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AllState defends itself

   February 5, 2008

AllState Insurance had its day before the Senate Select Committee on Property Insurance Accountability to answer claims it was gouging Floridians on their home insurance.

Daily News reports:

Allstate Floridian Chairman and CEO Joe Richardson reminded the committee that his company paid out about $1 billion more in claims in those two years than it took in premiums. Had it not been bailed out by its parent company, Allstate Corp., the Florida subsidiary would have been insolvent, he said.

I know you are fighting back the tears as you read this. Richardson declined to talk with the committee about his salary or any bonuses that he might have received.

BTW: Don Gaetz (Niceville-Rep.) serves on the committee.

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