Pud has no notion of what real is. Real is that a company that is losing money on an item needs to either get more money for it or stop selling it. Pud and the idiots at the State of Florida know nothing about insurance, just politics. I just wish I could tell the companies I buy products from that they are unfair and they will have to sell my goods at a loss. That would go over real big. Pud has always been a moron in his posts.
The greedy neighbor will get their day in arbitration, threaten to pull out and threaten the governor.
They just wrote my friend a $750,000 house policy last month for $1400. They never stopped writing. Stop the bs and grant them the rate increase outta here and since it is a mutual company the insureds own the company. If they lost so much money why not fire the leader for Florida for grossly mismanging the money and lobbyists.
State Farm needs to follow the same script of every other “Florida based” homeowners company that Crist has brought to us: create a company that barely meets the Florida standards for solvency, strip away the coverage, remove coverage options, and prepare to let the taxpayers pay for the insolvency when it occurs. Then they wouldn’t need a rate increase.
They want to raise rates for future hurricanes. That’s a laugh! They have denied so many since 2004 Ivan which I have not collected on. Now they want more money to fill their pockets.All they are money hungry.Please deny the rate hike.
The spin that comes out of the OIR communications office portrays the anti-business mindset. “Rate increases” are now referred to negatively with phrases such as “Rate Hikes” or “jacking up rates.” I learned once that the regulator’s role was to assure rates were adequate and neither excessive nor unfairly discriminatory. In Florida that language is long-since forgotten.
Did you read the article Ed? They paid out more than they took in. Period. The fact that the national company (a separate company) makes money is not relevant to Florida. Of course that doesn’t make any difference to Crist & his band of morons who “regulate” insurance in the state. Keep on driving companies from the state & pray you never have a big hurricane. Great plan. Good luck with that one.
One of the reasons State Farm indicated they needed the rate hike was to bring more $$ in the door because too many of their consumers are trying to mitigate future damages by “hardening” their homes against future hurricanes and thus becoming eligible for discounted rates.
Is it just me getting it wrong or does a stronger home mean that is less likely that State Farm will have to pay out Big $ down the road?
State Farm is saying We need more money because in the future we will have to pay out less money…..Hmmm…I’m stumped by that logic.
Two things: 1) Give them their rate increase, and anyone dumb enough to pay the price deserves to be their customer.
2. Last time I checked, SF has limited their liability in Florida, and the parent company has not indemnified the Florida Company in writing or any other way other than the required standards of the DFS. The percieved Deep Pocket is no longer there. Check their current filing. They are for all intensive purposes a Franchise of the parent company. Their Florida Company “STANDS ALONE.”..DUH
Response to “just to clarify” – the mandated credits tied to mitigation efforts are claimed by State Farm to be overstated, and not yet adequately tested in the real world. Should the credit be 10% or 20%? Nobody knows for sure. State Farm claims the OIR overstated the value of mitigation efforts and thus drastically reduced the premium coming in the door. If their right, the rates are now actuarially unsound.
I have no idea who is right here, but in view of the fact that Citizen’s rates are known to be inadequate, and the reinsurance pool is also known to be inadequate, I tend to believe State Farm a bit nore than I do the OIR.
Also, if these increased costs drive up the value of the property to be replaced, it seems logical that the cost to replace would go up, regardless of the slight of hand actuarial work of the OIR.
It’s almost unbelievable what is happening here. Florida has a real crisis on their hands with potential hurricane frequency and severity. The current administration decides to politicize the issue and blame it on big business. Small thinkers like Ed buy into that rhetoric as fact, making the public even more distrustful of insurance carriers. Hello!!!! If the political rhetoric was correct, the companies would be lining up in droves to write new business in your state! Doesn’t the fact that MOST insurance companies won’t touch your state suggest to you the crisis is real and not political? Ed…for crying out loud…don’t blame State Farm. Show up at your Governor’s front door step and chew HIS butt out.
What makes you such a genious?
Every time I mention about how much money insurance companies WASTE compensating their executives AND sales people you get in a huffy about it! It’s obvious I’ve posted some of the financial trades of companies.
