Chubb Letter to Treasury Secretary Paulson Opposes Property &...
Source: Wordcount: 610 WARREN, N.J. , /PRNewswire-FirstCall/ -- The following is the text of a letter sent yesterday to Secretary of the Treasury Henry M. Paulson, Jr.
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#1 Nov 3, 2008
Chubb is making the classic insurance company argument: Why should insurance companies be rewarded for bad behavior that cost them dollars by being able to get bailout dollars? I don't believe any insurance company should be bailed out because I don't think that consumers should be liable for covering our own risks by paying premiums and then covering insurance company risks through bad investments through our tax dollars. This double dipping is also reflected in physicians practicing defensive medicine so that consumers have to pay for additional and often unnecessary overkill in diagnosis testing while seeking lower insurance rates for themselves because they have taken these precautions...same double dipping. However, Chubb's real motivation is that Chubb is not getting a piece of the pie and so it's criticizing its fellow group members, other insurers. Can't have it both ways, riding the insurance bloc to the top through benefits ranging from legislation to overcharging and then divorcing yourself from that group in times of trouble.
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