That’s the smartest thing I’ve heard Commissioner Poizner say all year. If people are bailing on AIG insurance, like the rumors are saying, what a sorry uneducated bunch!
I wouldnt be so quick to call agents moving biz all idiots. Many remember Kemper’s demise and having to move books. Also many agents are being inundated with calls from clients who want biz moved. Other, if Imperial AI Credit is telling long time clients they ‘dont know when their office will be funded’ can you just sit by and wait for the turmoil to die down? AIG ain’t all that and a bag of chips. There are other markets contrary to rumor.
This can potentially be an extremely ill advised position to take. As AIG works through this debacle, ultimately breaking apart the company and selling pieces, this action will directly effect AIG’s balance sheet in a negative manor. This sort of action will only further adversely effect their credit and long term debit ratings. Yes, the insurance operations maybe solvent as of now, but their health and stability is directly tied to the parent holding company. This can be of particular detriment to any insured of AIG which have long tail exposures.
As an agent/broker you do have a certain amount of fiduciary responsibility to do something – at least give your clients some options and education about what is going to happen to AIG. The future is unclear for the company. Let the client decide if they want to stay or roll
No fees for Travelers, Kemper, Safeco, Allied or Hartford. CA brokers who use general agencies seem to bear most of the cancellation fees. The directly appointed agents rarely encounter these fees in CA
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That’s the smartest thing I’ve heard Commissioner Poizner say all year. If people are bailing on AIG insurance, like the rumors are saying, what a sorry uneducated bunch!
I wouldnt be so quick to call agents moving biz all idiots. Many remember Kemper’s demise and having to move books. Also many agents are being inundated with calls from clients who want biz moved. Other, if Imperial AI Credit is telling long time clients they ‘dont know when their office will be funded’ can you just sit by and wait for the turmoil to die down? AIG ain’t all that and a bag of chips. There are other markets contrary to rumor.
This can potentially be an extremely ill advised position to take. As AIG works through this debacle, ultimately breaking apart the company and selling pieces, this action will directly effect AIG’s balance sheet in a negative manor. This sort of action will only further adversely effect their credit and long term debit ratings. Yes, the insurance operations maybe solvent as of now, but their health and stability is directly tied to the parent holding company. This can be of particular detriment to any insured of AIG which have long tail exposures.
As an agent/broker you do have a certain amount of fiduciary responsibility to do something – at least give your clients some options and education about what is going to happen to AIG. The future is unclear for the company. Let the client decide if they want to stay or roll
What companies charge a fee for cancelling a home or auto policy mid – term.
I didnt know companies still did that – I havnt seen that in NY at all….
I live in CA. Every company I work with will charge a fee for a midterm cancellation.
No fees for Travelers, Kemper, Safeco, Allied or Hartford. CA brokers who use general agencies seem to bear most of the cancellation fees. The directly appointed agents rarely encounter these fees in CA