Muhammad Ali took the heavyweight championship from George Foreman with his “Rope-A-Dope” strategy, covering up and absorbing a ton of punishment to make his opponent arm-weary, leaving Ali free to retaliate at will. However, when insurers pull a “Rope-A-Dope,” their attackers never tire, and carriers never really fight back–they just absorb their beating in silence. That's what happened after homeowners insurers got hammered by the devastating cover story in this month's “Bloomberg Markets” magazine, headlined, “The Insurance Hoax.”
The cover included a caption over a shot of part of San Diego about to go up in flames in a 2003 wildfire, charging that: “When disaster strikes, insurers use secret tactics to cheat homeowners.” Case closed!
This is just more fodder for those who say all you get when you buy insurance is the right to sue. (To read the Bloomberg article, click here.)
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