Allstate is on track for record profi...

Allstate is on track for record profits exceeding $5 billion

There are 46 comments on the South Florida Sun-Sentinel story from Oct 16, 2007, titled Allstate is on track for record profits exceeding $5 billion. In it, South Florida Sun-Sentinel reports that:

Dr. Rose Bergeron-Birch talks with Tim Lindsey of Austin, Tex., an Allstate Insurance claims adjuster, outside her flood damaged home in New Orleans, La., in this Oct.

Join the discussion below, or Read more at South Florida Sun-Sentinel.

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Rodak

Hobe Sound, FL

#1 Oct 16, 2007
Another trick Allstate uses is to drop coverage on renters personal property. Then, when you do find coverage at three times the previous price, it is oddly enough through a subsidiary of Allstate. Then, if you have a claim, they argue that all your stuff is old, so you'd be lucky to get one year's of premiums paid out by Allstate.

The more money they make, the more daring they are in trying to buy legislators, such as the recent PIP fiasco.
No name

United States

#2 Oct 16, 2007
Insurance companies are amazing. Somehow they make millions screwing insureds!

“"Man Bites Dog"”

Since: Dec 06

The Moon & Other Planets

#3 Oct 16, 2007
Congratulations to Allstate and Exxon/Mobil for their banner year and their ability to rape the public without any fear of repercussion. I hope you all sleep well at night!
thieves

United States

#4 Oct 16, 2007
The company boosted homeowners' rates by double digits for the following two years, and big increases continue in select coastal states today. Allstate Floridian Insurance Co., for example, is asking regulators for a 41.9 percent rate increase, and some premiums in states along the Gulf Coast have doubled or tripled since 2005.

Boosting about 5 billion plus in profits and you want a 41.9 percent increase in the Florida? I hope the insurance commissioner, for the state, sees the pure arrogance displayed by allstate and denies every request that it puts in front of the commissioners face. Force allstate, along with the other carriers, to lower the insurance premiums for the state of Florida.
charles e hopfl

Destin, FL

#5 Oct 16, 2007
How long do our regulators need to make a sensible solution of the insurance mess. There has to be some compromise so that policies are not cancelled in every coastal community on the east coast including florida as is being done now. Even with policies, insurance companies are fighting every claim. At the same time, all of the companies are recording and advertising excessive profits to their stockholders, and paying huge bonuses to their executives. IS this not a problem which requires as much attention as the bad loan situation.
Bacalaito

Hollywood, FL

#6 Oct 16, 2007
I wonder how much of that 5 billion dollar profit is going into Bush's pocket..
Casual Observer

United States

#7 Oct 16, 2007
Congress seems to be following the hands-off-business approach.

There is an article today in the NY Times about insurance cancellations in the North East. Very few hurricanes come ashore but the companies want to eliminate as much risk as possible. This is how universal health insurance will be run.

They are drawing some imaginary lines such as 12 miles inshore.
SGT

Boca Raton, FL

#8 Oct 16, 2007
I SHOULD BE SURPRISED ????. AT THE VERY LEAST, I AM MORE DISGUSTED THAN ANYTHING ELSE.
THESE DIRBAG INSURANCE COMPANIES GOUGE THE HELL OUT OF THS INSUREDS AND THEN BOAST ABOUT THEIR WINDFALL PROFITS. SORT OF LIKE SHOVING THE UMBRELLA UP YOUR BUTT AND THEN OPENING IT. THEN THEY COME AROUND AND CRY POOR MOUTH TO OUR JELLYFISH INSURANCE COMMISIONER FOR AN INCREASE IN PREMIUMS, AND HE ALLOWS IT TO GO FORTH. SOUNDS LIKE HE IS SUPPLEMENTING HIS INCOME DOESN'T IT.
THIS IS JUST ONE OF THE MANY WAYS THEY FACILITATE THEIR DOG#$%@ EMPIRES

MFers

United States

#9 Oct 16, 2007
after getting the shaft for years from this dirtbag company - I now find out I will be dropped at the end of the year for my home insurance leaving me to have to pick up the even more expensive Citizens insurance AND I'm 18 miles west of the ocean, with no claims - WTF.
The state needs to do something to protect us from these insurance companies.
candyman

Chesterfield, MO

#10 Oct 16, 2007
Let's see
LEGAL ROBBERY--IT MUST BE GREAT TO BE ABOVE THE LAW hey how do us "worker bees" get in on the action??
bem

Tallahassee, FL

#11 Oct 16, 2007
It may be a small step, but I am canceling my own Allstate auto coverage after many years. Why? No homeowners, you can't have any of my business.

I know you can't legislate the size of profits, but I don't intend to contribute to their obscene numbers anymore. In this case there are plenty of alternate companies to shop for rates.
Tim in Wilton Manors

Fort Lauderdale, FL

#12 Oct 16, 2007
AH they had $1.5 billion in claims in '05 and they make $5 billion in '07?
I'd say let's TAX THE PROFITS BIGTIME!
Chicken Large

United States

#13 Oct 16, 2007
Allstate Floridian Insurance Co., for example, is asking regulators for a 41.9 percent rate increase

I guess 5 billion in profits is not enough

So there 1 billion loss from a couple of years ago has now been made up many times over in one year

AHOLES
Archer

Pompano Beach, FL

#14 Oct 16, 2007
I just figured out how to make my legal millions. All I have to do is sell a product to people who don't need it, and refuse to sell it to the people who do. Early retirement, here I come!
BAM

New Orleans, LA

#15 Oct 16, 2007
So they lost 1.5 billion in Katrina - and now it is ok for them to make 5 billion+ in one year and have the audacity to want a 41.9% rate hike - they make me sick - lets hope our legislators have the guts enough to tell them to go to he*l

“"Man Bites Dog"”

Since: Dec 06

The Moon & Other Planets

#16 Oct 16, 2007
Congratulations once again to Allstate for joining the ranks of the Florida Collusion probe. Hmm? Record breaking profits?
lfk

Boca Raton, FL

#17 Oct 16, 2007
Why would anybody buy auto insurance from Allstate? Everytime I see their ads I turn them off and watch some other channel. Do NOT buy ther insurance.
MFers

United States

#18 Oct 16, 2007
must be wonderful to have one of their agents, managers, corporate heads living next door or on the same block - burning their house down would seem appropriate - see how it feels to get s*crewe*d - Ferk Allstate
Nonsense

United States

#21 Oct 16, 2007
How is the state going to protect us from themselves. Allstate is a raper and the state turns a blind eye.

Eyes Wide Shut, I think they sleep like babies at night -- these are not normal people mind you.

I am mad as hell and it is a pity we cannot do something right now to hurt these people as much as they have financially hurt us.
reform

AOL

#22 Oct 16, 2007
I am so glad that a I do not use use Allstate as my car insurance provider. Like some posts have already stated, they have the audacity to say what their profits are and still want to raise insurance almost 50% more.

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