Insurance premium hikes

[oilman]

Interesting that insurance companies are about to increase premiums as a result of the recent floods. Have these companies been making profits over the years?

WHy is it when they have to pay out, they want all the money back?

 

[joe-90]

Well I for one don't think that we have £5 BILLION in genuine claims. Rather than hike up the prices they should stop insuring those on flood plains.

It looks like this sort of thing will happen on a regular basis from now on. It doesn't snow in winter - and it will flood in summer.

 

[empip]

"As we know, there are known knowns.

There are things we know we know.

We also know there are known unknowns.

That is to say we know there are some things we do not know.

But there are also unknown unknowns, the ones we don't know - we don't know".

 

[oilman]

Are you having a love affair wth a looney? What has this meaningless soundbite rubbish got to do with it?

 

[empip]

 

[Softus]

Interesting that insurance companies are about to increase premiums as a result of the recent floods.

Why would anyone mind them doing that. Would you prefer not to have insurance?

Have these companies been making profits over the years?

I don't understand why you need to ask that question.

WHy is it when they have to pay out, they want all the money back?

Because they are businesses. When one of my businesses pays out, I make sure that it gets enough money in to cover it, otherwise it would be running at a loss and it would have to cease trading. Again, it seems odd that anyone intelligent would need to ask that question.

 

[tim west]

Well I for one don't think that we have £5 BILLION in genuine claims. Rather than hike up the prices they should stop insuring those on flood plains.

It looks like this sort of thing will happen on a regular basis from now on. It doesn't snow in winter - and it will flood in summer.

You are right Joe, we might as well just hand the money to those in high risk areas and cut out the middlemen

 

[Thermo]

one guy from the industry said the price rise wasnt due to the floods its just a normal annual increase (they went up by 16% on average last year apparantly) so standby for the effect of the floods to come later

 

[Softus]

Is there anyone on here who isn't prepared to falsify an insurance claim?

 

[oilman]

Is there anyone on here who isn't prepared to falsify an insurance claim?

Does that mean you are, and are looking for support?

 

[oilman]

Interesting that insurance companies are about to increase premiums as a result of the recent floods.

Why would anyone mind them doing that. Would you prefer not to have insurance?

Have these companies been making profits over the years?

I don't understand why you need to ask that question.

WHy is it when they have to pay out, they want all the money back?

Because they are businesses. When one of my businesses pays out, I make sure that it gets enough money in to cover it, otherwise it would be running at a loss and it would have to cease trading. Again, it seems odd that anyone intelligent would need to ask that question.

You obviously have some difficulty seeing the whole picture. If you go to the south coast, and maybe pop across to Cowes this week, you will see the leisure toys owned by many of the moneyed people in the insurance world.

I would not mind paying an insurance premium which would spread the risk of various perils across the population. However, the insurance companies seem to be looking for any reason to avoid paying out on claim , and are looking for any reason to increase the premiums.

 

[Trazor]

Is there anyone on here who isn't prepared to falsify an insurance claim?

Me, for one.............And neither do I like the idea of paying increased insurance premiums, to cover others stupidity.

 

[noseall]

"As we know, there are known knowns.

There are things we know we know.

We also know there are known unknowns.

That is to say we know there are some things we do not know.

But there are also unknown unknowns, the ones we don't know - we don't know".

Don' Rumsfeld.

 

[Softus]

Is there anyone on here who isn't prepared to falsify an insurance claim?

Does that mean you are, and are looking for support?

It's a plain question. If you're looking for hidden meaning, there isn't any.

You obviously have some difficulty seeing the whole picture.

Well someone here does.

I would not mind paying an insurance premium which would spread the risk of various perils across the population. However, the insurance companies seem to be looking for any reason to avoid paying out on claim , and are looking for any reason to increase the premiums.

Is it possible that you're as naive as this implies?!

Insurance companies exist to make money. How can they do that wihout looking for any reason not to pay out, and for any reason to increase premiums?

 

[oilman]

It's a plain question. If you're looking for hidden meaning, there isn't any.

I wasn't looking for a hidden meaning, but I note your failure to state whether or not you would falsify a claim.

Is it possible that you're as naive as this implies?!

I also note the personal comments rather than deal with the subject.

Insurance companies exist to make money. How can they do that wihout looking for any reason not to pay out, and for any reason to increase premiums?

If any reduction in benefit, and increase in charges is acceptable, why then is this seen as unacceptable when indulged in by tradesmen?