If the people of Mississippi are going to pay insurance to the state, I would much rather pay not only wind insurance but also life, auto, boat, mobile home, and fire insurance to this pool. If insurance companies are not willing to write a homeowners policy, they should not be able to write any insurance in the state. Insurance companies do not want to talk about the excessive profits made in life insurance, auto insurance, boat insurance, and fire insurance. There will always be profits in insurance, but if the states let insurance companies pick and choose what type of insurance and who they write insurance to they will make an explosive profit just like last year. Especially when looking at extravagent pays of the CEO\’s and agents pay. I know agents making more than doctors. Is that right! If it were not for doctors half the agents would not be alive because of there quadrouple bypasses from excess profits from eating out every night at expensive restaurants. In my opinion there is money to be made on insurance period. Profits from insurance weather it be fire, life, auto, health, disability, or homeowners should only be allowed a certain amount of profit. Because if you look at the payout amounts of auto, life, fire, and disability insurance it is a heck of a lot more than homeowners. I say if an insurance company does not want to write homeowners in the state then dont write any type of insurance at all.
PEOPLE WHO LIVE IN RURAL AREAS OF THE UNITED STATES PAY MORE FOR FIRE INSURANCE BECAUSE THEY HAVE LITTLE OR NO FIRE PROTECTION(FIRE DEPARTMENTS) PEOPLE WHO LIVE NEAR THE OCEAN SHOLD PAY MORE FOR WIND COVERAGE, IF YOU PULL THE PROFIT FROM THE COMPANIES THEY WILL PULL OUT OF MISSISSIPPI, ALL THE PREMIUM THAT STATE FARM EARNED IN MISSISSIPPI LAST YEAR WAS LESS THAN 1/2 OF 1 PERCENT OF THE COMPANIES TOTAL PREMIUM, WHY WOULD THEY STAY?
Dennis must not realize that physicans pick and choose which patients they handle based upon the patients ability to pay or the payment terms of the patient\’s medical insurance company. It\’s called a free market system. In Texas, insurance companies have been pulling out of the coastal counties for years. The others are severly restricting the writing of new wind exposures. Some have left the state all together.
If a person lives near the coast, they should pay an appropriate premium for the exposure. I say this even though I was in the path of Rita.
If the insurance industry were so profitable, why aren\’t there insurance companies popping up all over the place? Investment capital follows profits…so if the profits were so good, we\’d see a bunch of new players in the market.
Consider this, the ROE (profit / total equity and surplus) for the industry was about 8% in 2005. Banks run in the low teens (meaning they\’re much more profitable). So why isn\’t there an outcry for banks to give back customers\’ money because of their \”excessive profits\”?
The truth is, insurance (across the board) is not too expensive because the industry is not as rich or profitable as many think.
It\’s risk based. Live by the coast pay more. Insurance cannot survive if premiums cannot cover losses…live in area where losses are higher, expect to pay for it.
Insurance companies would be very profitable if pay for the average person and ceo was as little as a bank. Insurance is suppose to be a pool of money pooled together to insure losses of disasters and losses not pick and choose who you want to make money from! People should pay for the insurance of the risk involved, but insurance companies should not be able to pick and choose what type of insurance to write. They should have to write all types of insurance including homeowners. INSURANCE IS A POOL NOT A PICK AND CHOOSE BASIS.
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If the people of Mississippi are going to pay insurance to the state, I would much rather pay not only wind insurance but also life, auto, boat, mobile home, and fire insurance to this pool. If insurance companies are not willing to write a homeowners policy, they should not be able to write any insurance in the state. Insurance companies do not want to talk about the excessive profits made in life insurance, auto insurance, boat insurance, and fire insurance. There will always be profits in insurance, but if the states let insurance companies pick and choose what type of insurance and who they write insurance to they will make an explosive profit just like last year. Especially when looking at extravagent pays of the CEO\’s and agents pay. I know agents making more than doctors. Is that right! If it were not for doctors half the agents would not be alive because of there quadrouple bypasses from excess profits from eating out every night at expensive restaurants. In my opinion there is money to be made on insurance period. Profits from insurance weather it be fire, life, auto, health, disability, or homeowners should only be allowed a certain amount of profit. Because if you look at the payout amounts of auto, life, fire, and disability insurance it is a heck of a lot more than homeowners. I say if an insurance company does not want to write homeowners in the state then dont write any type of insurance at all.
PEOPLE WHO LIVE IN RURAL AREAS OF THE UNITED STATES PAY MORE FOR FIRE INSURANCE BECAUSE THEY HAVE LITTLE OR NO FIRE PROTECTION(FIRE DEPARTMENTS) PEOPLE WHO LIVE NEAR THE OCEAN SHOLD PAY MORE FOR WIND COVERAGE, IF YOU PULL THE PROFIT FROM THE COMPANIES THEY WILL PULL OUT OF MISSISSIPPI, ALL THE PREMIUM THAT STATE FARM EARNED IN MISSISSIPPI LAST YEAR WAS LESS THAN 1/2 OF 1 PERCENT OF THE COMPANIES TOTAL PREMIUM, WHY WOULD THEY STAY?
Dennis, please become an insurance agent and see if you are right.
Dennis must not realize that physicans pick and choose which patients they handle based upon the patients ability to pay or the payment terms of the patient\’s medical insurance company. It\’s called a free market system. In Texas, insurance companies have been pulling out of the coastal counties for years. The others are severly restricting the writing of new wind exposures. Some have left the state all together.
If a person lives near the coast, they should pay an appropriate premium for the exposure. I say this even though I was in the path of Rita.
If the insurance industry were so profitable, why aren\’t there insurance companies popping up all over the place? Investment capital follows profits…so if the profits were so good, we\’d see a bunch of new players in the market.
Consider this, the ROE (profit / total equity and surplus) for the industry was about 8% in 2005. Banks run in the low teens (meaning they\’re much more profitable). So why isn\’t there an outcry for banks to give back customers\’ money because of their \”excessive profits\”?
The truth is, insurance (across the board) is not too expensive because the industry is not as rich or profitable as many think.
It\’s risk based. Live by the coast pay more. Insurance cannot survive if premiums cannot cover losses…live in area where losses are higher, expect to pay for it.
Insurance companies would be very profitable if pay for the average person and ceo was as little as a bank. Insurance is suppose to be a pool of money pooled together to insure losses of disasters and losses not pick and choose who you want to make money from! People should pay for the insurance of the risk involved, but insurance companies should not be able to pick and choose what type of insurance to write. They should have to write all types of insurance including homeowners. INSURANCE IS A POOL NOT A PICK AND CHOOSE BASIS.