Insurers Good Guys Afterall, Study Shows
Fellow InsureMe blogger, Jeb Foster, recently posted some good news over at the Insurance Blog: 90 percent of homeowners in Louisiana and Mississippi are satisfied with how their insurers handled their post-Katrina claims. Furthermore, only two percent of post-Katrina claims are in dispute.
According to a press release from the Insurance Information Institute (I.I.I.), other positive highlights include:
- Insurers have paid out over $15.5 billion to homeowners in Mississippi and Louisiana
- Claim settlement rates are over 94 percent in both states
- Claim payments equal 11 percent of state income in Louisiana and 10 percent in Mississippi.
In his post, Jeb hits on three significant takeaways from the I.I.I. report, one of them being that insurers should consider throwing some of their huge profits at PR campaigns to negate negative media coverage and highlight their Gulf Coast successes.
I have to say I'm in agreement here. And while I also think there's something to be said about being humble and having the integrity to realize that doing the right thing doesn't always mean receiving over-the-top recognition, I think the industry would do well to stand up to negative media attention and remind people of all the good that's happening. How will consumers learn otherwise?
I'm anxious to get an insurer's point of view here. Leave your thoughts via comments and let the discussion begin!
[Related post]:
Can The Insurance Industry Turn It Around?








Comments
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Posted by: Amanda | September 1, 2006 08:37 PM
Wow. Very cool, Amanda. Thanks for sharing. I'll definitely spend some time on this site.
Posted by: Megan Mahan | September 1, 2006 08:40 PM
I wish I could say the same here in Florida. I just got hit with an 80% rate increase! We need a few years without hurricanes, as the large insurance carriers would return and premiums would level out. I'm hopeful.
Posted by: florida health insurance | September 10, 2006 07:15 AM