Harvey victims, get ready to be screwed by your insurance company

[WaitingFor2020]

The big insurance companies paid an average of $4800 to victims of Hurricane Sandy. So watch out Harvey victims who are getting ready to file claims, you're getting ready to get screwed again:

Harvey hits insurance stocks as loss estimates surge to $20 billion

AUGUST 28, 2017 / 11:25 AM / 4 HOURS AGO
Harvey hits insurance stocks as loss estimates surge to $20 billion

BOSTON/FRANKFURT (Reuters) - Hurricane Harvey’s whipsaw of wind and rain across Houston and the Texas Gulf Coast hurt the shares of U.S. property and casualty insurers on Monday as Wall Street analysts estimated insured losses as high as $20 billion.

That would make it one of the costliest storms in history for U.S. insurers, but could ultimately help insurers and reinsurers to raise rates, some analysts said, after a period of low premiums.

“Our best guess at this point is Harvey could result in $10 billion to $20 billion of industry insured losses, making it one of the top 10 most costly hurricanes to hit the United States,” JPMorgan analyst Sarah DeWitt said in a research note on Monday.

 

[Shrimpbox]

Yes but people have been paying exorbitant flood and wind damage insurance on the coast with no payout for 13 years. There is no loss, there is just not as much profit. Here what those nasty insurance companies did. They doubled the rates while reducing the number insured by half. I believe if your roof is older than ten years you cannot be insured without redoing the roof. It is a racket.

 

[CrusaderFrank]

The big insurance companies paid an average of $4800 to victims of Hurricane Sandy. So watch out Harvey victims who are getting ready to file claims, you're getting ready to get screwed again:

Harvey hits insurance stocks as loss estimates surge to $20 billion

AUGUST 28, 2017 / 11:25 AM / 4 HOURS AGO
Harvey hits insurance stocks as loss estimates surge to $20 billion

BOSTON/FRANKFURT (Reuters) - Hurricane Harvey’s whipsaw of wind and rain across Houston and the Texas Gulf Coast hurt the shares of U.S. property and casualty insurers on Monday as Wall Street analysts estimated insured losses as high as $20 billion.

That would make it one of the costliest storms in history for U.S. insurers, but could ultimately help insurers and reinsurers to raise rates, some analysts said, after a period of low premiums.

“Our best guess at this point is Harvey could result in $10 billion to $20 billion of industry insured losses, making it one of the top 10 most costly hurricanes to hit the United States,” JPMorgan analyst Sarah DeWitt said in a research note on Monday.

Do they have SuperCat coverage from Betkshire Hathaway?

 

[Lewdog]

There was a lady interviewed on television saying she had just gotten a letter last week talking about how her insurance premiums were so low because the area her house is in hadn't be flooded in several years. She said she would be calling them next week as she was being evacuated.