Lets see. IL rates and benefits are 2X to 3X higher than neighboring states, but carriers like Indiana Insurance routinely file rates that deviated by 15 to 20%, and then they throw on 50% credit on top of that. Do the math.
Then you’ve got idiots like West Bend. They write contractors with 40% credit, and then the insured earns a CPAC of 30-40%. And then the Dumb A’s sit and scratch their heads and wonder why their ship is sinking.
The IIA should work to strenghten the Office of the Commissioner and start regulating all of the carriers in the state that routinely misclassify risks to drive down premiums.
Illinois is the most absurd and most competitive state that our agency does business in. And we thankfully go into Ilinois rarely. It’s a madhouse.
“Lets see. IL rates and benefits are 2X to 3X higher than neighboring states”
– That’s because income and medical costs are 2x and 3x higher then neighboring states.
“but carriers like Indiana Insurance routinely file rates that deviated by 15 to 20%, and then they throw on 50% credit on top of that. Do the math.”
– No argument there. Indiana is as bad as it gets and put a black mark on the industry. Some of the things they do are laughable. But most carriers in IL have been VERY conservative on credits and which class codes to write in the last year and a half.
Now that we actually have a Department of Insurance again, we are starting to make progress with them. The misclassifying of risks is a huge issue, I would imagine in any state.
Illinois IS a mess. And it starts with Trial Lawyers, Chicago Politicians and the Governors mansion.
Lets see. IL rates and benefits are 2X to 3X higher than neighboring states, but carriers like Indiana Insurance routinely file rates that deviated by 15 to 20%, and then they throw on 50% credit on top of that. Do the math.
Then you’ve got idiots like West Bend. They write contractors with 40% credit, and then the insured earns a CPAC of 30-40%. And then the Dumb A’s sit and scratch their heads and wonder why their ship is sinking.
The IIA should work to strenghten the Office of the Commissioner and start regulating all of the carriers in the state that routinely misclassify risks to drive down premiums.
Illinois is the most absurd and most competitive state that our agency does business in. And we thankfully go into Ilinois rarely. It’s a madhouse.
“Lets see. IL rates and benefits are 2X to 3X higher than neighboring states”
– That’s because income and medical costs are 2x and 3x higher then neighboring states.
“but carriers like Indiana Insurance routinely file rates that deviated by 15 to 20%, and then they throw on 50% credit on top of that. Do the math.”
– No argument there. Indiana is as bad as it gets and put a black mark on the industry. Some of the things they do are laughable. But most carriers in IL have been VERY conservative on credits and which class codes to write in the last year and a half.
Now that we actually have a Department of Insurance again, we are starting to make progress with them. The misclassifying of risks is a huge issue, I would imagine in any state.
Illinois IS a mess. And it starts with Trial Lawyers, Chicago Politicians and the Governors mansion.