Must be guilt by associate.I happen to know a lot about this business and that’s why I am upsetting you. You know what I’m saying is true. You have your personal invitation to prove me otherwise!
Put the proof where you are running your mouth.I’m sick of you bashing me and not backing your mouth!
Auto insurance is a cash cow and if a company makes bad investments and mismanages their money that makes it the consumers fault?
Homeowners you pay,pay,pay then you have one maybe two claims and they cancel you and you’re put into high risk.These two types of insurance are not exclusive either.It applies everywhere worker’s comp,malpractice,all lines of insurance.
We should pay for their ignorance? I don’t think so!
Go stick you head in the sand, Your identity in this forum is appropriate and corresponds with you knowledge!
I think what you are starting to see is the entire population of this country is noticing the amount of money executives are putting in their pockets,as bonus’, and then saying thier companies are not making money.
If an insurance company is not making money in this day and age they are mismanaging monies paid by policy holders in the way of premiums.
Enough is enough! Manage you finances responsibly or go out of business after all isn;t that what happens in the real world.
I could give a rats a_ _ if State Farm or any other company flops. They are paying out too much in bonus money god knows the claimants have a difficult enough time collecting on their policies if they suffer a loss then their premiums increase afterwards.Bad credit premium increase.Bad dog premium increase,health issues premium increase,increase,increase,increase,increase.
I mean let’s get real here.
Your knowledge of the insurance industry is negligible. Your knowledge of pretty much anything you post about is non-existant. I object to your constant bashing of the industry because you don’t have a clue. I deal at the home office level with the FL Insurance Department and everything bad that is said about them is true. They simply don’t care about facts any more than you do. I hope some day the people of Florida recognize the damage being done to their insurance market by these idiots. Once again, if a company isn’t making money in a line, which they aren’t regardless of what urban legends you subscribe to, they should stop providing that product. Basic economics. Oh, I’m sorry, they didn’t study that in the 3rd grade so you might not understand. I haven’t been genuinely insulting in my posts the way you deserve, so back off.
The thing that I think you and I are in disagreement on is Ins Co coming in and saying they make no profit,I respectfully disagree with triple and quadruple digit figure incomes being distributed throughout management!
I have heard no specifics from you except that increases in premiums are a necessity for companies to stay a float.
This is certainly a fact but not in increments that are being requested. I think the Fl Ins Dept has cahoenas for standing up to the status quo.No other state other than California,NY,Wv and now Fl have really challenged the industry as a whole which I applaud!I also agree with you that what you pay for insurance in Fl you do not get the best bang for your buck.The policy coverages are so low in $$ that it’s insane.IF you want good insurance in Fl you WILL pay through the nose for that coverage.
Go try to buy insurance in any one of these states!Maybe you sell in one?
I assure you premium increases will continue weather a company does good or bad.I lived in states where the premium went up every year and yet it stated on the bill that I was receiving a discount for being a safe driver yada yada yada,no losses,no accidents,no liabilities but yet due to the risks assigned to the areas I’ve resided I went from paying $500 a year to over $1200 for auto and now I have half the coverage and twice the deductible,used to have 250 coll ded,no comp ded and full glass now have $500 coll,$500 comp and full glass.IF you are as familiar with the industry as you have indicated you realize the quote (door) of averages in auto TCPC.TCPC has stayed at or around 2500 to 3500 for years!The industry has all but took control of the autobody repair industry which is not far away and that is to control TCPC.I assume it will change at some point if the concierge program proves to be beneficial which it has!
When a dealership charges anywhere from $95 to $110 per hr labor and the autobody industry is enticed to accept $40 to $65 per hr for their trade and consistent knowledge upgrades this is O.K. to keep frompaying these guys what they are worth?
Homeowners same thing.Constant continuing education expenses and building codes changes cost a lot of money and yet some of these people are still working for what they were making 4 years ago.Is that the industries intent is to pay these people more or again is it to put more money in bonus’ in the pockets of the companies higher up employees?
The investment portion of the idustry is just that annuities etc.If they do poorly it’s because it is economy driven or again poor investments.
Just asking after all you said you were in H.O.and have all this information that contradicts my claims and I’m the dummy!
I enjoyed the dialog with you.Good evening!
