Like a good neighbor, State Farm is there....

[Joes Place]

Joe, you don't need reinsurance to umbrella your losses when you don't have that risk on the books.

It's literally what the OP is about, cupcake.

And they absolutely need reinsurance to cover their risk. Which is why they are getting out & not initiating any new policies.

This seems really really hard for you to understand. Go re-read the OP's link. Go look up what re-insurers are telling you about those areas.

 

[Whiskeydeltadeltatango]

It's literally what the OP is about, cupcake.

And they absolutely need reinsurance to cover their risk. Which is why they are getting out & not initiating any new policies.

This seems really really hard for you to understand. Go re-read the OP's link. Go look up what re-insurers are telling you about those areas.

You don't need reinsurance to cover a risk you are not going to put on the books Joe.

read that again



No matter how many times you say it.



The number one itme.listed, and largest thing impacting pricing, is the cost of materials and labor,.just like the OP says.


And California, has ****ed itself, because now those people are going to end up with state provided insurance that won't actually cover shit.

 

[Joes Place]

You don't need reinsurance to cover a risk you are not going to put on the books

Dude, no matter now many times you post this, your claim that "too many small claims" is their problem is not mentioned, anywhere.

Re-insurance AND higher risk ARE listed. Which is what I've told you a dozen times now. And it's in the goddamn article.

 

[Whiskeydeltadeltatango]

Dude, no matter now many times you post this, your claim that "too many small claims" is their problem is not mentioned, anywhere.

Re-insurance AND higher risk ARE listed. Which is what I've told you a dozen times now. And it's in the goddamn article.

"Dude".... these are from "claims"


"State Farm General Insurance Company made this decision due to historic increases in construction costs outpacing inflation, rapidly growing catastrophe exposure, and a challenging reinsurance market,” the company said in a statement."


Your willingness to double down on being stupid if impressive.

 

[Joes Place]

"State Farm General Insurance Company made this decision due to historic increases in construction costs outpacing inflation, rapidly growing catastrophe exposure, and a challenging reinsurance market,” the company said in a statement."

Yes, this is what I've been trying to get you to admit.
Thx for clarifying this.

 

[IowaPackFan]

If they spent less on those Mayhem commercials during the final 4, they’d have more money for claims…

Why is State Farm paying for All State commercials? Their marketing department is dumber than Budweisers.

 

[Whiskeydeltadeltatango]

Yes, this is what I've been trying to get you to admit.
Thx for clarifying this.

What's the first item listed as a cause there Joe?

 

[Jimmy McGill]

loving nerd alert

 

[Herkster5]

Well, that was a lot to read! Fun time to be in insurance sales...

 

[Joes Place]

What's the first item listed as a cause there Joe?

Thanks for admitting what I've been telling you and what you quoted from the article, yourself.

 

[Whiskeydeltadeltatango]

Thanks for admitting what I've been telling you and what you quoted from the article, yourself.

Now you say it:

The first item listed and the major source of rate change is........



Come on Joe, you can do it.

 

[jamesvanderwulf]

I love me some nerd insurance debates. Keep it going fellas

Like Joe's gonna throw in the towel...

 

[Joes Place]

Like Joe's gonna throw in the towel...

On what? The article says what I'd stated. Full stop

 

[Bloody Run Hawk]

Hurricanes on the coast, tornadoes in the Midwest… you could make that argument about anywhere.

Not even close to a good argument!

 

[wjr1818]

It is the reinsurance markets that are getting killed which is negatively affecting the pricing and the reason that many companies are pulling out of certain markets along with other factors such as current climate and catastrophic losses.

These re-insurance carriers are re-insuring a lot of certain risks and the main area they have been hit is due to how litigious the environment is in the auto industry. The average trucking punitive claim has increased in the past 10 years from $2.2m to $22m when getting in front of a jury and some of the pay outs are insane. For example, Werner out of Omaha was hit for a $90m+ claim where one of their trucks was driving below the speed limit on a 4 lane highway in their lane and the other vehicle swerved out of control and hit the Werner semi head on. The jury awarded $90m because it was starting to get icy and was against Werners rules to be on the road. Feel free to look it up.

Kim Reynolds signed a bill effective 7/1 that caps the punitive damage limit at $5m for pain and suffering with some exclusions. It seems like everyone hates Kim but this could positively affect the umbrella and re-insurance market and positively affect your personal auto and homeowners insurance if all states get on board with this.

