HoracePuckey writes,me: How much productive work does an insurance company produce?<<<Replies:Do you have health insurance, auto insurance, homeowner's insurance? If so why?Seattle Pioneer>>>[[[Have you home destroyed by a tornado, as I did, and you'll find out in a hurry.Phil]]]]Sorry for a delay in responding to your input.I ask: How many nails did your insurance company drive? Does health insurance cure you? Does auto insurance install a new fender for you?No productive work. They shuffle paper (and money). To that extent they are a necessary burden on the economy.</snip>Actually automobile insurance carries much higher overheads and expenses than even the outrageous mark-ups on health insurance.I happen to have the annual report from State Farm that came with the bill for my auto insurance premium. In 2008 they collected $31.6 billion in auto premiums and paid out $22.4 billion in claims. That $9.2 billion in overhead and profit amounted to a 41% markup.I think it's hysterical that conservatives think private insurance companies are more efficient than Medicare. I attribute it to adult-onset retardation.intercst
Best Of |
Favorites & Replies |
Start a New Board |
My Fool |
BATS data provided in real-time. NYSE, NASDAQ and NYSEMKT data delayed 15 minutes.
Real-Time prices provided by BATS. Market data provided by Interactive Data.
Company fundamental data provided by Morningstar. Earnings Estimates, Analyst Ra