Leslie Scism
speaker
504 appearances
9 recordings
1 series
first heard Sep 2017
last heard May 2023
Leslie Scism’s voice in public audio — every appearance, attributed to the second.
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Appearances
So you don't have wrecks if your car is parked in your driveway or your garage generally.
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Allstate announced that it will return $600 million to approximately 18 million car owners, and a Midwestern insurer called American Family is going to return $200 million to its smaller base policyholders.
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They said they are doing this because of the dramatic decrease in miles driven
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which has translated into fewer claims.
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Thus, they are sending fewer dollars out the door.
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They sent fewer dollars out the door in late March.
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They anticipate sending fewer dollars than planned on claims out in April.
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So they are sharing some of this good fortune back with the policyholders.
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Consumer advocacy groups such as the Consumer Federation of America and the Center for Economic Justice had been writing letters petitioning state insurance departments to force insurance companies to share any windfall they were going to get from reduced miles driven vehicles.
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to share that money back with policyholders.
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To date, only a couple insurance companies had responded to those petitions and they had issued letters that urged or encouraged insurers to treat policyholders generously, but they stopped short of an order.
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Now, the pressure was expected to mount
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in the beginning the middle of the month of April when the publicly traded companies would begin reporting their first quarter earnings.
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Wall Street analysts have been saying recently that the car insurers were going to have pretty good results because the traffic was down toward the end of March.
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So it was going to become evident at some point in April how good times have been for the car insurers as a result of so few miles being driven.
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They also faced the criticism in social media, potentially, as they were reporting really good earnings and their policyholders are jobless in many cases or otherwise seriously inconvenienced by having to stay in their homes under the shelter-in-place orders of the various governors across this country.
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So it just was going to be bad optics for Allstate, say, to post a very, very good quarter, to post excellent results for the month of March when so many of its customers are suffering one way or the other.
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On Monday, practically as soon as Allstate had put out its return of money, Wall Street analysts were predicting that other big insurers would follow suit, that there will just be pressure on them from their customers or regulators.
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But you don't want to be a big company looking like you're profiting at a lot of ordinary people's expense.
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And to your point, I'll explain.
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Showing 381–400 of 504 · page 20 of 26
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