Representative of insurance agents: insurance companies let us down with poor Katrina public relations

If I’m understanding him correctly, I agree with Alex Soto, president of the Independent Insurance Agents & Brokers of America.  This story from National Underwriter reports on Soto’s remarks at a Katrina panel discussion as follows: 

While not addressing any one company, Mr. Soto faulted the insurance trade groups for their failure to deal with media reports that, he said, made it appear the industry failed to pay claims in the aftermath of Hurricane Katrina.

He maintained that despite the fact the industry settled 98 percent of claims, “hysterical media” reports made it appear no claims were paid. Mr. Soto said the carrier associations should have been out with a stronger defense of the industry initially. Failure to do so has resulted in the industry getting “hit over the head” repeatedly with punitive legislation it does not deserve, he remarked.

If what he means is that insurers got their clocks cleaned in the Katrina public relations battle and for the most part had remarkably ineffective responses, then I’m 100 percent behind him. 

 

1 Comment

Filed under First Party Insurance

One Response to Representative of insurance agents: insurance companies let us down with poor Katrina public relations

  1. Layne

    Here’s a good example from today:
    http://risingfromruin.msnbc.com/2007/05/insurance_a_bus.html#posts
    “It’s the latest reason that everyone in the flood zone loves to hate the insurance industry, which first earned the enmity of Gulf Coast residents by immediately declaring MOST DAMAGE FROM KATRINA TO BE UNCOVERED FLOOD LOSSES and refusing to pay. While the insurance industry continues to report record profits after the storm — $64 billion in 2006 — the non-payment issue remains the subject of a huge, tangled legal battle.” Emphasis added.
    Clocks continue to get cleaned