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The Allstate Corporation Message Board

forrestgrump55e 1155 posts  |  Last Activity: Mar 26, 2014 9:50 PM Member since: Apr 20, 2009
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  • I found this news release. Good bye guys. Thanks for listening.

    http://www.corelogic.com/about-us/news/corelogic-to-accelerate-investment-of-matrix-multiple-listing-technology-platform.aspx

  • forrestgrump55e by forrestgrump55e Nov 13, 2012 9:51 PM Flag

    When you get a hit to the earnings pull out the
    Warren Buffett sure would love to own this stock
    line. Everytime Allstate does this, there is pain
    for the long holders.

  • forrestgrump55e forrestgrump55e Nov 1, 2012 9:33 PM Flag

    Thanks Anne. My point exactly. It is worse but the real bad news can wait.

  • Reply to

    Bad Quatrer = Great 2013

    by waxman3453 Oct 30, 2012 4:54 PM
    forrestgrump55e forrestgrump55e Nov 1, 2012 9:28 PM Flag

    Waxman you don't get it do you? The business model at CB is
    flawed. Management will have to drop the flood insurance
    program and this will end their competitive advantage over
    less risk adversive companies who wisely stayed out the flood
    insurance business. BK risk too high here due to flood insurance
    policies upto 15 million dollars a pop. Get it?

  • Reply to

    Is Storm Surge Damage Covered?

    by the_invisible_hand2010 Oct 27, 2012 4:46 PM
    forrestgrump55e forrestgrump55e Oct 29, 2012 1:45 PM Flag

    Key concept from Chubb--""Chubb offers one of the few personal flood insurance alternatives to the National Flood Insurance Program (NFIP). ""

    Chubb provides this water coverage because they use it to get rich people to buy their whole line of products by offering them something almost noone else will---15 million in flood insurance. So you have a lot of risk in one place. Car risk, boat risk, flood of home risk, wind risk. All pooled on the NE sector of the USA. During the time period the risk doesn't come to pass, management looks like a bunch of smart guys. But if the risk---IE Cat 3, 4 or #$%$ the right spot. Oh well we got our retirement funded real well before the BK. Hope this helps those who are risk aversive realize that CB is a very high risk play in the insurance sector. Allstate and State Farm have done just the opposite of Chubb in terms of risk assumption of coastal customers. Fools rush in where Ed Rust fears to tread!!!

    Worse than writing excess flood policies for their customers upto 15 million dollars at a pop, is the fact that Chubb would let people buy the excess policies even if they didn't buy the very cheap NFIP flood policy for the first tier of loss. At a minium you should not let your clients do something so stupid as not taking a gift priced coverage. Malpractise in my book.

    As we approach another hurricane season, Chubb has produced this FAQ on flood insurance. Chubb offers one of the few personal flood insurance alternatives to the National Flood Insurance Program (NFIP). NFIP customers are often surprised by how inexpensive the premium can be even in area prone to flood. There are two reasons for this. First, it is subsidized by your tax dollars. Second, it offers very little coverage.

    This Chubb FAQ lays out advantages the Chubb flood policy offers far exceeding the NFIP. Please take a look and call us if you think this is coverage you need.

    _______________________________________

    I put links upto the information on Chubbs website before. Those links are no longer active but the risk is active.

    Here is a bit of information from an agents website. Note his link to Chubb is broken as well.

    Please note the page you have requested has moved to a new address.
    You will automatically be redirected to the new location in 10 seconds.
    Please update your bookmarks, once you are redirected to the new page.

    Click Here if you are not automatically redirected to the new location.


    Chubb FAQ on Flood Insurance

    By Nicole Livesay on Mon, May 16, 2011

    Flood Insurance


    As we approach another hurricane season, Chubb has produced this FAQ on flood insurance. Chubb offers one of the few personal flood insurance alternatives to the National Flood Insurance Program (NFIP). NFIP customers are often surprised by how inexpensive the premium can be even in area prone to flood. There are two reasons for this. First, it is subsidized by your tax dollars. Second, it offers very little coverage.

    This Chubb FAQ lays out advantages the Chubb flood policy offers far exceeding the NFIP. Please take a look and call us if you think this is coverage you need.

