Its why If I was a stockholder in one of these companies, I'd be raising hell. Pass the costs onto the consumer while paying CEO's more money.
auto insurance rates jumped 20%
- Thread starter NorthernHawkeye
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Its why If I was a stockholder in one of these companies, I'd be raising hell. Pass the costs onto the consumer while paying CEO's more money.
They probably shouldn’t be compensated as much when their companies are losing money but it’s a drop in the bucket compared to their losses.
How do you justify pay raises and bonuses when the company is losing money?
Performance to goals and objectives.
You think it would be tough to recruit talent to a company losing money otherwise?
Consider it a COL adjustment if it makes you feel better. Average YOY comp increase from your link was 6.3% while Bidenflation ran at a smoking 6.5% in the 12 months trailing Dec ‘22.
Inflation is 3.1%. And If they survived with several million, do they need another million?
Why do people defend greed?
Biden took over for Trumps miserable economy for anyone that wasn't a millionaire
Hey, it's not a fun market right now. In Iowa alone, we lost 13 or 14 Mutual property insurers either through closing their doors or being acquired. I have several carriers who aren't accepting any new property insurance risks, auto carriers who won't touch a new quote that has a loss in the last 3 years. Rates are jumping, deductibles are jumping, cosmetic loss exclusions are becoming more normal, wind/hail deductibles, trying to pull away from line of sight coverage, and moving a lot of structures from replacement cost to actual cash value.
It's bad. You can chose to blame whatever you want, but the main source is re-insurers and high total combined loss ratios for the carriers. Tack on "nuclear verdicts" and billion dollar claim settlements, and it's nothing less than a mother f'en shit show right now. I picked a fun business to be in...
It's bad. You can chose to blame whatever you want, but the main source is re-insurers and high total combined loss ratios for the carriers. Tack on "nuclear verdicts" and billion dollar claim settlements, and it's nothing less than a mother f'en shit show right now. I picked a fun business to be in...
Oh, it’s certainly bad business practices. Insurance companies kicked the can down the road for far too long, and then were bit with the combination of high loss ratios and inflation. Instead of underwriting risks like they should, they were focused on strictly growth and not limiting their policy coverage against their competitors.
Nuclear verdict comment is just what we hear at conferences, not directed at blaming any of it strictly on attorneys at all. Has it made carriers leery of the risks they take on, and has it limited specific lines of business (trucking, for example), I think it certainly has. The reality is everyone was chasing policy count and total insured value, when they should have been keeping a better eye on their forecasting abilities, or inabilities, as we now have seen.
Now we get to deal with line of sight endorsements, correctly depreciated roof claims, and the industry needing a drastic change. It sucks in my shoes, as an agency owner, who is getting his ass kicked with carriers pulling out of the state, turning off new business, and rate increases like we haven’t seen for a long, long time.
I love the business, I love my job, but I’ve been quite literally handcuffed for 12-18 months, and I’d be shocked if we see the market soften at all before the middle of 2025 or later. Rate increases will continue, while adding in more coverage limitations, and it’s going to be a struggle.
Mine have jumped 26% in the last 2 years, since I retired 2 years ago, and, I am only driving about 30% of the mileage before I retired. My insurance carrier did give me a discount of $15/year though, since I retired, so there is that.Car insurance premiums around the U.S. are soaring. Here's why.
Car insurance premiums around the U.S. are soaring. Here's why.
American drivers are spending less to fill up than a year ago, but paying a whole lot more to insure their vehicles.www.cbsnews.com
Damn Bidenomics!
lol
It was 6.5% over the period your link referenced salary increases.
Why haven’t all the intellectuals upset with greed figured out business models to undercut the greedy profiteers? Those are the people I’m the most frustrated with. They’ve apparently got it all figured out on paper (and message boards), yet can’t ever seem to find the initiative to put it into practice.
Florida has the highest auto insurance by 3x and the highest homeowners insurance by 5x in the entire nation.
Thanks little ronny d.
Thanks little ronny d.
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