Charlie doesn’t understand insurance. From the time a rate decrease gets approved, it takes approx.15 motnhs for all policyholders with a company to see those reductions (renewal cycly). But before the 15 months are up, co’s will file for an increase b/c of losses and other costs. It is just the way it is. And by the way, the Gov web site showing carriers with their avg. premiums by county is not reality when no of those carriers are writting except CPIC and carriers with little to no surplus. Charlie is getting his way – all policies to CPIC 70,000 last month alone. HOLD ON!!
I’d like to point the fine citizens of Florida to states like MA. There, the government told insurance companies how to write insurance, what price to set and how much profit (if any) they get to make. Take a look at the average premium in the state and take a look at the limited number of carriers writing policies there.
If Mr. Crist continues down this path of regulate-to-placate politics, he’ll find himself with three carriers plus a failing Citizens to bear the brunt of the next major storm. Carriers will pull out of the state if they can’t 1) make a profit 2) price/underwrite the state appropriate to the risk and 3) predict where the legal climate is heading.
Comments before had it exactly right – the next sound coming out of Florida could be insurance market beginning a slow circle around the drain.
Let’s see. Company A has a 50% rate need that accumulated due to the increase in values, all the disapproved or partially disapproved rate filings they endured over the last three years, and the updated models, minus the the 10 – 24% that the state “reforms” might be worth (depending on who you believe), and, WALLA, the Company now needs a rate increase of anywhere from 26 to 40% in order to sell insurance in Florida. It ain’t rocket science, Charlie. And, there ain’t nothing you can do to overrule the laws of economics — if companies can make money, they’ll stay, if you make it impossible for them to make money, they will leave.
There are many excellent insurance companies in Florida that had to lower already low premiums in order to comply with the law. Now that they cannot get a rate increase, they are leaving Florida because it is too costly and unpredictable doing business in this state. One of these companies is State Auto P&C that has been doing business here 30+ years. Their customers will be paying higher premiums when shopping for a replacement company. So much for helping the consumers.
These rate reductions should have been looked at on a company-by-company basis. There is another side – not all companies had astronomical increases during the past two years.
The previous posts are correct…the next flood in Florida will be the flood of major insurors leaving Florida for other states where they can make a (dirty word follows) profit.
Homeowners rates haven’t fallen as fast and the governor is surprised. Politicians just don’t get it do they? Do they think that rates will drop at the wave of a wand? Reinsurance carriers spent all last year trying to calculate future and expected losses. Just because the legislature met to appease the consumer without any thought of insurance consequences doesn’t mean the insurance industry will lay it’s financial butt on the line because Florida is banking on the federal government to bail them out should a CAT occur.
I guess it’s too much to ask politicians to be truthful and do what is best for the people they represent. All these charlatan’s are concerned about is getting re-elected and bashing the insurance industry gets you there. It takes a special person to be a politician. I’m proud to say I’m not that type.
Poor Charlie. He’s done a lot for FL. He’s artificially lowered the premiums, there’s special session to keep PIP, he’s keeping the “insurers feet to the fire”, etc. All of this takes time and effort. What all of you don’t understand is that there’s a lot to get done in between the tanning salon visits.
Chris Neal, a spokesman for the state’s largest private insurer, State Farm, said the company can’t simply lower rates if it means it could be caught unable to pay claims in the event of a big storm. The company could pay if all the waste would stop / Think about all the times State Farm try to get out of paying people all the cover up.Peolpe in this country will rob from the poor. Mr Rust make so munch money in his world he thinks- All of us poor sickers do not need money and if we try to get money on the so call policy- S/F will cry out for more lots more.Go back and take a good like at all of this .Chris Neal, a spokesman for the state’s largest private insurerrm.( Okay Mr Spokesman you have been in the kingdom to long).
If people want to enjoy living in FL they should have to pay the companion price of property insurance. The probability of a tropical storm/hurricane is very high as is the probability of “repeat” claims during subsequent years. One could question whether this is actually an insurable risk. It’s less a question of “if” it will happen, and more of “when” it will happen. People in Florida haven’t gotten the concept that there is no educational value in the second kick of a mule. Other parts of the country should not be “balance billed” to allow Floridians to have lower rates either. They chose to live there, let them pay.