  • Reply to

    Is Storm Surge Damage Covered?

    by the_invisible_hand2010 Oct 27, 2012 4:46 PM
    forrestgrump55e forrestgrump55e Oct 29, 2012 9:12 AM Flag

    That is the billion dollar question. Chubb is one of the very very few companies which writes
    a combined wind/water policy. This is NOT the perfect storm as noted in the popular media. It is the perfect tropical storm but a CAT 5 hurricane under the same meteorological would send this wind/water combined policy provider into instant BK. I would say a CAT 2 or below and Chubb will merely have a short term economic loss for its shareholders. Possibly pretty bad drop in shareholder value but BK. Probably not BK. But you never know. I say watch and learn why State Farm and Allstate have dumped the Coast and reduced their risk of BK in the process. Chubb has doubled down on the BK risk and one day will go out of business. It is merely a matter of time before the perfect HURRICANE comes along. Not a good stock to have in your retirement account unless you like living in a cardboard box under an interstate.

    Re: What's the Deal with this Co?

    By forrestgrump55e.Jun 12, 2012 9:53 PM.PermalinkGo to topic

    It has to do with their assumption of high risk flood, wind policies which attract rich people to their services. One bad hurricane in the NE and this company is toast.

  • Just wondering if Wilson is trying to reach a bonus target or something? Seems like a good short because there is always bad news in the pipeline here at Allstate. I have not been watching it closely enough to make a call on price. But it is worth looking into a short position.

  • forrestgrump55e forrestgrump55e Aug 30, 2012 1:52 AM Flag

    Marketing Senior Manager Social Media in NorthbrookIllinoisUnited States

    Title: Marketing Senior Manager Social Media
    Location: IL-Northbrook
    The Senior Marketing Manager of Social Media will be an integral part of the web engagement team leading and executing ground breaking social media programs that drive engagement, strengthen relationships and increase brand awareness - utilizing social media tools, emerging technologies and optimizing partnerships both inside and outside of Allstate. He/she will also serve as a team and company digital resource in the areas of social media and e-Business.

    In alignment with the overall business unit's goals,

    * Ability to quickly recommend responses for addressing negative and crisis communication issues – in collaboration with our public relations team.
    * Ability to think strategically and execute tactically.

    You guys are still don't get it do you. Fix your product. You have a defective product.

    Here is what your spec sheet for a social media manager should have---

    Help the business unit understand what the consumer wants.

    I can answer this one for you. They want you to be honest about your product and fix the product so it is no longer a deceptive scam. Your reputation on the internet is so bad and will only get worse with this plan.

  • NEW YORK (MarketWatch) — Progressive Corp. was trying to save $75,000. Instead, it unleashed a flurry of social-media rage against the company.

    Now, the question is whether Progressive’s (US:PGR) experience will prompt changes throughout the auto-insurance industry as more consumers use the Internet to tell their side of the story when they feel they’ve been slighted by their insurers.

    The car insurer found itself in the middle of an online firestorm last week after a blogger named Matt Fisher took to his Tumblr page to complain about the way Progressive treated his family as they sought to collect on his deceased sister’s insurance policy.

    Fisher’s story went viral, and four days later, Progressive agreed to settle with the family for an undisclosed sum. Whatever the settlement amount, the total cost of the incident will be much higher, with a tally that will include those people who made good on their Twitter threats to switch their insurance away from Progressive, as well as those who won’t consider Progressive for their insurance in the future.

    The uproar is a cautionary tale for insurance companies. Even Fisher said in an interview Tuesday he was surprised by the furor his blog post created, but the incident shows that in the era of Twitter, Tumblr and Facebook, any customer who doesn’t like how his claim is being handled could potentially become the next policy holder to go viral.

    Even when a company’s actions are legal and done with the blessing of regulators, it can suffer reputational and financial harm when exposed to harsh cyber-invective.

    “In the court of public opinion, no one cares that it’s legal or if the regulator approved it,” said Robert Hunter, the director of insurance at the Consumer Federation of America. “If it can’t pass the smell test, that’s enough to spark something.”

    Industry observers and public-relations experts say claims handlers and lawyers working for insurers typically operate strictly by the book, which is usually a valuable attribute for their employers. But they point out that someone in the chain of command needs to keep in mind how their actions will be perceived by the public, even when they are acting within the rules.

    “This could be a wake-up call for insurers,” said Linda Kornfeld, a partner at Jenner & Block in Los Angeles who represents companies that have disputes with their insurers. “If your job is to look at claims and do what is in the best financial interest of your company, you may lose sight of the bigger picture of what the negative repercussions could be.”