1. SF does not operate as a true Mutual Company in Fl. 2. Most of the money their agents make is tied to auto. 3. Give them a 100% rate increase if they want it. It’s just their way of reducing their exposure without a hassel from the department. The public is now computer based, and will shop them to death. I’m an Ind. Agt., and am loving every minute of this, plus the extra money I’m making ontheir customers that are coming to me. With these hard times, the customer will go with PRICE… CUSTOMER..YEA FIGA…YEA CITIZENS..YEA ME…The Independent Agent is back..
You mean that the rates in Florida should be competive and that companies should be able to charge what they think is adequate? Hard to believe. Doesn’t seem fair to me. If their prices are too high people will to a lower priced carrier. Sounds like a communist plot to me.
Obviously SF wouldn’t be in business if it wasn’t trying to make money–it’s not a philanthropy! Some insurance insiders act like they insurance cos exist to provide a service, but that mentality is long gone. At this point, it’s the executives that run the company that get compensated for strong premium growth, combined ratio, net income, etc. That being said, Florida clearly is a high-risk state and it’s hard to believe that a rate increase isn’t warranted to some degree (ask a dozen actuaries and you’ll get a thousand answers on that point). Danny has it right–let them increase rates. Their service sucks anyway, they have a culture of denying claims, so let the word get out and see the people walk away in droves. The whole “Good Hands” motto is total BS. SF is like any other major corporation–looking at their top and bottom line (forget what insurance lines they actually write–they are in business to make money, period). Yes, it’s a mutual company (although maybe not in FL?), which is supposed to create incentives for prudent management, as insurereds are owners, but what voice do they have? None, except their pocketbooks. You want to make your voice heard by SF? Take your money elsewhere.
And lay off the ad hominem attacks, it’s just childish…
Pud, costs go up. Prices need to go up to cover costs. Simple economics. You want to blame insurance executives for this. Blame the climate. I’m not trying to be insulting, you just are not well informed on the cost of doing business. I can’t speak for your individual experience. I can speak for my company’s experience. A top notch company that can’t do a full book of business in Florida because of all the governmental nonsense. What they are doing is simply not going to work in the long run. They know it, I wish you did.
I understand. Everyone is being sqeezed.You have enlightened me to some issues but again you being an underwriter is a cut throat business.I didn;t realize that until you just said it.You guys are constantly under the gun as well.Incentives given by large companies have to be met otherwise they will go elsewhere.
I can’t understand why they are asking for such a large increase.i know that the economy has gone south but who’s to blame for that? Our politicians,businesss executives sending jobs overseas and realtors and banks.
Couple this with the increase in fuel and it’s a recipe for disaster.Fl is certainly unique in the way they do insurance business.You have bare bones coverage at a high premium.Citizens is a joke!I would probably go without H.O before I paid that kind of money because I could use the capital of my property to rebuild and save the premium I pay on my home.I don;t have much of a home because of the mishap I mentioned but it amazes me how a company can come in and set a value on my home when market is clearly higher.If I suffer a total loss I would get half of what my home could sell for right now in this market.
This just fried my jewels because as I said I see these large payments made to execs and then they cry they need to increase premiums.
I know in the insurance world 6 million isn;t a lot but that could and would cover quite a few losses and what makes these people entitled to these awards?
I think that government as a whole is looking closely at the way executives of all corprations are compensated now.I hope they intervene because it will be this countries demise.
No large corporations in this country pay federal income tax and there sister companies abroad are exempt from the sameWhat is wrong with that picture.
I really hope that the issue stays on the forefront of the political agenda because this country will become a third world country unless they address it now.
British and Canadians are buying up American realestate and companies like it’s going out of style.This is not good!
I priced my H.O.through them and was shocked at the price they gave me.If I hadn’t had a mishap in my life that has taken away my life blood I wouldn;t be so bitter but try living on 20k a year when you made more than double that.
Again have a good one. Excellent dialog!
Well Nobody Important I guess I struck a nerve.If yOU DO infact work in H.O.of a company then it’s obvious you have loss site of the outside world and have been programmed to think at the level the company wants you to!
