I am going to say 50k in vehicle insurance, 12k homeowners insurance, and probably 200k in health insurance. About a quarter million is what I've paid them thus far.
I have made claims totaling about 20k for auto and homeowners related losses, maybe another 50k for a couple of hospitalizations- the last one about 20 years ago. All in all, I have had claims totaling less than a third of what I have paid in over the years. My guess is that most healthy people have had a similar insurance experience.
That is a lot of money. Compulsory I might add. The government or corporate America forces most of that on us and I am not even going to speak to unemployment insurance or Workman's Comp Insurance- both items required by government entities. I actually know small businesses that threw in the towel over those expenses- giving rise to the contract labor boom in this country.
Today's topic du jour is Metropolitan Life. MetLife has stated that they have 13,500 customers which they have lost track of and owe money to. I have clipped the article because I'd like to point out how a smart CEO gets in front of a train wreck and takes responsibility before getting into trouble. http://money.cnn.com/2018/02/14/news/companies/metlife-retiree-payments/index.html
MetLife suddenly discovered- on their own- that they had 13,500 liabilities out there that had gone unaccounted for.
That's right. There were thirteen thousand people which were owed annuity payments and were somehow lost. The company takes responsibility for the big error, claims they found the mistakes on their own, says they will do better, and sets aside half a billion to pay the claims. This is a textbook example on how to triage your image. The stock price dipped- but not much.
So if you really believe they "discovered" this on their own and turned themselves in- let me be the first to say- "bullshit."
Some 20 years ago, my mother who dutifully paid in a couple hundred a month to Prudential over the course of a decade or so- was informed that Prudential could not make the promised annuity payments. They offered my mother some sort of puny cash settlement which she refused to take- I think it was half of what she had paid in. Instead mom opted for a paid in full life insurance policy of 50k which paid 4 times more than Prudential's offer.
All in all Prudential managed to screw over a million or so people, settled for cents on the dollar and essentially loaned themselves their customers money. They had to set aside a couple billion- but Prudential hardly blinked. Read the employee's account in the last two paragraphs. http://www.nytimes.com/1998/07/24/business/appeals-court-panel-upholds-prudential-insurance-settlement.html
So if you think MetLife actually caught this with no prompting and self reported it- then I have a bridge to sell you. It's the same bridge that MetLife is selling. Remember- these missing people have been missing for up to 25 years.
So after 25 years, what do you suppose was the catalyst that suddenly caused
I'd make a decent wager that person(s) unknown were either suing for damages and payments, a discovery request had been initiated, or a pending audit by a state insurance commission. It seems highly unlikely that any form of whistle blower actually was at work here- since apparently 25 years worth of employees had not yielded one single employee who thought, "Gee what happens to all of that money MetLife is supposed to pay but can't find the people it belongs to?"
Well, I guess it's the CEO's story and he can tell it however he'd like. But please, don't ask some of us to believe that bullshit. We've been hosed too many times by corporate America and people like you. Please disregard all ethical or moral standards- and do what is minimally legal.
That's the standard we've grown accustomed to Mr Kandarian. You've earned your 15 million dollar a year salary. Our congrats on catching this after only 7 years at the helm.
Just for shits and giggles I found this.
Kandarian is a former executive director of the Pension Benefit Guaranty Corporation, an agency of the United States Government. Kandarian was appointed to head the PBGC on Dec. 2, 2001, by Secretary of Labor Elaine L. Chao, announcing his departure in January 7, 2004 to return to his family in Boston.  He left on February 13, 2004.