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Article Excerpt
Well, they fooled me. I believed that the insurance companies really were losing money and needed to raise premiums, although I believed it was part of the same old story, relived from the 1970s, 1980s, and 1990s. Stock prices were down, interest rates were down, and insurers were losing money on their investments. They wanted to make it up, as they always had before, on the underwriting side.
I know you understand this: Insurance companies typically don't make money on underwriting; they almost always pay out more in claims than they collect in premiums. This is true for all lines of insurance--car, life, health. But because they don't have...
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