How do they post such high profits then?
Operating profits for direct line in 2016 where £354m.
What am i missing?
Their revenue? Profits may be high but relative profits may not be.
How do they post such high profits then?
Operating profits for direct line in 2016 where £354m.
What am i missing?
They receive a shit tonne in premiums (billions), released reserves for historic claims they thought they over estimated the value of and they might have done well with investments. This thing that insurers print money and are laughing at everyone is a nonsense. The company I work for posted a £100m loss in Q3 of this year alone.How do they post such high profits then?
Operating profits for direct line in 2016 where £354m.
What am i missing?
They receive a shit tonne in premiums (billions), released reserves for historic claims they thought they over estimated the value of and they might have done well with investments. This thing that insurers print money and are laughing at everyone is a nonsense. The company I work for posted a £100m loss in Q3 of this year alone.
Mate, they're not withholding claims payments for an extra day or 2 so they can eek out an extra 10p in investment returns. They've always got to have enough liquid assets to pay claims immediately. They're not selling bonds so that they can pay your claim - insurers are so heavily regulated on this it's not funny. People might have had delays because of poor customer service, not because management tell them to slow everything down to maximize investments!They also invest those premiums in the meantime whilst waiting to pay out claims and pay expenses
So it’s not a classic then?Sorry that this may turn into a rant, but nearly 30 years of paying for full insurance coverage on a car, never having any claims or problems whatsoever and the insurance washes their hands off of you is appalling!
According to this unjust practice, even if I am minding my own business, obeying all traffic regulations etc, and someone smashes into the back of my car while I'm stopped at a red light because they were on their phone and causes damage to a near classic Mercedes having preserved it perfectly. And they come and decide to write it off as it's uneconomical!! Where is the fucking justice!
What's the point of spending out on this when someone can just come and smash everything you've hoped for for the past 30 years? Where is the justice in this messed up world?
Sorry that this may turn into a rant, but nearly 30 years of paying for full insurance coverage on a car, never having any claims or problems whatsoever and the insurance washes their hands off of you is appalling!
According to this unjust practice, even if I am minding my own business, obeying all traffic regulations etc, and someone smashes into the back of my car while I'm stopped at a red light because they were on their phone and causes damage to a near classic Mercedes having preserved it perfectly. And they come and decide to write it off as it's uneconomical!! Where is the fucking justice!
What's the point of spending out on this when someone can just come and smash everything you've hoped for for the past 30 years? Where is the justice in this messed up world?