest.

Many companies anticipated the loss risk and stopped selling in CA... The number I saw today was a snapshot in time early this morning but at $20B+. It'll only get bigger...

Hi Tony. As long as they pay out on the policies they've been selling and collecting premiums on for decades on end. If they have to resort to drawing on their own insurance policies in extraordinary circumstances like this disaster, then so be it.

The ongoing trend of insurance company CEO's pulling multi-million dollar salaries and annual profit-based performance bonuses while using every loophole, roadblock and delay tactic at their disposal to reduce "losses" from legitimate payouts is what is wearing thin on people. It's leading to questions about the inherent conflict of interests in profit-driven insurance providers.