  • forrestgrump55e by forrestgrump55e Aug 23, 2012 12:18 AM Flag

    Dead last. At least your consistent Mr. Wilson.

  • Reply to

    MET has always been poorly managed

    by boiler_room_bermuda May 25, 2012 11:38 AM
    forrestgrump55e forrestgrump55e Jun 12, 2012 9:58 PM Flag

    Better a company that makes money than one who hires idiots to chase off all the people giving good advise.

  • Reply to

    What's the Deal with this Co?

    by misterre5000 Jun 12, 2012 3:11 PM
    forrestgrump55e forrestgrump55e Jun 12, 2012 9:53 PM Flag

    It has to do with their assumption of high risk flood, wind policies which attract rich people to their services. One bad hurricane in the NE and this company is toast.

  • forrestgrump55e by forrestgrump55e Jun 12, 2012 9:50 PM Flag

    I think it is clear his efforts to reform the company only caused it to lose its way. No reason to keep him around. Put a real insurance man in the CEO spot.

  • forrestgrump55e by forrestgrump55e Mar 30, 2012 3:19 PM Flag

    Shareholders need to give credit to Tom Wilson who with a smaller ad budget per customer metrix has caught up with Geico.

    """Allstate was in a regular cycle of peaks and valley from 2008 through the end of September 2011, depending on their spending activity, going as high as 19 and as low as 15. Since October 2011, Allstate has risen to its current 21, the highest it has been since the beginning of 2008, and putting them at a virtual tie with Geico."""

    """ Taking a page from the Geico playbook, Allstate introduced their gritty ironic “Mayhem” character, which appears to have helped propel the brand to its highest perception point with consumers in more than four years."""

    http://www.brandindex.com/article/geico-loses-edge





    http://www.brandindex.com/article/geico-loses-edge

  • forrestgrump55e forrestgrump55e Nov 29, 2011 7:23 PM Flag

    DOCTORING REPORTS

    The Weisses’ lawyer, Johnny Denenea, used the “track changes” function of Word software on the Rimkus reports from claims filed in Mississippi. (Check them out here: Rimkus document #1, Rimkus Document #2.) It revealed that conclusions supporting wind damage were changed to flood in the home office.



    It revealed that conclusions supporting wind damage were changed to flood in the home office. Denenea says that, “one or two of the changes may be expected, but in each case that has been litigated involving Rimkus, the conclusions were universally changed from wind to flood. In not one case has there been a report that shows the report was changed from flood to wind.” In Denenea’s view, this supports the notion of a conspiracy to defraud the government.



    Denenea says there are other examples of “false information” submitted by Allstate to the NFIP in the Weisses’ case. He cites forms that contain a reference to exterior and interior waterlines on the Weisses’ house, and a phrase reading “damage was extensive throughout the home.” The field adjuster, Mike Wells, denied under oath that he wrote this narrative report, noting that since there was no house there to inspect, there were no water lines, and no interior damage, to document.



    Denenea also submitted evidence that he said showed the company fabricated the list of personal property damages, inflating the expenses billed to the NFIP. Merryl Weiss submitted a handwritten list of personal property the couple lost from the first floor of their home. It was mostly fishing equipment, and totaled $38,848.25. During trial depositions, the Weisses discovered that Allstate had submitted a list to the government that included furs, jewelry, and furniture valued at more than $139,000. Fishing rods were not on the list.



    During testimony, field adjuster Mike Wells confirmed that the documentation sent to the NFIP did not match what the Weisses submitted. Denenea says he believes the process of falsely maximizing flood claims was encouraged by Allstate supervisors. To back up his claim, he points to the testimony of Allstate office adjuster, Mung Hatter. She said that all adjusters’ reports are maintained in a computer database and reviewed by managers Denenea believes insurers maximize content lists to take advantage of the highest bracket of the NFIP’s fee structure.



    “When Allstate pays a claim under a flood policy, they are using the checkbook of the United States Treasury. When they pay a claim under their homeowners policy, they are using the Allstate checkbook. For every dollar paid out of the federal treasury under flood, Allstate takes a credit and keeps a dollar. Essentially Allstate is profiting at the expense of the American taxpayer.”
    .

    http://www.katrinaroadhome.org/14/insurance/5-the-weisses.html

    http://www.rimkus.com/rimkus_consulting_group_promotes_key_personnel_to_oversee_growing_business_operations_in_the_us

  • forrestgrump55e forrestgrump55e Nov 29, 2011 7:23 PM Flag

    Rimkus promoted the entire group of workers involved in the court case just when it went to Court.

