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Allstate Insurance is Cooking the Books.

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posted on Feb, 9 2009 @ 05:01 PM
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It seems Allstate Insurance, may not be as credit worthy as it states it is. They seem to add "bad" assets, as regulators look away.

link to article:
Allstate is Cooking the Books


Evidence in Allstate company reports shows that the American insurance giant has also been fudging its numbers to appear financially stronger in the crumbling economy than it actually is.

According to The Washington Post, Allstate has made at least two “account changes” adding erroneous funds to their assets: one for $347 million and another for $365 million.

In the economic crunch, Allstate and other insurers have been asking insurance regulators to either let them operate with less of a financial cushion than before, or simply approve “account changes” that make the cushion they have just look larger. The regulators have been more or less amenable.



One thing I know about Allstate is the horror stories in Louisiana and Mississippi, they still have refused payouts to people affected by Katrina.

Funny, I was thinking the other day, how many insurance companies out there are actually insolvant? I started wondering, how many have had their money in the markets and have been losing it? With that, if something happened of a natural disaster etc. how many would actually be able to pay the claims?
Including will the govt. regulators even police them and if some big insurance companies don't have the money they are suppose to have, would they actually say something? Even if the govt. knows they don't have the money, will they just let us get screwed, if something happens, because we kept paying them, expecting them to cover our claims?

So, another question, how many of us, may be paying for our insurance with high premiums for nothing?




[edit on 9-2-2009 by questioningall]




posted on Feb, 9 2009 @ 05:20 PM
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We're also paying for our credit cards for nothing. The SEC is allowing companies left and right to fudge their numbers. There's corruption abound. And it is exactly what is causing this mess in the first place. You can only blame so much on borrowing and spending when there is so much fraud going on just behind that.



posted on Feb, 9 2009 @ 05:44 PM
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That explains why they abruptly canceled my home owners insurance (along with many others in my area). They probably didn't want to account for the 'liability'; also they can claim a reduction in their coverage value - making them more likely to get a pity billion or two from the bail out mafia.



posted on Feb, 9 2009 @ 06:05 PM
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reply to post by Maxmars
 



Interesting, they canceled your insurance. Why would they do that? It is less money to them, especially since they are notorious for not paying out claims!



posted on Feb, 9 2009 @ 06:09 PM
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allstate is a pretty crappy company good luck getting any payment out of them ever for anything they will take you to court for years first before handing you even a penny i got broken into last year and they refused to pay a cent and i had the policy with them for 7 years

do yourshelf a favor and get insurance with anyone else



posted on Feb, 9 2009 @ 06:10 PM
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the good hands people what they dont mention is that one of those hands is reaching around and sticking a finger up your butt



posted on Feb, 9 2009 @ 06:11 PM
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Well so far they have been good to me, at least they pay off my car when my daughter total it back in October, no questions ask and they were all over the medical bills, property damage and all.

So they may be in trouble but they where very good to us so far.



posted on Feb, 9 2009 @ 07:20 PM
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Originally posted by dean007
allstate is a pretty crappy company good luck getting any payment out of them ever for anything they will take you to court for years first before handing you even a penny i got broken into last year and they refused to pay a cent and i had the policy with them for 7 years

do yourshelf a favor and get insurance with anyone else


I hope you have switched companies now... especially if they are frauding their books, sounds like what Enron did.... add money that is not there on to their books, so people won't know, how bad it is.



posted on Feb, 9 2009 @ 07:29 PM
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Allstate we don't got your back.

They have got to be the absolute worst insurance company ever atleast the others tell you their BS up front Allstate seems like the perfect insurance until they have to pay out.

I know 12 people that have had problems with getting Allstate to pay out luckily one of them was a lawyer so he got what was owed to him.



posted on Feb, 9 2009 @ 07:49 PM
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I am actually an Agent for the second largest insurer in the country. Thankfully, our company has been smart in the way we conduct business. We have re-insured ourselves in areas where Allstate and State Farm suffered huge losses. We have also been very careful on our underwriting practices and making sure we receive the proper premium for the risk.

I am confident in the company I represent. I am taking a lot of business from Allstate. I feel bad for the agents.



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