I find it abhorrent how much these companies spend on perpetual marketing. Their operating budgets are excessive due to all these tv commercials, and they just keep pouring it onto the consumer. The US consumer is broke, especially any earning under $100k per year.
Police complacency? Are you joking? It’s the phones. I don’t know how you even suggest it’s anything but. Higher fines for using a phone while driving is the obvious answer, but in no way should armed thugs be pulling people over for speeding tickets.
2021 and certainly 2022 saw returns to economic activity, so the dip that 2020 had was not going to continue. Add to this a) the rising expense cost for physical damage (see any global article on supply chain for validation), b) rising inflation in general (labor costs!), c) the noted recalibration of prior year reserves, d) the combination of higher average new car values ($48K I think average new car cost in the US) and also the rising number of older vehicles on the road at likely somewhat depressed premium levels, and finally e) CAT costs (whole lotta flooded vehicles) … well there you are. Welcome to 2022.
So these guys forgot how you actually run an insurance company?
Stop the rate increases and start with the risk mitigation!
Where are the defensive driving classes? Work with driving psychologists! Ask state police officers for advice. Start subsidizing lowjack. Increase the use of dash cams and telematics. Offer an alcohol crisis line your policy holders can call if they are going down that path. Lobby for better laws
Limu Emu……………And Doug!
I find it abhorrent how much these companies spend on perpetual marketing. Their operating budgets are excessive due to all these tv commercials, and they just keep pouring it onto the consumer. The US consumer is broke, especially any earning under $100k per year.
Alcohol, speeding and police complacency in not writing tickets all point to evermore dangerous roads and highways.
Police complacency? Are you joking? It’s the phones. I don’t know how you even suggest it’s anything but. Higher fines for using a phone while driving is the obvious answer, but in no way should armed thugs be pulling people over for speeding tickets.
2021 and certainly 2022 saw returns to economic activity, so the dip that 2020 had was not going to continue. Add to this a) the rising expense cost for physical damage (see any global article on supply chain for validation), b) rising inflation in general (labor costs!), c) the noted recalibration of prior year reserves, d) the combination of higher average new car values ($48K I think average new car cost in the US) and also the rising number of older vehicles on the road at likely somewhat depressed premium levels, and finally e) CAT costs (whole lotta flooded vehicles) … well there you are. Welcome to 2022.
So these guys forgot how you actually run an insurance company?
Stop the rate increases and start with the risk mitigation!
Where are the defensive driving classes? Work with driving psychologists! Ask state police officers for advice. Start subsidizing lowjack. Increase the use of dash cams and telematics. Offer an alcohol crisis line your policy holders can call if they are going down that path. Lobby for better laws
Educate. Advocate. Mitigate!
MITIGATE THE RISK LIKE YOU’RE SUPPOSED TO DO!