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Mike Bryant
Mike Bryant
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Many Insurance Companies Want No Part In Bailout

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In a recent review of property/casualty insurers, many are indicating that they are in good financial shape. Each claim that they are in good financial equity positions and that few insurers have even come close to needing Cheaper 11 protection.

At a time when AIG is getting a lot of publicity due to their needing to be bailed out, Chubb and Travelers have written Treasury Secretary Paulson to protest the inclusion of insurance companies in any federal aid package. Pointing out concerns about the inequity of the bailed out companies receiving an advantage in resources, the objection calls for the reliance on the free market.

As the issue develops it will be worth watching for those buying insurance and for those who are seeking recoveries under those same policies. In the age of delay, deny and defend, it will be important to watch that companies don’t use rumors and excuses to not pay claims. It is also important that insurance commissioners vigilantly watch insurance reserves.