amen independent ! you can add American National Property and Casualty to your newsletter too. They are a joke. If you’ve been with ANPAC for 5 years or so you probably had 2 or 3 agents. I’ve had 3 agents. I think I’m going to an independent no matter what the rates are,ANPAC just raised my home insurance 70%. I’m tired of wondering who my agent is and their rate increases. My last agent was a good guy, said he made the company money and they fired him for no reason, gave 5 years worth of his investment to another agent. It’s greed !
Interesting, Allstate is sharply reducing its cat expsoure at the same time that the National Flood Insurance Program is drastically increasing its (uncompensated) cat exposure (adding wind, higher $$ limits, coastal development)… hmmm, wonder who is right..?
And people wonder why Florida has a problem with this…….
Sounds like Gas Companies to me.
“It’s not our fault- we’re just passing along the increase cost to us”- and, of course, breaking ALL records for profit to shareholders.
record profits…oh, I forgot they had a couple of bad years that the company was still profitable, but not as much as others….passing the cost on is crap and everybody knows it. They will have a record year, but not pass that on nor should they….but don’t hand us a line that they are passing the cost on to the public. They are doing because they can just like the oil companies.
Yes, I do know that, but we always get some PR kid whining about how much they are suffering.
Just be honest. We’re going to give our CEO a billion dollars while we cause you to lose your home BECAUSE WE CAN.
How many press releases have we been subjected to by the gas/oil companies on how it’s not their fault? Then the smiling faces of their million dollar plus earning club later that day.
And now Allstate is crying that they can’t turn a profit without a 42% rate increase in Fla. THAT’S what Crist is unhappy about.
Which is exactly what it should do to survive! Any stock owned company only owes one thing……. a profit to it’s sharholders. It has to live by its “obligations” to the people who bought it’s policies but, it does not have to keep taking on those same obligations once it has found it took on more or bigger bites than it could chew.
They made money even despite the hurricanes in 2004 and 2005. Well, Maybe not Allstate Floridian, but Allstate did. The concept of spread of risk has left the board room and only greed is in the air.
But Allstate isn’t a monopoly. If people don’t like it they can quite easily leave for another company. They are owned by shareholders and their sole duty is to provide the best return possible for those shareholders. How they do that is up to them. If people don’t like Allstate’s practices they should not insure with them. Allstate will then lose money and be forced to change its practices. It’s econ 101.
It’s free market folks. It’s what made this country great! The more profit made the more other’s will want to enter the business and creat more competition which ultimately reduces price. If you have a problem with it, invest in the common stock of Allstate.
Wait, that’s right the company is leaving them!! What’s left (if they get their way) will be 40% Plus rate increase, because somebody at the top wants a bigger bonus.
All of this is music to my ears, because Allstate is a direct competitor of mine. I regularly educate my clients on “Allstate’s stand”, a play on their TV pitchman’s slogan. If Allstate has your coverage and they suffer losses, you will pay their way out. And if the losses are severe, they will leave you high and dry. So wake up all you independent agents! Everytime Allstate and State Farm announce their record breaking profits (and equally record breaking CEO profits)while raising rates “to cover losses” it goes right in my newsletter and all of my advertising. That’s my stand.
Record profits for past two years due to new strategy or…..the fact there has not been any major hurricanes hit the coast depspite all the dire warnings. Waah Waah Waah, the big one is coming, who is using the “fear factor” now.
This is one of the best quotes ever:
“We will continue to take our (homeowners’) coverage and exposure down because we have no moral or legal obligation to provide this kind of coverage to people,” current CEO Thomas Wilson, then president and chief operating officer, said on an Oct. 20, 2005, conference call.
No one should be surprised or offended about Allstate’s strategy – the CEO told everyone straight up in 2005 what they were all about.
It’s obvious why they want a 42% increase: If you don’t want the exposure, price yourself out of the market.
Don’t want to move but want insurance, great, take it someplace else. They’re raising rates because they don’t want your business. Don’t take it personal, it’s not you, it’s the exposure your house presents. If you really REALLY have to have insurance with them, then you’re going to pay a premium for them doing a service they don’t want to.
