If you think things are bad in NC. Try writing coverage in Florida. We have a Governor who has played politics with our market by beating up insurance companies, calling them in the media as greedy, unfair and dishonest. We also have a state owned carrier, (Citizens)backed by assessments and the bonding ability of the State(Junk). This entity is competing with standard markets with actuarily unsound rates and the State will not allow any rate increases by any carrier now. Oh by the way our Insurance Commisioner is in the tank with our Governor. He is allowing anybody with a check book to start an insurance company here with the State Guarantee fund as their backstop. He has done this because they have run off all of our traditional standard carriers, including State Farm, Nationwide and Allstate. How about leting them charge what they want and get out of the way of our free market economy. Its the best thing to do for the consumer.
Farmers may have given their NC agents more respect than they did their Texas agents when they decided to pull out of Texas in 2002; Texas agents were notified the day after mass non-renewals were mailed to their customerts.
Assessment regulations the state impose place a burden on the companies that is unfair to the insurance business. Same type of democrat politics where responsible companies should pay for irresponsible company decisons.
Based upon my experience, better coverage is available than what Farmers sells. Based upon how they treat their insureds and claimants, I wouldn’t insure a dog house with them.
I don’t blame Farmers for playing hardball with these regulators. It is their company and they can do what they want. The problem is what impact this has on the agents and their customers. These coastal areas have hard markets anyway and to drop a large carriers business on the market is always going to be a problem. The agent spends years and a lot of money putting the business on the books only to see it all go away from Farmers making a statement. They did the same thing in Texas only to change their mind but the public and their agents will always remember what they did. Most people don’t know they started non-renewing their own agents commercial policies only to change their mind 3 months into the process. The agents had to go out into the market and replace their coverage and look like chumps. They continue to raise their rates 30 to 40% above the market to reduce their market share. I think it would be better for them to not do homes at least the agent can openly write through other carriers without fear of getting terminated. This company will do what ever benefits themselves.
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Collect and go!!!!
Didn’t they jump into NC just a few years ago? Don’t they have actuaries and accountants to help them determine their exposure to FAIR plans, etc?
Sounds like FIG is still screwed up 10 years after I’ve left.
If you think things are bad in NC. Try writing coverage in Florida. We have a Governor who has played politics with our market by beating up insurance companies, calling them in the media as greedy, unfair and dishonest. We also have a state owned carrier, (Citizens)backed by assessments and the bonding ability of the State(Junk). This entity is competing with standard markets with actuarily unsound rates and the State will not allow any rate increases by any carrier now. Oh by the way our Insurance Commisioner is in the tank with our Governor. He is allowing anybody with a check book to start an insurance company here with the State Guarantee fund as their backstop. He has done this because they have run off all of our traditional standard carriers, including State Farm, Nationwide and Allstate. How about leting them charge what they want and get out of the way of our free market economy. Its the best thing to do for the consumer.
Cry babies…Take your marbles and go home.
Probably a sound business decision. States like NC and Miss don’t deserve the carriers they have.
Farmers may have given their NC agents more respect than they did their Texas agents when they decided to pull out of Texas in 2002; Texas agents were notified the day after mass non-renewals were mailed to their customerts.
Assessment regulations the state impose place a burden on the companies that is unfair to the insurance business. Same type of democrat politics where responsible companies should pay for irresponsible company decisons.
I AGREE WITH FALCO!
Based upon my experience, better coverage is available than what Farmers sells. Based upon how they treat their insureds and claimants, I wouldn’t insure a dog house with them.
I don’t blame Farmers for playing hardball with these regulators. It is their company and they can do what they want. The problem is what impact this has on the agents and their customers. These coastal areas have hard markets anyway and to drop a large carriers business on the market is always going to be a problem. The agent spends years and a lot of money putting the business on the books only to see it all go away from Farmers making a statement. They did the same thing in Texas only to change their mind but the public and their agents will always remember what they did. Most people don’t know they started non-renewing their own agents commercial policies only to change their mind 3 months into the process. The agents had to go out into the market and replace their coverage and look like chumps. They continue to raise their rates 30 to 40% above the market to reduce their market share. I think it would be better for them to not do homes at least the agent can openly write through other carriers without fear of getting terminated. This company will do what ever benefits themselves.