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Charlie doesn’t understand insurance. From the time a rate decrease gets approved, it takes approx.15 motnhs for all policyholders with a company to see those reductions (renewal cycly). But before the 15 months are up, co’s will file for an increase b/c of losses and other costs. It is just the way it is. And by the way, the Gov web site showing carriers with their avg. premiums by county is not reality when no of those carriers are writting except CPIC and carriers with little to no surplus. Charlie is getting his way – all policies to CPIC 70,000 last month alone. HOLD ON!!
I’d like to point the fine citizens of Florida to states like MA. There, the government told insurance companies how to write insurance, what price to set and how much profit (if any) they get to make. Take a look at the average premium in the state and take a look at the limited number of carriers writing policies there.
If Mr. Crist continues down this path of regulate-to-placate politics, he’ll find himself with three carriers plus a failing Citizens to bear the brunt of the next major storm. Carriers will pull out of the state if they can’t 1) make a profit 2) price/underwrite the state appropriate to the risk and 3) predict where the legal climate is heading.
Comments before had it exactly right – the next sound coming out of Florida could be insurance market beginning a slow circle around the drain.
Let’s see. Company A has a 50% rate need that accumulated due to the increase in values, all the disapproved or partially disapproved rate filings they endured over the last three years, and the updated models, minus the the 10 – 24% that the state “reforms” might be worth (depending on who you believe), and, WALLA, the Company now needs a rate increase of anywhere from 26 to 40% in order to sell insurance in Florida. It ain’t rocket science, Charlie. And, there ain’t nothing you can do to overrule the laws of economics — if companies can make money, they’ll stay, if you make it impossible for them to make money, they will leave.
There are many excellent insurance companies in Florida that had to lower already low premiums in order to comply with the law. Now that they cannot get a rate increase, they are leaving Florida because it is too costly and unpredictable doing business in this state. One of these companies is State Auto P&C that has been doing business here 30+ years. Their customers will be paying higher premiums when shopping for a replacement company. So much for helping the consumers.
These rate reductions should have been looked at on a company-by-company basis. There is another side – not all companies had astronomical increases during the past two years.
The previous posts are correct…the next flood in Florida will be the flood of major insurors leaving Florida for other states where they can make a (dirty word follows) profit.
Homeowners rates haven’t fallen as fast and the governor is surprised. Politicians just don’t get it do they? Do they think that rates will drop at the wave of a wand? Reinsurance carriers spent all last year trying to calculate future and expected losses. Just because the legislature met to appease the consumer without any thought of insurance consequences doesn’t mean the insurance industry will lay it’s financial butt on the line because Florida is banking on the federal government to bail them out should a CAT occur.
I guess it’s too much to ask politicians to be truthful and do what is best for the people they represent. All these charlatan’s are concerned about is getting re-elected and bashing the insurance industry gets you there. It takes a special person to be a politician. I’m proud to say I’m not that type.
Poor Charlie. He’s done a lot for FL. He’s artificially lowered the premiums, there’s special session to keep PIP, he’s keeping the “insurers feet to the fire”, etc. All of this takes time and effort. What all of you don’t understand is that there’s a lot to get done in between the tanning salon visits.
Chris Neal, a spokesman for the state’s largest private insurer, State Farm, said the company can’t simply lower rates if it means it could be caught unable to pay claims in the event of a big storm. The company could pay if all the waste would stop / Think about all the times State Farm try to get out of paying people all the cover up.Peolpe in this country will rob from the poor. Mr Rust make so munch money in his world he thinks- All of us poor sickers do not need money and if we try to get money on the so call policy- S/F will cry out for more lots more.Go back and take a good like at all of this .Chris Neal, a spokesman for the state’s largest private insurerrm.( Okay Mr Spokesman you have been in the kingdom to long).
If people want to enjoy living in FL they should have to pay the companion price of property insurance. The probability of a tropical storm/hurricane is very high as is the probability of “repeat” claims during subsequent years. One could question whether this is actually an insurable risk. It’s less a question of “if” it will happen, and more of “when” it will happen. People in Florida haven’t gotten the concept that there is no educational value in the second kick of a mule. Other parts of the country should not be “balance billed” to allow Floridians to have lower rates either. They chose to live there, let them pay.