Why have POE on the list when they are an unrated carrier. They owe millions to the insureds. What do they offer to the panel when they are strictly a coastal company struggling for premiums to fund their debt.
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Mitigation: Freedom, especially from pain: alleviation, assuagement, ease, palliation, relief.
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Allstate Insurance, Safeco Insurance, Hartford Insurance and many others are profiting at both the carrier and underwritting levels, at industry performance highs. Meanwhile, consumers (people) are painfully reeling from the cause and effect of profit mongering.
Allstate Insurance has A LOT of bad consumer history created, and being created, as their contradictory (Good Hands verses Unfair Claim Handling-Settlements) business practices are exposed by Google searches, and as in-the-trenches claim settlement research proves.
It appears that certain insurers want to control / force the money spending capabilities of the typical working class individual, or business, under the guise of “risk management”.
Too, by cutting (gleaning bad cherries) 95,000 policies, almost 300,000 people are immediately affected emotionally and financially.
Also, per the 6.8% surcharge to cover Citizens claims and the (arrogantly illegal) 28% rate increase “proposed” by Allstate, little is left to the imagination that the Governing authorities may be in someone’s hands, cleverly financed by premium dollars–
Are the meetings with the general public designed to simply pacify the masses, while profit making / cherry picking agenda’s are already being approved through private telephone conversations?
How long will the general population put up with such issues?
Does Allstate Insurance, Safeco Insurance, Hartford Insurance and others feel that ALL of their own are going to remain faithfully silent about such questionable issues?
Does Allstate Insurance, Safeco Insurance, Hartford Insurance and other insurers control Florida, Texas and other states law makers and law enforcers?
Is Florida, Texas and other states in trouble, deep and uniquely unprecedented trouble?
The fairest solution is also the easiest – let the market determine a fair price for hurricane coverage. To date, “fairness” in pricing always leads to subsidization of high-risk exposures by lower-risk exposures. How is that fair to those who live in less hurricane prone areas of the state?
If the market-determined price for hurricane coverage is too high for someone, then that person should move.
The principle of economic fairness requires that homeowners pay for their risk, not have that risk subsidized.
Mr. Poe:
Are you deaf and blind? If Gallagher is in the pockets of Allstate, Safeco, etc., they sure are wasting their money!
Does Tom know you are maligning him in this way?
I’ll grant you that at the national level, carriers are (for the first time in decades) making an underwriting profit.
That said, we’re not talking about the nation as a whole. We’re discussing Florida.
The carriers that you mentioned all have Florida-only companies set up to handle insurance ONLY in FLORIDA. Those “wildly profitable” national carriers have been forced to pump subsidies into those FL only carriers on numerous occassions just to keep them afloat because they’ve lost millions due to inadequate pricing with regards to their risk.
You mentioned the 6.8% surcharge necessary to cover Citizens shortfall. How do you explain the fact that Citizens lost $500+ million if they’re required law to charge premiums higher than those available in the voluntary market? Tells me that carriers aren’t able to charge premiums high enough, based on the pure economics of insurance, to cover their risk.
Why is that?
Ask Gallagher and the rest of the “bought” officials that require reviews of these “excessive” rate increases, have artificially supressed rates for years, and are now in an uproar that companies are trying to get the money necessary to cover their exposure while eliminating subsidization from other areas of the country.
Don’t know about you, but I’m a little tired of paying extra so some yahoo in FL can now live on a beach because my dollars are making his insurance more affordable.
Any junior grade actuary would have little trouble in predicting your network marketing investment scheme being sustained by Citizens Insurance will come crashing down. The question is what year will it happen.
At that point all of the rest of us citizens get to pay an assessment based on your get rich quick scam. In most states you’d end up in jail. In Florida you just end up reincarnated in some other scheme to take premiums without being able to fully pay losses.
The answer is real, real simple. it’s called rate deregulation. The market will figure out what to charge. Some carriers will make the obscene profits necesary to pay for one the “fluke” hurricane or two (or three or maybe even 4) decides to make landfall.
This might even cause some more prudent beachfront and windzone development.
You are right. These brainiacs will finally figure out what ails the insurance market in FL. My outlook will be much brighter after the task force finishes its study.
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Does it surprise anyone that Jim Wurdeman was appointed to the task force?
Why have POE on the list when they are an unrated carrier. They owe millions to the insureds. What do they offer to the panel when they are strictly a coastal company struggling for premiums to fund their debt.
