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Are Insurers Actually Doing a Heck of a Job?

August 24th, 2006 by Jeb Foster

Terror in the Superdome. “Brownie” asleep at the switch. Reconstruction money going to bottles of Dom Perignon and sexual reassignment surgery. FEMA trailers made of carcinogenic material.

In the year since Katrina, there has been little good news coming from Gulf Coast. That’s either because there hasn’t been much good news to report or, more likely, because bad stories tend to hog the headlines.
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The other day I came across this story from Reuters about how most Gulf Coast residents are actually happy with the way insurers have handled their claims. The story reported on findings from the Insurance Information Institute–an organization Reuters notes is both non-profit and associated with the insurance industry. While I wish the evidence of this happiness came from an independent polling agency and not the Insurance Information Institute, I am confident the data is right on the money. (I don’t mean to question the integrity of the III, but I think the results would have greater impact had they been issued by a polling agency without the word ‘insurance’ in its name.)

According the III, 90 percent of homeowners in Louisiana and Mississippi were satisfied with how insurers handled their claims. That not a small percentage, folks. Further, only 2 percent of Katrina-related homeowner’s claims are in dispute, according to the report.

Clearly insurers are doing something right down there, even though headlines suggest otherwise. Here are a few other possible conclusions from the III’s report:

  • The media is fixated on bad news.
  • Insurers actually aren’t evil and are, in fact, doing a lot of good work.
  • Insurers need to spend more of their giant profits on a PR campaign that highlights their contributions to the rebuilding of the Gulf Coast.

Here’s the entire III release.

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3 Responses to “Are Insurers Actually Doing a Heck of a Job?”

  1. Lori Says:

    I always find it interesting how we - individuals, the news, journalists, publishers, and humankind - seems to enjoy bad news. And ignore good news.

    Thanks pointing out some good news.

  2. Megan Mahan Says:

    Great post, Jeb. I’ll share some of this info with readers of the InsureMe Agent Blog. Very encouraging stuff.

  3. steph Says:

    Great stuff Jeb,
    I’m not sure if the following link is factual, if so it’s pretty darn sad.
    http://www.aish.com/movies/PhotoFraud.asp

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