\’Mississippi insurance regulators this week approved a statewide rate increase of 29 percent for Allstate homeowner policyholders, the Northbrook, Ill.-based insurer announced Wednesday.\’
More evidence of the self serving nature of heartless regulators. Imagine, approving a rate increase so that insureds will actually pay the correct rate for the risk.
Afterall, insurance was designed to be a social(ist) mechanism whereby everybody shares each others burdens – such as choosing to live in a high-hazard area.
See if I understand this…
29% rate hike and exclusion of wind and hail. Geez, think they\’ll make more money? Didn\’t they just post huge profit?
Why – myself included – do we allow these self serving pirates to hold offices and keep sticking it to us all? Anyone with a brain realizes there is no diff. between political parties – they are all in the same party -The \”I get rich -you get screwed \”party.
I don\’t understand the hostility here. Doesn\’t a business have the right to make a reasonable profit? They are not in business for their health; they are in it to make a profit. Insurance rates must be adequate, not excessive, & not unfairly discriminatory. Historically, property insurance has been underpriced all over the nation. And this is b/c insurers used to make so much money in investment income. Now, that they are not and we\’ve had some very active hurricane seasons, they are focusing on u/w income.
Gov\’t regulators have made it impossible to do insurance business in certain states, such as Louisiana, Florida & Miss. Why? b/c they tell the ins carriers that they cannot charge rates commensurate w/exposure,(they are prohibited from charging adequate rates) AND they must continue to write business. Look at the state of Florida. Big mess. This is why so many of the private carriers are pulling out of certain areas by issuing mass non-renewals and refusing to entertain new risks. If you owned a business that was always operating in the red, what would you do? It\’s not rocket science here; you know you would either close your doors or close them in the areas that are not producing a profit. I think what needs to happen all up & down the coast is for the various states to handle the entire wind exposure & the private carriers handle all other perils. Or, there needs to be a national catastrophe fund where all homeowners in the nation share the cost of the windstorm exposure (I\’m sure this\’ll fly!).
\’Mississippi insurance regulators this week approved a statewide rate increase of 29 percent for Allstate homeowner policyholders, the Northbrook, Ill.-based insurer announced Wednesday.\’
More evidence of the self serving nature of heartless regulators. Imagine, approving a rate increase so that insureds will actually pay the correct rate for the risk.
Heartless indeed.
Afterall, insurance was designed to be a social(ist) mechanism whereby everybody shares each others burdens – such as choosing to live in a high-hazard area.
Hooray for Florida and it\’s …………….socialist Governor.
He is what he is but few people know what that is.
See if I understand this…
29% rate hike and exclusion of wind and hail. Geez, think they\’ll make more money? Didn\’t they just post huge profit?
Why – myself included – do we allow these self serving pirates to hold offices and keep sticking it to us all? Anyone with a brain realizes there is no diff. between political parties – they are all in the same party -The \”I get rich -you get screwed \”party.
I agree. Its not like homeowners have any choice but Allstate. Oh, thats right.
They do.
I don\’t understand the hostility here. Doesn\’t a business have the right to make a reasonable profit? They are not in business for their health; they are in it to make a profit. Insurance rates must be adequate, not excessive, & not unfairly discriminatory. Historically, property insurance has been underpriced all over the nation. And this is b/c insurers used to make so much money in investment income. Now, that they are not and we\’ve had some very active hurricane seasons, they are focusing on u/w income.
Gov\’t regulators have made it impossible to do insurance business in certain states, such as Louisiana, Florida & Miss. Why? b/c they tell the ins carriers that they cannot charge rates commensurate w/exposure,(they are prohibited from charging adequate rates) AND they must continue to write business. Look at the state of Florida. Big mess. This is why so many of the private carriers are pulling out of certain areas by issuing mass non-renewals and refusing to entertain new risks. If you owned a business that was always operating in the red, what would you do? It\’s not rocket science here; you know you would either close your doors or close them in the areas that are not producing a profit. I think what needs to happen all up & down the coast is for the various states to handle the entire wind exposure & the private carriers handle all other perils. Or, there needs to be a national catastrophe fund where all homeowners in the nation share the cost of the windstorm exposure (I\’m sure this\’ll fly!).