I know this sounds like a far fetched idea, but perhaps the P/C Companies should consider spending a few more bucks hiring actuaries and underwriters, and a bit less on marketing. Their board rooms should consider other things than merely market share!
There almost is no such thing as an underwriter anymore. They just call them that while a machine is the underwriter–and a poor one at that. Better to have a dart board now days.
for everyone blaming the underwriters (no I’m not an underwriter) it’s due to inflation. A home that you paid $200k in 2020 and is now worth $500k and it would cost an insurance company $400k to rebuild it due to inflation .. that’s what is costing rates to go up. I don’t understand why this is not understood
I know this sounds like a far fetched idea, but perhaps the P/C Companies should consider spending a few more bucks hiring actuaries and underwriters, and a bit less on marketing. Their board rooms should consider other things than merely market share!
I remember when it took years to earn the title of “Underwriter”. When I was still on the company side, underwriters were created in about 6 months.
There almost is no such thing as an underwriter anymore. They just call them that while a machine is the underwriter–and a poor one at that. Better to have a dart board now days.
for everyone blaming the underwriters (no I’m not an underwriter) it’s due to inflation. A home that you paid $200k in 2020 and is now worth $500k and it would cost an insurance company $400k to rebuild it due to inflation .. that’s what is costing rates to go up. I don’t understand why this is not understood