Archive for the ‘the press’ Category

Good One

Good One

So there are a pile of earnings releases coming out now and there’s an interesting common theme: even though rate increases aren’t here yet, they’re just around the corner.

Yeah, right.

The only way rates go up in the P&C market is if something goes horribly wrong and capacity leaves the market. If you talk about hardening rates, you need to have a reason why they’re going to harden. What happens to make people suddenly actually NEED to charge more?

Something nasty has to happen out there. AIG going down would have done it. Didn’t happen. That’s the scale we’re talking about, though.


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Sully Rulz

Sully Rulz

Anyone remember the heroes on US Airways 1549 that crashed into the Hudson? Well, AIG has managed to screw up their involvement in that, too. They’re denying liability.

When a homeowner has a burglary or a driver has a crash, all it normally takes is a call to the insurance company and a description of the loss to activate the policy. But aviation liability insurance is different. It is activated by a finding of negligence on the part of an airline. If there is no negligence, then arguably there is no liability, and no obligation to pay claims.

For those of us who take immense pleasure in AIG’s cascade of fail, this is a delight. I’m picturing the following sequence of events:

1. Some Senator calls up Liddy and widens his poop shoot yet further (“these people are heroes!”)

2. Liddy calls up his claims department and says: “pay the fucking claims and call back the NYT, you FUCKING moron”

3. Liddy calls up the same claims exec the next day: “oh, and you’re fired”

4. Liddy gets summoned to the Hill again so the polititians can fall all over each other to play the righteous outrage card a bit, which will be a welcome break from the befuddled economic architect hand they’ve been making  a hack job of lately.

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Back to the wheel-spinning department, here is AIG’s crack team of researchers to tell us that clients want service. Boring, sure, but why the picture of the monkey? Well, this is a study of very rich people:

Brokers servicing high-net-worth (HNW) customers have demanded better service from insurers as well as a wider range of cover, according to research by AIG UK.

Well, I guess the market’s shrinking mighty rapidly for the HNW department, so maybe competition is going to increase, not that that point is really a part of the article, because that would require analysis. This one’s good, too:

Ann Owen, vice president for AIG UK’s private client group, said “For some time we had had anecdotal evidence that broker and client demands were shifting in this market…”

Shifting to wanting more service? And AIG has a department of people whose job it is to unearth these stunning insights?

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Ever felt like spinning your wheels for a while? If you love wasting time and energy for a cheap headline and no action whatsoever, then, please, step right up and conduct (another) climate change study on the insurance business. Don’t want to write one, but feel left out? Well, just report about it like it’s news! You get flashy headlines like this:

Climate change will dramatically alter global business and trade

and newsbites like this:

“Climate change will change the way we live and work, and will lead to greater competition for scarce resources, such as food and water. This is likely to result in increased economic nationalism and greater global insecurity, which will in turn add to the complexity and cost of doing business.

“Every organisation needs to have a clear understanding of its particular vulnerabilities and have in place a range of mitigation strategies. Their ability to understand what the impacts of climate change are going to be could not only protect them from threats but could also open up new business opportunities.”

What on earth does that all mean for you? No idea. Climate change is a nice re-euphamisation of Global Warming, and is maybe considered a little less accusatory. Or maybe the science isn’t qutie strong enough to say much of anything. Not that I particularly care either way.

I just think it’s ridiculous for people to spend resources examining these questions when they have absolutely no power over as individuals. But it doesn’t work unless we all unite!

HA! Since when has any large group of people consciously united for anything other than war!? You’re not up on your Hayek.

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Why, again?

Why, again?

As if the insurance press wasn’t bad enough.

Now we can go over to Insurnace Age and watch some northern dude (bored out of his mind) literally READING inane news stories out loud. Is this some kind of joke? Let me get this straight:

1. Your news stories are horribly uninteresting

2. Your news stories are available for free online

3. Reading to yourself takes less time than listening to someone read out loud.

So you get the same crap and waste more time. Gotcha.

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