The artical mentions nothing about how well Geo Vera and Pacific Select are funded. Our agency has a lot at stake with those two companies. If a major event hit, whould they be able to meet their obligations?
I would imagine GeoVera is rock solid, but perhaps a little less now that StPaul Travelers spun them off to investors. Nevertheless, GeoVera started selling policies sometime around 1997 and they have not been hit with a major quake since it\’s founding. Better yet, they have cherry picked their risks, which should result in fewer claims. I think they are okay, however, who knows if a something very extreme happens. In the case, I think GeoVera will not be alone.
It is my understanding that after huricane Andrew major insurers tried dropping coverage on certain residential / business structures in Florida.
Florida regulatory agencies stopped that discrimination by claiming that insurers were (generally) in the business to accept / spread out loss risk of the general public per their inherent reason for existing and offering insurance, and that cherry picking defied fair business practice…Or something like that…
Does anyone know the details about why \”cherry picking\” is (legally, ethically, morally) \”right\” or \”wrong\”?
Note the article says these companies do not sell HO in the state. They do sell a product that presumably few others offer. California is, I\’m sure, happy to have them. They can probably do almost whatever they want.
Hey Roger, I agree with you. That is why I want you put you own money on the line and insure a buring home! Also Roger, did you know that insurance companies can operate at a loss forever?
We have updated our privacy policy to be more clear and meet the new requirements of the GDPR. By continuing to use our site, you accept our revised Privacy Policy.
The artical mentions nothing about how well Geo Vera and Pacific Select are funded. Our agency has a lot at stake with those two companies. If a major event hit, whould they be able to meet their obligations?
I would imagine GeoVera is rock solid, but perhaps a little less now that StPaul Travelers spun them off to investors. Nevertheless, GeoVera started selling policies sometime around 1997 and they have not been hit with a major quake since it\’s founding. Better yet, they have cherry picked their risks, which should result in fewer claims. I think they are okay, however, who knows if a something very extreme happens. In the case, I think GeoVera will not be alone.
Is that an insurance company or a hand lotion?
4-4-2006
It is my understanding that after huricane Andrew major insurers tried dropping coverage on certain residential / business structures in Florida.
Florida regulatory agencies stopped that discrimination by claiming that insurers were (generally) in the business to accept / spread out loss risk of the general public per their inherent reason for existing and offering insurance, and that cherry picking defied fair business practice…Or something like that…
Does anyone know the details about why \”cherry picking\” is (legally, ethically, morally) \”right\” or \”wrong\”?
rogerpoegc@yahoo.com
Note the article says these companies do not sell HO in the state. They do sell a product that presumably few others offer. California is, I\’m sure, happy to have them. They can probably do almost whatever they want.
Hey Roger, I agree with you. That is why I want you put you own money on the line and insure a buring home! Also Roger, did you know that insurance companies can operate at a loss forever?