Personally, I think doctors should be allowed to charge a 42% premium to treat a personal injury attorney, but that’s just me.
If you can not understand the free market, what business might you be in? Are you Hillary’s campaign manager? You prefer socialist medicine? Wake the hell up! Hillary, the ugly bi t c h is going to raise taxes until you puke. On the rich only, of course, but that is everyone making over $80,000 per year. My AMEX bills are higher.
I suggest if you do not like Allstate’s tactics, buy your insurance elsewhere as shareholders like me much prefer the company making a profit year in and year out. That is why I invested and that is their JOB! Their job is not to give a free ride to chocolate LA. or anywhere else.
J Robert Hunter is knowledgeable enough about insurance to know if AllState’s strategy in homeowners is unreasonably excessive that competition will move in with lower rates and more liberal underwriting criteria to fill the need. As a competitor, I have approached numerous AllState Homeowner policyholders only to find they are rated within 5 miles of a fire department when the real distance is 6, 7, even 8 miles to the nearest one. It is difficult to believe that so many are misrated without underwriter or management tacit consent. They would need a significant rate increase just to overcome this underpricing.
Everyone talks about how bad companies Allstate and State Farm are, yet somehow they still control the majority of the market out there. Apparently, if they were so awful with claims and premiums there would be no buisness to write.
These companies have no “Obligation” to write HO policies anywhere. It is there right to write whatever kind of buisness they want.
Amazing that no one complained when they were paying 400 bucks on their condo policy or 800 bucks on their HO-3 policy.
Now, that they are paying what they should people freak out?
I am not affliated with either of these companies but I have Allstate on my cars. If they are so willing to throw customers out the window for a single claim like you say, then why is it that they are the only company you can get accident forgivness for multiple accidents the day you sign up?
The differnce in premium was a whopping 50 dollars semi annually for that package and anyone can purchase it.
You know what the beauty of this country is, if you don’t want to buy from Allstate or State Farm…YOU DON’T HAVE TOO.
Reading over everyone’s comments: yes purchasing insurance from All State in the end is up to the consumer & yes it might be really bad of All State to be making record breaking profits while its CEO says it has no moral obligation to provide insurance to these regions.
However, what everyone is forgetting is All State is not foregoing a market, they aren’t pulling out Florida or any other states, they are foregoing regions of states.
Of course any insurance company would want the best business of every state while averting the worse risks in it at the same time, but you can’t do that.
Florida is demanding an analytical explanation as to why homeowner rates are increasing there? It cannot be done arbitrarily to encourage no one to purchase a homeowner policy. All rates must be approved by the state.
It is hard to understand why All State did not renew so many policies, but it must explain itself in price increases. All State had a similar run in with State of Texas not too long ago on this issue.
I suspect they will say something like: Hurricanes turned us in the red, we didn’t renew policies, making our market share in your state worse and more expensive to insure homes and as such we need to increase prices to compensate, oops. And I guess we can’t do home insurance as much anymore, but we’ll sell a great auto product.
Who was even thinking about Hilary Clinton? Your AMEX bills? Socialist medicine? AND my favorite – Chocolate LA. What’s EXACTLY is that suppose to mean? There are plenty of poor and wealthy VANILLA residents that lost alot too.
As I work in the insurance industry and as a shareholder in my own company, yes I want to turn a profit too but as a compassionate person I like to see fairness on both sides as much as possible. If rates have to increase so be it but work as much as possible to meet people halfway too and please do not brag about the CEO’s compensation package through press releases.
I agree with the free market market statements but Florida and LA residents will soon run out of options once the “big one” hits and companies go insolvent.
As an Allstate Independent agent, I find these stories and responses very interesting. One thing you have to remmember is that an animal that size will feed where it wants, trampling down what ever comes in it’s path. Many of us independent agents that bought into their propaganda (Allstate way of doing things) are now sorry that we ever met them
amen independent ! you can add American National Property and Casualty to your newsletter too. They are a joke. If you’ve been with ANPAC for 5 years or so you probably had 2 or 3 agents. I’ve had 3 agents. I think I’m going to an independent no matter what the rates are,ANPAC just raised my home insurance 70%. I’m tired of wondering who my agent is and their rate increases. My last agent was a good guy, said he made the company money and they fired him for no reason, gave 5 years worth of his investment to another agent. It’s greed !
