Allstate to Halt New Property Business in Conn., N.J. and Del.

December 8, 2006

  • December 8, 2006 at 12:12 pm
    bucko says:
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    that some states are experiencing capacity issues:

    1. Allstate\’s actions, now and in the past leading up to the current actions
    2. Reinsurance costs
    3. Model changes
    4. Rating agency demands

    …in that order.

  • December 8, 2006 at 3:26 am
    Yo Geico says:
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    How do we get rid of ALL agents without being sued for employee / employer related issues? Simple, don\’t terminate their agreements, let them quit because;
    a) if we can\’t write homeowners / property coverage what are we left with?
    b) can someone get rid of that pesky lizard that keeps taking our business?
    c) what do you mean my advertisement and rent is due?
    d) do you think its best to sell my book of business back to the company I write for considering they are no longer writing?
    e) Am I really a captive agent for a carrier that no longer writes the business that people need to be written?

    Hey, does anyone know where that Tower business is going?

    Incoherrent maybe, but those who are in the know know what I\’m talking about.

  • December 10, 2006 at 12:54 pm
    wudchuck says:
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    Agents?! what does that have to do w/why allstate is pulling out? In reality, when was the last time that Conn. had a hurricane and how much damage did it do? Another issue, when does the state underwrite for a homeowners policy? Underwriting is done by the compay. Window shutters? Sounds like an option that would help reduce damage, but to make it mandatory? Another government trying to make choices for the consumer w/o the consumer\’s consent. Do we need another Tea Party? But take our HO policy and throw it overboard. This just means, another company will eventually take the brunt or the state will have to eventually take the business. If companies keep walking out, that just means the state is probably going to have to provide something.

  • December 11, 2006 at 10:15 am
    Sick & tired says:
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    I am really getting sick and tired of all of this. Are insurance companies stupid or what?? Did they not know that hurricanes can hit the coast?? Have they not for years increased deductibles so the insured would pay the small losses and the insurance could be for a cat loss?? Now they have that cat loss which of course the stupid companies were not aware of and they take a knee jerk reaction and stop writing. I pay for the fires in the west, I pay for the mud slides, I pay for the tornados, I do not live in those areas but I pay. I live in the east. My homeowners policy (I live in a manufactured home in FL) went from $600 to $1,800. My hurricane premium on this policy is only $297. DUH!!! What is wrong with this picture. If insurance companies do not want to cover losses, then get out of the business or do what you are suppose to do – SPREAD THE RISK!!!! LAW OF LARGE NUMBERS!!! I guess insurance is like everything else now – if you need it, you can\’t afford it. If you didn\’t need it, they throw it in for nothing. Wake up people the insurance carriers are blackmailing the public and government and I for one am getting sick of it. We all now must pay because they were too stupid to know that hurricanes hit the east coast.

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