People want to hate employers and how they are making all of this money, but these crazy payouts eventually get passed down to the average Joe through the re-insurance market treaties that State Farm and others have to comply with.

 

[Drake__Mallard]

Not even close to a good argument!

It’s a perfect argument.

 

[The Tradition]

It is the reinsurance markets that are getting killed which is negatively affecting the pricing and the reason that many companies are pulling out of certain markets along with other factors such as current climate and catastrophic losses.

These re-insurance carriers are re-insuring a lot of certain risks and the main area they have been hit is due to how litigious the environment is in the auto industry. The average trucking punitive claim has increased in the past 10 years from $2.2m to $22m when getting in front of a jury and some of the pay outs are insane. For example, Werner out of Omaha was hit for a $90m+ claim where one of their trucks was driving below the speed limit on a 4 lane highway in their lane and the other vehicle swerved out of control and hit the Werner semi head on. The jury awarded $90m because it was starting to get icy and was against Werners rules to be on the road. Feel free to look it up.

Kim Reynolds signed a bill effective 7/1 that caps the punitive damage limit at $5m for pain and suffering with some exclusions. It seems like everyone hates Kim but this could positively affect the umbrella and re-insurance market and positively affect your personal auto and homeowners insurance if all states get on board with this.

People want to hate employers and how they are making all of this money, but these crazy payouts eventually get passed down to the average Joe through the re-insurance market treaties that State Farm and others have to comply with.

And juries are freaking ridiculous.

 

[HawkRugged17]

 

[83Hawk]

Are secondary, just like the order they were listed in.


Also, I just caught your "selling" comment. I don't sell shit anymore. You are literally talking about my area of expertise. I'm the guy responsible for explaining to all the agents why we are taking rate, how we are taking rate, how we are offsetting that rate in our target demo, how to place specific customers in our various products and how we can manage our combined ratio to get rate back to where we want it.


The closest I get to selling any more is "this our company, this is the small business opportunity we present, you in or not?"

Haven't you learned that Joe is an expert on EVERYTHING?

 

[Joes Place]

Haven't you learned that Joe is an expert on EVERYTHING?

Haven't you learned to READ?

All I've stated is what's in the OP's link.

Your buddy is bitching about the "order" things were stated in. Other posters are supporting the claim that "building costs" are not a major thing w/ inflation winding down. The other two items are both getting worse. Verified by multiple other posters.

 

[83Hawk]

Haven't you learned to READ?

All I've stated is what's in the OP's link.

Your buddy is bitching about the "order" things were stated in. Other posters are supporting the claim that "building costs" are not a major thing w/ inflation winding down. The other two items are both getting worse. Verified by multiple other posters.

I have taken no sides in this argument, because I am not an expert on PC insurance (life insurance however, is a different story). I also didn't read this entire thread and am not commenting on anything, other than reminding whiskey that you fancy yourself an expert on everything.

Carry on.

 

[Drake__Mallard]

Just out of curiosity, what is it that you do in insurance @Whiskeydeltadeltatango ?

 

[Joes Place]

I have taken no sides in this argument

Yeah. You have.

Now, run along. Your buddy is embarrassing himself here.

 

[83Hawk]

Yeah. You have.

Now, run along. Your buddy is embarrassing himself here.

You are truly a piece of work.

 

[Whiskeydeltadeltatango]

It is the reinsurance markets that are getting killed which is negatively affecting the pricing and the reason that many companies are pulling out of certain markets along with other factors such as current climate and catastrophic losses.

These re-insurance carriers are re-insuring a lot of certain risks and the main area they have been hit is due to how litigious the environment is in the auto industry. The average trucking punitive claim has increased in the past 10 years from $2.2m to $22m when getting in front of a jury and some of the pay outs are insane. For example, Werner out of Omaha was hit for a $90m+ claim where one of their trucks was driving below the speed limit on a 4 lane highway in their lane and the other vehicle swerved out of control and hit the Werner semi head on. The jury awarded $90m because it was starting to get icy and was against Werners rules to be on the road. Feel free to look it up.

Kim Reynolds signed a bill effective 7/1 that caps the punitive damage limit at $5m for pain and suffering with some exclusions. It seems like everyone hates Kim but this could positively affect the umbrella and re-insurance market and positively affect your personal auto and homeowners insurance if all states get on board with this.

People want to hate employers and how they are making all of this money, but these crazy payouts eventually get passed down to the average Joe through the re-insurance market treaties that State Farm and others have to comply with.

