Everyone shares a responsibility to rebuild? Last time I checked, Nationwide is based in Ohio. Since when do people in Ohio have a responsibility to lose money on insurance contracts in Florida??
Gallagher is always voicing concern about something, then does nothing to rectify the situation that originally causes the ‘concern’.
(Tom: Would you work for negative pay?)
Okay, a volatile storm environment, meddling politicians, people more interested in press releases and nice quotes instead of sound business practices and opportunities – Florida is lucky ANY insurers want to stay there.
Nationwide may be based in Ohio, but they set up a separate company (Nationwide Insurance Company of Florida) to write policies only in Florida. Setting up a separate company insulates policyholders in the rest of the US from losses in Florida and keeps the rest of the US from subsidizing hurricane losses. If Nationwide FL were to go under, the main company based in OH wouldn’t be legally obligated to bail them out, but there would be HUGE political pressure to do so. The private sector needs help in dealing with property risks in FL or more insurers will continue to pull out/limit coverage in the state.
The last time I checked, when you operate a business, you operate it to make a profit from the service or product you provide. Who stays in business if you don’t make a profit?? Insurers are limited by law in Fla. as to how much profit they can make. Who wants to go into business for a maximum of 4% profit or whatever it is now??? Finally these insurers got smart & set up subsidiary companies in these high risk areas so they don’t take down the mothership-I know, I worked for one for 9 years. Also, look at what the insurers themselves pay for reinsurance costs. In addition to the hurricane exposure, look at the sinkhole and mold claims in the state. People filing claims for cracks in the side of the house b/c they think it’s from a sinkhole or they saw “black mold” on the bathroom wall and now everyone in the house must go to the Dr. People overlook how much money is spent on bogus mold & sinkhole claims as well. It’s a two fold problem, policyholders want to file claims for everything under the sun b/c they think the homeowners insurance is a maintenance policy (i.e. 20 year old roof that is leaking from age) and the insurance companies don’t really make a profit on homeowners insurance in Florida anyway. That may sound crazy to the average person but just go ahead and ask those companies what their profit is on homeowners insurance. That’s why everyone competes for the auto insurance business, because it is profitable. Thank God I do not live in Fla. anymore and I go out of the homeowners adjusting. Instead of the insurance company & consumer working together, the two are pitted against each now.
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Nationwide should send all the claim accounts over to Southern Family and watch it sink.
Concerns? What concerns?
What company insures Gallagher?
Everyone shares a responsibility to rebuild? Last time I checked, Nationwide is based in Ohio. Since when do people in Ohio have a responsibility to lose money on insurance contracts in Florida??
Let’s force someone to do something they don’t want to do all for the sake of trying to be Govenor. Can’t wait for you to be elected – not!
Gallagher is always voicing concern about something, then does nothing to rectify the situation that originally causes the ‘concern’.
(Tom: Would you work for negative pay?)
Okay, a volatile storm environment, meddling politicians, people more interested in press releases and nice quotes instead of sound business practices and opportunities – Florida is lucky ANY insurers want to stay there.
Nationwide may be based in Ohio, but they set up a separate company (Nationwide Insurance Company of Florida) to write policies only in Florida. Setting up a separate company insulates policyholders in the rest of the US from losses in Florida and keeps the rest of the US from subsidizing hurricane losses. If Nationwide FL were to go under, the main company based in OH wouldn’t be legally obligated to bail them out, but there would be HUGE political pressure to do so. The private sector needs help in dealing with property risks in FL or more insurers will continue to pull out/limit coverage in the state.
Allstate transferred their risk of 95k to Universal. Nationwide is just bailing.
Southern Family- Poe & Co will get their turn since they are next. Their next rate increase will still not be enough.
The last time I checked, when you operate a business, you operate it to make a profit from the service or product you provide. Who stays in business if you don’t make a profit?? Insurers are limited by law in Fla. as to how much profit they can make. Who wants to go into business for a maximum of 4% profit or whatever it is now??? Finally these insurers got smart & set up subsidiary companies in these high risk areas so they don’t take down the mothership-I know, I worked for one for 9 years. Also, look at what the insurers themselves pay for reinsurance costs. In addition to the hurricane exposure, look at the sinkhole and mold claims in the state. People filing claims for cracks in the side of the house b/c they think it’s from a sinkhole or they saw “black mold” on the bathroom wall and now everyone in the house must go to the Dr. People overlook how much money is spent on bogus mold & sinkhole claims as well. It’s a two fold problem, policyholders want to file claims for everything under the sun b/c they think the homeowners insurance is a maintenance policy (i.e. 20 year old roof that is leaking from age) and the insurance companies don’t really make a profit on homeowners insurance in Florida anyway. That may sound crazy to the average person but just go ahead and ask those companies what their profit is on homeowners insurance. That’s why everyone competes for the auto insurance business, because it is profitable. Thank God I do not live in Fla. anymore and I go out of the homeowners adjusting. Instead of the insurance company & consumer working together, the two are pitted against each now.
The FL and CA comissioners (one does nothing, the other is a control freak) are the worst since VA’s peodophile coke-fiend, Jim Thompson, 20 years ago
Kick Nationwide out of the state altogether! F’em if they don’t want our property business. More business for me!