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Cyrus Dugger

Allstate to Get U.S. Subpoena Over Katrina Claims

From the Insurance Transparency Project:

Allstate to get U.S. subpoena over Katrina claims

Allstate disclosed in SEC filings that it expects a subpoena from the Department of Homeland Security’s inspector general over the insurer’s handling of wind and flood claims. DHS is the parent to FEMA, which is parent to the National Flood Insurance Program, for with Allstate and about 90 other insurers sell policies and adjust claims. As you can imagine, the administrative costs for the NFIP are enormous. About 30 cents of every premium dollar goes toward insurer expenses. And they call government inefficient. I wonder why? ITP could do it for a nickel, and we wouldn’t leave people underinsured like the overpaid Allstate agents and other useless slobs who sold flood coverage on the coast. (keep reading)

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Posted at 1:38 PM, May 09, 2007 in
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