Josh Holie, CEO of allstate, explodes to get $ 26 million in the past year – while the company cannot afford to pay the claims.

Most home owners believe that their insurance policies will protect them when disaster. But this illusion crashed to Natalia Megal.

She witnessed before the American Senate, I remembered how Hurricane Helen collected her home in Georgia, only for the ALSTATE insurance institution Just $ 46,000 For repairs, despite independent assessments that put damage closer to $ 500,000.

When searching for the last financial statements of a bomber, Senator Josh Holie asked about the company’s decision to reward the C-SUITE after reinforcement of revenues and profits while documenting holders like Megal have struggled to obtain their losses.

“CEO Tom Wilson paid $ 26 million,” he He said During the session.

“Miguel cannot obtain a claim to her, but Tom, whatever, gets 26 million dollars. Why is his salary a priority but Miguel is not?

Unfortunately, the Megal issue is not strange. As evidence of industrial policy makers, accumulating, legislators increase their audit in the property insurance industry of $ 1 trillion.

The document holders were not only those who witnessed in front of Congress on May 13, but also demanding officials, and professionals in industry who are damaging and appreciating losses. Two of these officers witnessed that they faced pressure to reduce their initial estimates, which raised the committee’s concern.

“We have just heard a certificate here, and the oath of the oath from several officers, that your company had ordered the deletion of the damage estimates or changed to reduce payments and make profits,” said Holie for Michael Fiato, CEO of allstate, during the hearing.

“It seems to me that you are running a system of institutional fraud.”

Fiato pushed this accusation by highlighting the fact that insurance companies such as Allstate have been dealing with more claims due to changing weather patterns and high frequency of natural disasters in recent years.

However, Holie indicated that these added risks were not reflected in the company’s financial statements.

“I must note that your profits were not better than ever, they are really very unusual,” he said. “Fiscal Year” 24, Allstate achieved $ 64 billion in revenue; This is 12 % higher in the previous year. “