Tapasman
Lake Mills,#2
Wed, August 19, 2009
I am also an employee of amfam and it is complete bullshit that they lost money last year. they have losses but the profits outweighed the losses. post the profit and financial report witthout editing if they lost money and prove it. they have hundreds of millions in profits they are holding to pay claims. check your bonus and 401k and see how much money they lost. they doubled my homeonwers rate, literaley doubled it, for no reason other than my credit score. We have never even filed a claim against our homeowners policy. The ONLY reason amfam is going by credit scores is because the are a money hungry corporation that is greedy. nothing else. they wouldnt do it if it was fair and lowered profits no company would. I really hope all the changes that are coming in government laws regarding insurance will stop companies like this from making such huge profits simple by screwing it's customers.
Goiner94
Plymouth,#3UPDATE Employee
Sat, April 04, 2009
I am an employee and insured of Amfam. My credit is used to determine the premiums I pay for my homeowners and auto policies. I am ok with this because during college I took a risk management course and learned that all larger insurance companies used credit based insurance scoring to determine insurance premiums. It has been proven that there is a direct correlation between credit scores and the number of claims filed. Few people understand the amount of money it costs if an insured files a claim, even if no payment is made. The fact that the FTC has determined that some minority's tend to have lower credit scores and have to pay more for insurance doesn't mean that it is unfair, it just is what it is. Would it be different if more green eyed people had lower credit scores than brown eyed people? The facts cannot be changed. This is no large scale conspiracy to charge minoritys more for insurance or beat up on down on your luck people, it is a solid business plan to spread out your risk. Finally, if you think property and casualty insurers are making a ton of money get real. Have you seen the weather for the last 5 years? AMFAM does not insure in the primary hurricane states, but was destroyed by losses in September of 08 when IKE made its was across the Midwest. You can find their annual report on www.amfam.com. AMFAM lost $300,000,000 last year after taxes. Something has to change and everyone can bet that it will result in higher premiums. Thank you for reading.
Tapasman
Lake Mills,#4Author of original report
Mon, July 28, 2008
per TFC.gov (google this if the link is removed) For Release: July 24, 2007 FTC Releases Report on Effects of Credit-Based Insurance Scores http://www.ftc.gov/opa/2007/07/facta.shtm
Tapasman
Lake Mills,#5Author of original report
Mon, July 28, 2008
per TFC.gov (google this if the link is removed) For Release: July 24, 2007 FTC Releases Report on Effects of Credit-Based Insurance Scores http://www.ftc.gov/opa/2007/07/facta.shtm
Tapasman
Lake Mills,#6Author of original report
Mon, July 28, 2008
per TFC.gov (google this if the link is removed) For Release: July 24, 2007 FTC Releases Report on Effects of Credit-Based Insurance Scores http://www.ftc.gov/opa/2007/07/facta.shtm