No more insurance in the future as the problems we create magnify? The trouble with Physics marches hand in hand with the trouble with a prehistoric economic model.......... and an extremely shortsighted, skewed view of Kuhn's philosophy that self-interest ultimately promotes community interest
Allstate's 'Good Hands' Wave 'Bye Bye'
CHICAGO, Dec. 21, 2006
(AP) Wary of the rising risk of hurricanes, Allstate Corp. has added coastal regions of North and South Carolina, Alabama, Maryland and Virginia to the growing list of areas nationwide where it is cutting back homeowners insurance coverage. The latest move adds to concern by consumer advocates that less competition in those areas will cause rates to jump. The nation's second-largest home and auto insurer (behind State Farm) confirmed Thursday that it is dropping coverage for about 12,000 homeowners in eight counties of South Carolina, 4,000 in 14 counties of North Carolina, and an unspecified number in Alabama. It also will no longer write new homeowners' policies starting in 2007 in 11 coastal counties of Maryland and 19 in Virginia, although existing policies will be renewed. Those decisions continue the company's strategy of minimizing risk in the wake of Katrina and other hurricanes that devastated the Gulf Coast and caused it to lose a record $1.55 billion ...full text
CHICAGO, Dec. 21, 2006
(AP) Wary of the rising risk of hurricanes, Allstate Corp. has added coastal regions of North and South Carolina, Alabama, Maryland and Virginia to the growing list of areas nationwide where it is cutting back homeowners insurance coverage. The latest move adds to concern by consumer advocates that less competition in those areas will cause rates to jump. The nation's second-largest home and auto insurer (behind State Farm) confirmed Thursday that it is dropping coverage for about 12,000 homeowners in eight counties of South Carolina, 4,000 in 14 counties of North Carolina, and an unspecified number in Alabama. It also will no longer write new homeowners' policies starting in 2007 in 11 coastal counties of Maryland and 19 in Virginia, although existing policies will be renewed. Those decisions continue the company's strategy of minimizing risk in the wake of Katrina and other hurricanes that devastated the Gulf Coast and caused it to lose a record $1.55 billion ...full text
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