The board rooms will be busy indeed trying to figure out what to do on pricing. They have already taken a bath on Personal Auto and some other lines. Harvey losses will be tremendous and yes, get ready for another hard market.
By the way, Doug, WC pricing is very good in Texas because our law was changed years ago back to what it was intended to cover and we got the lawyers out of the mix. Good accounts with good modifiers will continue to have lower prices because they deserve it.
And yet, the race to the bottom on pricing will continue. My territory of North Carolina has seen comp carriers lose almost 18 cents on the dollar for years. The market should harden up, but beyond all comprehension, carriers continue to throw huge credits at everything. It’s incomprehensible.
I want to see how much of that is Louisiana commercial auto. We lose a trucking market once a week now . . . All BDMs here give us reports of commercial auto combined ratios of 130+
Berkshire Hathaway, even with their ridiculous pricing adverse selection model just announced they are no longer writing in LA. Didn’t even last 3 years.
Buyers are complaining they pay too much now? Yeah.
And so, with Harvey piling on the losses, is the “turn” towards a hard market??
The board rooms will be busy indeed trying to figure out what to do on pricing. They have already taken a bath on Personal Auto and some other lines. Harvey losses will be tremendous and yes, get ready for another hard market.
By the way, Doug, WC pricing is very good in Texas because our law was changed years ago back to what it was intended to cover and we got the lawyers out of the mix. Good accounts with good modifiers will continue to have lower prices because they deserve it.
And yet, the race to the bottom on pricing will continue. My territory of North Carolina has seen comp carriers lose almost 18 cents on the dollar for years. The market should harden up, but beyond all comprehension, carriers continue to throw huge credits at everything. It’s incomprehensible.
I want to see how much of that is Louisiana commercial auto. We lose a trucking market once a week now . . . All BDMs here give us reports of commercial auto combined ratios of 130+
Berkshire Hathaway, even with their ridiculous pricing adverse selection model just announced they are no longer writing in LA. Didn’t even last 3 years.
Buyers are complaining they pay too much now? Yeah.