Wednesday, 9 April 2008

Show me the data

According to an article I just read covering the World Insurance Forum in Dubai, discussing whether the financial market turmoil will impact underwriters' willingness to pay claims, Martin Sullivan, CEO of AIG,
pointed out that the recent profits reported by the insurers are not commonplace. He said that the U.S. insurance industry had only made a profit in three out of the last 30 years.

1 in 10 years? For now, I am filing this in the "how is this correct" file.

I have been in this industry for nearly 6 years and I have yet to see a real debate about claims payments except those that involve attorneys. Typically they are characterized by marketing professionals who purport to run claims departments talking about claims being their "shop window".

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