I've been waiting for this day. While all the insurance companies are patting themselves on the back for sending refunds back do to the virus I finally got mine. I pay 1800 per year. They sent me a check for 24 dollars. They probably spent more on advertising what they were doing than what it actually cost them to do it.
Yeah big deal. The companies are making you think you are getting some refund of 10 to 15%. But as it turns out you only get 10 to 15% of what your monthly payment works out to be. So you end up with at best about 2.5% of your annual policy cost, assuming most companies that I heard of are giving you 2 months of refund. Big Wow.
its like 15 % of comp coverage for two months. Wait there's more. I did the math and was chuckling when it was first announced, thought no way can they give me that little back with the big deal they are making. They were forced lower by the same conditions that allow them to raise rates.
How much do you think the riots cost insurance companies?
Insurance companies are financial. They maintain large investment accounts to fund expected payouts. The recent unpleasantness might have been pretty small for them but probably still more than what they expect to pay on wrongful death claims, but it's all still a drop in the bucket compared to their recent investment losses, or their investment losses when the bubble bursts.