That is a giant claim.



@Joes Place here is a perfect example.of what I've talking about. That shit isn't due to cats. Claims are up and more expensive.

 

[Joes Place]

That is a giant claim.

It's what the thread is about, and what the OP's link states. Cupcake.

 

[Whiskeydeltadeltatango]

Just out of curiosity, what is it that you do in insurance @Whiskeydeltadeltatango ?

Myself and another gentleman run the state of Iowa for a national carrier.

 

[Whiskeydeltadeltatango]

It's what the thread is about, and what the OP's link states. Cupcake.

Whats the number one cause listed for why they are getting out of California?


You don't have to pay for cost of.materials and labor if you don't have a claim dipshit.

 

[Joes Place]

Whats the number one cause listed for why they are getting out of California?

There isn't any number one cause. There were 3 listed.

The one you've hitched your horse to is becoming less important as construction inflation costs are leveling off (per posters telling you here AND industry insiders writing this on their websites).

Reread this post until that sinks in for you, Cletus.

 

[Joes Place]

Myself and another gentleman run the state of Iowa for a national carrier.

Translation: I sell EMC insurance policies in Vinton, Iowa.

 

[The Tradition]

You are truly a piece of work.

Arguing with Joe on the internet is like playing chess with a pigeon.gif

 

[Whiskeydeltadeltatango]

There isn't any number one cause. There were 3 listed.

The one you've hitched your horse to is becoming less important as construction inflation costs are leveling off (per posters telling you here AND industry insiders writing this on their websites).

Reread this post until that sinks in for you, Cletus.

Hahaha. You are such a small dick.



Joe, cats are not what are driving pricing here and it sure as hell isn't global warming.

The cost of everything is up. You can't build ahit in Cali foe 250 bucks a square foot. Reinsurance is being hit more often because..... the cost of everything is up... this isn't about "global warming" it's about more claims and them being costlier. And again, the actuaries account for cats, that pricing was baked in long ago and yes is still filtering through. Insurance carriers are getting killed because everything about fixing a home or auto claim is expensive as shit.



This is my world, this what I do. You pissed yourself trying to make it about global warming, it isn't. Change your ****ing pants.

 

[Joes Place]

Arguing with Joe on the internet is like playing chess with a pigeon

And losing. Every time.

Go read what his position is here. He's loopy.

 

[Joes Place]

Hahaha. You are such a small dick.

Since insults are all you have now, I'll take this as an admission you are wrong (again)

 

[Whiskeydeltadeltatango]

Since insults are all you have now, I'll take this as an admission you are wrong (again)

If I ignore the thousand words you typed after this I can declare myself a victor!!!


-Joe 101.



You are a limp dick bro. You don't and didn't know what you were talking about.

 

[Drake__Mallard]

Myself and another gentleman run the state of Iowa for a national carrier.

So sales then?

 

[Whiskeydeltadeltatango]

So sales then?

Haven't sold a policy in over 5 years. I'm corporate now.

 

[Drake__Mallard]

Haven't sold a policy in over 5 years. I'm corporate now. I'm the guy responsible for delegating the rate and helping design our product to help fit out market. ( amongst other things)

But the sales side. I do almost nothing with that. I have to assume you’re not dealing with reinsurers a ton. You’re company go through the brokered market or one larger provider?

 

[Whiskeydeltadeltatango]

But the sales side. I do almost nothing with that. I have to assume you’re not dealing with reinsurers a ton. You’re company go through the brokered market or one larger provider?

You lost me in your first two sentences.


I don't deal with them in that I have zero to do with us buying it. I have to be the guy to explain to all the agents why our rates are going nuts and as part.of that upper management has been very vocal about the purchase of reinsurance.

We are a fortune 500 owned by a fortune 100. Our book is huge. Again, while I cannot speak to the direct Peru have, I have to believe we had to price together multiple carriers.

 

[Drake__Mallard]

You lost me in your first two sentences.


I don't deal with them in that I have zero to do with us buying it. I have to be the guy to explain to all the agents why our rates are going nuts and as part.of that upper management has been very vocal about the purchase of reinsurance.

We are a fortune 500 owned by a fortune 100. Our book is huge. Again, while I cannot speak to the direct Peru have, I have to believe we had to price together multiple carriers.

You don’t think communicating to the agents is the sales side? So upper management is telling you that the problem for reinsurance is mainly inflation? You’re not hearing that from an actual reinsurance company.