Josh Hawley blasts alltate’s CEO last year for $ 26 million in making – while the company cannot afford to pay compensation requirements

Most homeowners believe that their insurance will protect them during attacks on disasters. But that illusion shattered Natalia Migal.

In testimonial in the US Senate, he reminded how the hurricane Helene was destroyed by his Georgian home only to his insurer allstate to offer Only $ 46,000 Despite the correction of independent estimates that put the damage closer to $ 500,000.

Knowing the recent financial statements, Senator Josh Hawley questioned the company’s decision to reward C-Suite after earning income and profits, while Migal’s policyholders struggled to get compensation for their losses.

« CEO Tom Wilson paid $ 26 million », he said During consultation.

« Mrs. Miguel can’t get her demand to pay, but Tom he is for $ 26 million. Why is his salary a primary goal, but Mrs. Miguel is not? »

Unfortunately, Migal’s case is not remote. As the evidence of political decision -makers and industry insiders accumulates, legislators increase their inspection in the $ 1 trillion in the real estate insurance industry.

There were not only policyholders in front of the congress on 13 May, but also demands, professionals in the field who assessed damages and estimated losses. Two of these regulators proved that they face pressure to lower their original estimates, which alerted the committee.

« We have just heard the certificates here, sworn certificates from several controls that your company ordered them to eliminate or change damage estimates to reduce profits and gain profits, » Hawley told Michael Fiato, Allstate, the Allstate Editor-in-Chief, and the main requirement for the AllSstate CEO.

« It sounds like you have a system of institutionalized fraud. »

Fiato continued this accusations by emphasizing the fact that insurance companies like that, such as the higher frequency of changing weather models and natural disasters in recent years, dealt with compensation requirements in recent years.

However, Hawley pointed out that this increased risk was not reflected in the company’s economy.

« I should note that the winnings have never been better, they are really quite special, » he said. « Fiscal year ’24, Allstate was $ 64 billion in revenue; it is 12% in the previous year. »