    Rimkus Consulting Group Promotes Key Personnel to Oversee Growing Business Operations in the U.S.
    HOUSTON, TX (Jan. 16, 2007) – Rimkus Consulting Group,

    Those promoted include: Patrick Fisher, Central Region Construction Manager (based in New Orleans); Jeremy Hoffpauir, Manager of the New Orleans office; Mark Hook, Central Region Forensic Manager; James “Wes” Jordan, Central Region Property Manager; and Craig Rogers, Central Region Assistant Property Manager.



    TAKING ALLSTATE TO COURT



    The Weisses took Allstate to court in April of 2007,

    One of Allstate's witnesses in the case was Craig Rogers of Rimkus Consulting Group, who wrote the final "revised" engineering report on the Weisses' home. Rogers said he didn't personally inspect the property until after he wrote the report, but instead based his conclusions in part on evidence gathered by other Rimkus engineers-a practice he described as common.

  • forrestgrump55e forrestgrump55e Nov 29, 2011 7:02 PM Flag

    I will accept your point Super. In the matter of post katrina claims Allstate broke with State Farm early on. Allstate began to pay their claims and didn't develop the bunker mentality that State Farm did.

  • forrestgrump55e forrestgrump55e Nov 29, 2011 7:00 PM Flag

    PS---Despite the jury concerns about Rogers being a biased engineer he is still touted by Rimkus as an unbiased flood engineer. In a perverse twist of fate Rimkus has used Rogers status as a biased engineer to promote him to the insurance industry for his services.



    Structural Damage Due to Floods
    By Craig D. Rogers, P.E.

    "The Federal Emergency Management Agency (FEMA) reports that each year approximately 90 percent of all disaster-related property damage results from flooding."

    "Regardless of the outcome of a particular loss, the role of the forensic engineer is to uncover the facts and provide sound, substantiated and unbiased opinions." Rogers

    http://www.rimkus.com/craig_rogers_article_in_claims_magazine

  • forrestgrump55e forrestgrump55e Nov 29, 2011 6:40 PM Flag

    A jury felt Allstate didn't act in good faith in their use of engineering services.---

    Richard Trahant, lawyer for Weiss, argued the house was 17 feet above sea level and that engineering data suggested only 14 feet of surge hit the area. "It never reached the bottom of the house," he said.

    Allstate's Barrasso said sustained winds at the house did not exceed 100 mph.

    "There was plenty of evidence to show the winds were not strong enough to topple this house and the storm surge was," she said.

    Jim Neva, a surveyor and engineer who inspected the house for Allstate, initially told Robert Weiss, who is listed as the policy holder, and his wife, Merryl, that wind may have destroyed the home before the surge of water washed away its remnants.

    He later backed off that conclusion, and deferred to engineering consultant Craig Rogers of Rimkus Consulting Group. Rogers, who wrote the final report on the home for Allstate, convinced Neva that storm surge demolished the house.

    Rogers said he didn't personally inspect the property until after he wrote the report. He said he based his conclusions in part on evidence gathered by other Rimkus engineers — a practice he described as common. But Trahant questioned the move.

    "Why did Allstate elect to rely on the one engineer who never set foot on the property until long after he stamped his report?" Trahant said in closing arguments.

    Jeffrey Mika, 30, foreman of the 8-person jury, said the jury was persuaded by Allstate's decision to rely on the assessment by Rogers, who did not personally visit the site.

    "We didn't feel that Allstate acted in good faith to settle this claim," Mika said

    http://www.cbsnews.com/stories/2007/04/16/katrina/main2691098.shtml

  • forrestgrump55e forrestgrump55e Nov 27, 2011 9:53 PM Flag

    Anouther idea would be to have a wind policy for normal homes. Then a 3 tier model for discounts depending upon home construction methoids. One small discount for using limited hurricane wind resistance building techniques on wood structures. One bigger discount for using highly engineered methoids of construction which afford better hurricane risk for the structure. Last a biggest discount for using all concrete construction.

ALL
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