Another bonehead idea from the Commission.
It scary that Citizens is top carrier.
Crisis?
What Crisis? Insurance is affordable all over.
Steve:
I am glad you were renewed one more year by Horace Mann.
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*
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Mitigation: Freedom, especially from pain: alleviation, assuagement, ease, palliation, relief.
*
*
*
Allstate Insurance, Safeco Insurance, Hartford Insurance and many others are profiting at both the carrier and underwritting levels, at industry performance highs. Meanwhile, consumers (people) are painfully reeling from the cause and effect of profit mongering.
Allstate Insurance has A LOT of bad consumer history created, and being created, as their contradictory (Good Hands verses Unfair Claim Handling-Settlements) business practices are exposed by Google searches, and as in-the-trenches claim settlement research proves.
It appears that certain insurers want to control / force the money spending capabilities of the typical working class individual, or business, under the guise of “risk management”.
Too, by cutting (gleaning bad cherries) 95,000 policies, almost 300,000 people are immediately affected emotionally and financially.
Also, per the 6.8% surcharge to cover Citizens claims and the (arrogantly illegal) 28% rate increase “proposed” by Allstate, little is left to the imagination that the Governing authorities may be in someone’s hands, cleverly financed by premium dollars–
Are the meetings with the general public designed to simply pacify the masses, while profit making / cherry picking agenda’s are already being approved through private telephone conversations?
How long will the general population put up with such issues?
Does Allstate Insurance, Safeco Insurance, Hartford Insurance and others feel that ALL of their own are going to remain faithfully silent about such questionable issues?
Does Allstate Insurance, Safeco Insurance, Hartford Insurance and other insurers control Florida, Texas and other states law makers and law enforcers?
Is Florida, Texas and other states in trouble, deep and uniquely unprecedented trouble?
The fairest solution is also the easiest – let the market determine a fair price for hurricane coverage. To date, “fairness” in pricing always leads to subsidization of high-risk exposures by lower-risk exposures. How is that fair to those who live in less hurricane prone areas of the state?
If the market-determined price for hurricane coverage is too high for someone, then that person should move.
The principle of economic fairness requires that homeowners pay for their risk, not have that risk subsidized.
Mr. Poe:
Are you deaf and blind? If Gallagher is in the pockets of Allstate, Safeco, etc., they sure are wasting their money!
Does Tom know you are maligning him in this way?
Ah, the ramblings of the paranoid and delusional…
I’ll grant you that at the national level, carriers are (for the first time in decades) making an underwriting profit.
That said, we’re not talking about the nation as a whole. We’re discussing Florida.
The carriers that you mentioned all have Florida-only companies set up to handle insurance ONLY in FLORIDA. Those “wildly profitable” national carriers have been forced to pump subsidies into those FL only carriers on numerous occassions just to keep them afloat because they’ve lost millions due to inadequate pricing with regards to their risk.
You mentioned the 6.8% surcharge necessary to cover Citizens shortfall. How do you explain the fact that Citizens lost $500+ million if they’re required law to charge premiums higher than those available in the voluntary market? Tells me that carriers aren’t able to charge premiums high enough, based on the pure economics of insurance, to cover their risk.
Why is that?
Ask Gallagher and the rest of the “bought” officials that require reviews of these “excessive” rate increases, have artificially supressed rates for years, and are now in an uproar that companies are trying to get the money necessary to cover their exposure while eliminating subsidization from other areas of the country.
Don’t know about you, but I’m a little tired of paying extra so some yahoo in FL can now live on a beach because my dollars are making his insurance more affordable.
Poe,
Any junior grade actuary would have little trouble in predicting your network marketing investment scheme being sustained by Citizens Insurance will come crashing down. The question is what year will it happen.
At that point all of the rest of us citizens get to pay an assessment based on your get rich quick scam. In most states you’d end up in jail. In Florida you just end up reincarnated in some other scheme to take premiums without being able to fully pay losses.
The answer is real, real simple. it’s called rate deregulation. The market will figure out what to charge. Some carriers will make the obscene profits necesary to pay for one the “fluke” hurricane or two (or three or maybe even 4) decides to make landfall.
This might even cause some more prudent beachfront and windzone development.
You are right. These brainiacs will finally figure out what ails the insurance market in FL. My outlook will be much brighter after the task force finishes its study.