What exactly is a botom line?
Interesting, Allstate is sharply reducing its cat expsoure at the same time that the National Flood Insurance Program is drastically increasing its (uncompensated) cat exposure (adding wind, higher $$ limits, coastal development)… hmmm, wonder who is right..?
And people wonder why Florida has a problem with this…….
Sounds like Gas Companies to me.
“It’s not our fault- we’re just passing along the increase cost to us”- and, of course, breaking ALL records for profit to shareholders.
You’ve got Dawn…..
record profits…oh, I forgot they had a couple of bad years that the company was still profitable, but not as much as others….passing the cost on is crap and everybody knows it. They will have a record year, but not pass that on nor should they….but don’t hand us a line that they are passing the cost on to the public. They are doing because they can just like the oil companies.
Yes, I do know that, but we always get some PR kid whining about how much they are suffering.
Just be honest. We’re going to give our CEO a billion dollars while we cause you to lose your home BECAUSE WE CAN.
How many press releases have we been subjected to by the gas/oil companies on how it’s not their fault? Then the smiling faces of their million dollar plus earning club later that day.
And now Allstate is crying that they can’t turn a profit without a 42% rate increase in Fla. THAT’S what Crist is unhappy about.
Which is exactly what it should do to survive! Any stock owned company only owes one thing……. a profit to it’s sharholders. It has to live by its “obligations” to the people who bought it’s policies but, it does not have to keep taking on those same obligations once it has found it took on more or bigger bites than it could chew.
Spoken like a true corporate lackey Paul.
They made money even despite the hurricanes in 2004 and 2005. Well, Maybe not Allstate Floridian, but Allstate did. The concept of spread of risk has left the board room and only greed is in the air.
But Allstate isn’t a monopoly. If people don’t like it they can quite easily leave for another company. They are owned by shareholders and their sole duty is to provide the best return possible for those shareholders. How they do that is up to them. If people don’t like Allstate’s practices they should not insure with them. Allstate will then lose money and be forced to change its practices. It’s econ 101.
It’s free market folks. It’s what made this country great! The more profit made the more other’s will want to enter the business and creat more competition which ultimately reduces price. If you have a problem with it, invest in the common stock of Allstate.
Your right they can leave Allstate….
Wait, that’s right the company is leaving them!! What’s left (if they get their way) will be 40% Plus rate increase, because somebody at the top wants a bigger bonus.
All of this is music to my ears, because Allstate is a direct competitor of mine. I regularly educate my clients on “Allstate’s stand”, a play on their TV pitchman’s slogan. If Allstate has your coverage and they suffer losses, you will pay their way out. And if the losses are severe, they will leave you high and dry. So wake up all you independent agents! Everytime Allstate and State Farm announce their record breaking profits (and equally record breaking CEO profits)while raising rates “to cover losses” it goes right in my newsletter and all of my advertising. That’s my stand.
Record profits for past two years due to new strategy or…..the fact there has not been any major hurricanes hit the coast depspite all the dire warnings. Waah Waah Waah, the big one is coming, who is using the “fear factor” now.
…with middle fingers extended.
This is one of the best quotes ever:
“We will continue to take our (homeowners’) coverage and exposure down because we have no moral or legal obligation to provide this kind of coverage to people,” current CEO Thomas Wilson, then president and chief operating officer, said on an Oct. 20, 2005, conference call.
No one should be surprised or offended about Allstate’s strategy – the CEO told everyone straight up in 2005 what they were all about.
It’s obvious why they want a 42% increase: If you don’t want the exposure, price yourself out of the market.
Don’t want to move but want insurance, great, take it someplace else. They’re raising rates because they don’t want your business. Don’t take it personal, it’s not you, it’s the exposure your house presents. If you really REALLY have to have insurance with them, then you’re going to pay a premium for them doing a service they don’t want to.
