First off, grats to our insurance department for bringing down the rates. Now If Florida is not in the top 10 anymore where do they rank? Is the state interference of rates going to cause a scarcity of coverage due to the unwillingness of carriers to provide coverage? If the actuarial experts at NCCI have made a rate determination, how is it state regulators can contradict this. If they already know what’s best for the insurers to charge, why are we paying actuaries to come up with these rates? My fear is that availability may become a problem if insurers feel they no longer are able to write this profitably. What happened to free trade and letting the market determine the most competitive prices?
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Wake up the party is over!!
First off, grats to our insurance department for bringing down the rates. Now If Florida is not in the top 10 anymore where do they rank? Is the state interference of rates going to cause a scarcity of coverage due to the unwillingness of carriers to provide coverage? If the actuarial experts at NCCI have made a rate determination, how is it state regulators can contradict this. If they already know what’s best for the insurers to charge, why are we paying actuaries to come up with these rates? My fear is that availability may become a problem if insurers feel they no longer are able to write this profitably. What happened to free trade and letting the market determine the most competitive prices?