The Insurance Game - Version 2

[MountainHawk]

Busy this morning ... will run at lunch.

[hd]

I'm seriously going to have to start just doing the next week as soon as results come out.

Last night I got a text around 8:00 to come eat homemade cotton candy and, well, I couldn't resist. BTW, DumDums have a really strong flavor once converted to cotton candy form. Soon, we will try Jolly Ranchers!

[MountainHawk]

No cats this week, and a lot of extreme results in the normal losses. Also, the consumers are starting to complain that you guys are charging too much again. A couple of you are in for a bad surprise when a cat does come. (Friendly Reminder: Assumed losses are NOT reinsurable.)

SSg 414,106
ADD 354,681
Lin 340,879
URY 329,290
OCD 120,190
FTC 99,008

[hd]

Originally Posted by MountainHawk

No cats this week, and a lot of extreme results in the normal losses. Also, the consumers are starting to complain that you guys are charging too much again. A couple of you are in for a bad surprise when a cat does come. (Friendly Reminder: Assumed losses are NOT reinsurable.)

SSg 414,106
ADD 354,681
Lin 340,879
URY 329,290
OCD 120,190
FTC 99,008

Am I still just the unluckiest person ever?

[MountainHawk]

Originally Posted by hotdime

Am I still just the unluckiest person ever?

Only until a cat hits one of the lines that some people are overpricing by a lot. Then they will be.

[hd]

Originally Posted by MountainHawk

Only until a cat hits one of the lines that some people are overpricing by a lot. Then they will be.

I'm still happier with what I submitted this week than I have been in previous weeks.

I'm also not sure that would be bad luck in their case...more taking a lot more chances than I am.

Of course, a takeover this week is a sad possibility.

[urysohn]

Originally Posted by MountainHawk

Also, the consumers are starting to complain that you guys are charging too much again.

Consumers should stfu and just pay their bills imo. URY has a couple of lobbyists meeting with some influential state senators to take care of this whole nasty issue. We might not be successful in convincing them to let free markets be free, but we're hoping the fancy documentation we sent them (signed by a real actuary and everything) will convince them that the current estimates of "overcharging" are just ridiculously off-base. There are emerging trends which clearly indicate losses will be increasing in the near-future, or at least I assume that's what the document says. I didn't actually read it.

[urysohn]

And by "a couple of you", do you mean "Soy"? The rest of us are all taking on no more than 1% of direct losses as assumed losses on even an individual line item basis. I wouldn't think that would sink the ship. Soy, on the other hand, taking the big gamble and jumping out to a decent lead as a result. If he's able to aquire FTC then get his rates in line, he might be unstoppable.

[MountainHawk]

Originally Posted by urysohn

And by "a couple of you", do you mean "Soy"? The rest of us are all taking on no more than 1% of direct losses as assumed losses on even an individual line item basis. I wouldn't think that would sink the ship. Soy, on the other hand, taking the big gamble and jumping out to a decent lead as a result. If he's able to aquire FTC then get his rates in line, he might be unstoppable.

The regulator will not name names, but the biggest risk does lie with a company named after a milk substitute.

[soyleche]

Originally Posted by urysohn

Consumers should stfu and just pay their bills imo. URY has a couple of lobbyists meeting with some influential state senators to take care of this whole nasty issue. We might not be successful in convincing them to let free markets be free, but we're hoping the fancy documentation we sent them (signed by a real actuary and everything) will convince them that the current estimates of "overcharging" are just ridiculously off-base. There are emerging trends which clearly indicate losses will be increasing in the near-future, or at least I assume that's what the document says. I didn't actually read it.

Soy Seguros joins with URY in lobbying the state legislature to do away with the destructive practice of reimbursing citizens for losses under self insurance. The reimbursements not only distort the market, but give self-insured citizens a false sense of security. We are trying to help the politicians understand that if a major catastrophe were to occur, even 2/3 of the loss will devastate self-insured citizens and lead to social unrest.

We assure our shareholders that we are monitoring our risks carefully and are confident that we can weather any storm that may come.