Do insurers lose money on every motor policy

InsideInsurance

2sides2everystory wrote: »

Well did AIG UK fare any better than AIG in the broader sense ? And where does the credit default swap spiral lead ? BTW, the way I heard it, Independent (3 e's/no a) Insurance was a bloody disgrace, and I am sure they were pretty creative too. They were the company that for a few halcyon years seemed to have their combined ratios supremely under control, and few knew how they did it

AIG UK, as far as I am aware, remained a viable given it was the AIG Financial Products Corp that got into the giant mess and not even the AIG Insurance division as a whole let alone the UK sub division failed.

Independent were a mess but that wasnt really creative accounting as much as no accounting. Not storing records on computer systems until it was proven profitable and never storing details of loss making business. It was always questionable in my mind how KPMG didn't spot something during their audits.

Arg

InsideInsurance wrote: »

Name a UK insurer that has been bailed out? Independant Insurance was allowed to go bust

They've had plenty of favourable laws going in their direction to help them.