Personally, I think doctors should be allowed to charge a 42% premium to treat a personal injury attorney, but that’s just me.
If you can not understand the free market, what business might you be in? Are you Hillary’s campaign manager? You prefer socialist medicine? Wake the hell up! Hillary, the ugly bi t c h is going to raise taxes until you puke. On the rich only, of course, but that is everyone making over $80,000 per year. My AMEX bills are higher.
I suggest if you do not like Allstate’s tactics, buy your insurance elsewhere as shareholders like me much prefer the company making a profit year in and year out. That is why I invested and that is their JOB! Their job is not to give a free ride to chocolate LA. or anywhere else.
Later whiner.
J Robert Hunter is knowledgeable enough about insurance to know if AllState’s strategy in homeowners is unreasonably excessive that competition will move in with lower rates and more liberal underwriting criteria to fill the need. As a competitor, I have approached numerous AllState Homeowner policyholders only to find they are rated within 5 miles of a fire department when the real distance is 6, 7, even 8 miles to the nearest one. It is difficult to believe that so many are misrated without underwriter or management tacit consent. They would need a significant rate increase just to overcome this underpricing.
Everyone talks about how bad companies Allstate and State Farm are, yet somehow they still control the majority of the market out there. Apparently, if they were so awful with claims and premiums there would be no buisness to write.
These companies have no “Obligation” to write HO policies anywhere. It is there right to write whatever kind of buisness they want.
Amazing that no one complained when they were paying 400 bucks on their condo policy or 800 bucks on their HO-3 policy.
Now, that they are paying what they should people freak out?
I am not affliated with either of these companies but I have Allstate on my cars. If they are so willing to throw customers out the window for a single claim like you say, then why is it that they are the only company you can get accident forgivness for multiple accidents the day you sign up?
The differnce in premium was a whopping 50 dollars semi annually for that package and anyone can purchase it.
You know what the beauty of this country is, if you don’t want to buy from Allstate or State Farm…YOU DON’T HAVE TOO.
Go buy somewhere else.
Reading over everyone’s comments: yes purchasing insurance from All State in the end is up to the consumer & yes it might be really bad of All State to be making record breaking profits while its CEO says it has no moral obligation to provide insurance to these regions.
However, what everyone is forgetting is All State is not foregoing a market, they aren’t pulling out Florida or any other states, they are foregoing regions of states.
Of course any insurance company would want the best business of every state while averting the worse risks in it at the same time, but you can’t do that.
Florida is demanding an analytical explanation as to why homeowner rates are increasing there? It cannot be done arbitrarily to encourage no one to purchase a homeowner policy. All rates must be approved by the state.
It is hard to understand why All State did not renew so many policies, but it must explain itself in price increases. All State had a similar run in with State of Texas not too long ago on this issue.
I suspect they will say something like: Hurricanes turned us in the red, we didn’t renew policies, making our market share in your state worse and more expensive to insure homes and as such we need to increase prices to compensate, oops. And I guess we can’t do home insurance as much anymore, but we’ll sell a great auto product.
Who was even thinking about Hilary Clinton? Your AMEX bills? Socialist medicine? AND my favorite – Chocolate LA. What’s EXACTLY is that suppose to mean? There are plenty of poor and wealthy VANILLA residents that lost alot too.
As I work in the insurance industry and as a shareholder in my own company, yes I want to turn a profit too but as a compassionate person I like to see fairness on both sides as much as possible. If rates have to increase so be it but work as much as possible to meet people halfway too and please do not brag about the CEO’s compensation package through press releases.
I agree with the free market market statements but Florida and LA residents will soon run out of options once the “big one” hits and companies go insolvent.
Also, Non-Lib…
You’re an idiot!
As an Allstate Independent agent, I find these stories and responses very interesting. One thing you have to remmember is that an animal that size will feed where it wants, trampling down what ever comes in it’s path. Many of us independent agents that bought into their propaganda (Allstate way of doing things) are now sorry that we ever met them