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They need to need to compare the DIRECT WRITERS, they are the ones who write the bulk of the business. The companies which where mention have a small per centage of the market.
Tom,
You sound like a very confused man or you’re just going through your insurance career with blinders on. Credit scoring is a very real and proven predictor of risk.
It is a given that the captive side companies were already carrying higher rates…..
I think this artile is misleading. Home insurance rates went up 19%, but that doesn’t mean that insurance companies raised base rates by 19%. I think the increase in premiums paid have more to do with lower credit scores of policy holders and a higher number of customers with a claim surcharge.
In calif. they do not use credit score. Also credit score is a farce. Has nothing to do with loss ratios.
Tom, it is a proven fact. Why do finance companies charge higher rates for homes and auto with sub-par credit scores? Why is California in the mess that it is…….
you sound like a company person, you should go in the real world and work in an agency and start selling insurance.
Tom, you are wrong. A simple look at industry data will show that credit score is a very strong predictor of risk in both personal and commercial lines, especially on a loss ratio basis.
thank you storm chaser roofers!
Yes, the title of this article is just plain incorrect. The average premiums for a sample of new policies is 19% higher than the average for some other sample of new policies last year, according to the homeinsurance.com website. This doesn’t tell us anything at all about rate changes. It drives me crazy when journalists conflate rate changes with premium changes in order to attract attention.
I feel for you company people, when prop 103 was voted in, in CALIF. the auto ins. companies panic and said that was the end and many left the state. Well the companies that left are now back and doing well. I had and was involved with 13 different agencies in 3 states 75% was auto ins. I think I should know if Credit has anything to do if you are a good driver or a bad driver.
First time in a number years rates increased higher in areas other than the coast. Hope I didnt speak to soon.