Allstate guarding profits scheme is the title of an article in the Miami Herald today. Seems pretty consistent with what I've said about insurance companies before. Some highlights: "Allstate is facing contempt charges in Missouri -- with a $25,000-a-day fine -- and now it can't sell new auto policies in Florida, in part, because it wants to protect a report written by a corporate consultant." "According to an attorney who has seen the report from consultant McKinsey & Co., it advises Allstate on how to improve profitability: pay less on claims and take a longer time to pay those claims."
No Surprise. CNN exposed Allstate. Sentry Insurance sued an 81-year-old woman for failing to shovel snow. State Farm, Nationwide, Allstate and USAA have been accused of trying to take advantage of Katrina Hurricane victims. And American Family Insurance has extreme profits, denies claims, is pro-tort reform, and pays "when pigs fly.".
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