I haven’t been insulting to you directly nor do I plan on it I am merely commenting on your inadequacies of the real black and white.I agree that they show no profit but this is because the data is being manipulated the reason it’s being manipulated is so that people in your or higher level,excuse me,can make large sums of money!
I am not against that but the amounts of money they make is ludicrous and comes out of the bottom line as stock options.If a CEO?CFO dumps all his stock tto take a leap and fly away then all of sudden panic sets in and the share holders follow suit.This is classically what you are seeing now.Maybe not with all companies but definitely with some.Look at the stocks and prove me wrong!This isn’t all because of losses.
The other thing is that most companies are insured by reinsurers so IF they get their butts in trouble they can turn around and look to Lloyds or a company like that.Then you have them turning to the federal government for things they should also be covering.
So YOU may need some more schooling on this subject.Don’t insult me.I’ve provided proof on this forum and all you’ve done is said the companies are enttitled to an increase the companies are entitled to an increase.You sound like a broken record.
The expense ratios data can also be manipulated.Um the word Budget comes to mind again if you are not managing properlt YOU WILL loose money but I don;t want you to tell me you are loosing money and I see the financial officers and exec’s taking 6 million dollar bonus’ in a years time!That to me is not a company that needs to raise rates.It’s a company that needs to reorganize there priorities.The consumer is smarter than they have ever been with insurance companies and why do you think this is? They are sick and tired of paying and paying!
Pud, you have no facts, you have no logic. You say you are knowledgeable in the industry, but show no knowledge. It’s not an insult to say that your posts are nonsense. You say you don’t insult me, but then because I am with an evil insurance company you say I can’t know the real world. I think after over 30 years of work in my chosen industry I have a pretty good knowledge of the impact of insurance and the world in general. I work for a company that has tried honestly to work with the OIS and gets nothing back. The OIS is not dealing with the real world. It’s just making up it’s own world where the catastophe losses won’t occur. The State of Florida is counting on the feds to bail them out when the big one comes. You and I disagree on this and I find your viewpoints and posts to show a low level of actual knowledge of the purpose and function of insurance. I have said this before, I’m sorry the people of Florida are being so poorly served by the politicians. It’s what they voted for.
They should sever their ties to the national parent, voluntarily turn in their certificate of authority, and leave Florida. They can keep writing auto insurance, which is very profitable, under State Farm Mutual or State Farm Fire companies and tell the FLOIR to kiss off. If they cannot get rates they want they could be technically insolvent, not unlike Citizens, which means the FIGA has to pay if claims exceed assets. Citizens is okay PAST losses by way of assessments on almost all insureds. What’s fair about that logic?
The company encouranges you to install hurricanne protection then wants to penalize you for the discount they encourage for you doing this? Sort of contradictory ! They say they have made no money on any policies in Florida; a BOLD FACE DIRECT LIE. I HAVE BEEN INSURED IN MY CURRENT HOUSE SINCE I PURCHASED IT IN 2001, THROUGH STATE FARM. I HAVE NEVER FILED ANY CLAIM AND CARRY ADDITIONAL COVERAGE ON JEWELRY AND OTHER PERSONAL ITEMS. ADDITIONALLY AM IN AN X FLOOD ZONE(FLOOD INSURANCE NOT REQUIRED)BUT STILL CARRY THE INSURANCE AS A BACK UP. WITH A 2% DEDU7CTABLE TO SAVE THE,M MONEY, AND ALL I HAVE DONE TO MINIMIZE RISK THEY WANT OT RAISE MY RATE BY MAYBE AS MUCH AS SEVENTY PERCENT. These insurance compies feel they should bare no mrisk. Maybe they need to look up the definition of insurance. Instead of spreading the risk among all of the insurance policies written by them they form a seperate Florida Corp. to have only this state in that risk pool, defeating the real meaning of spreading risk ! What a lie to policy holders, insurance regulators and the majority of stock holders who additionally are stock holders also. they are not telling the entire truth and should be called to task for this trickery by the Insursance commission and governor. Take away all of their ability to write any insurance, auto, business, special coverages and do like the state did to Allstate and maybe this company too will wake up !
Your not to educated. Maybe we should start regulating everyones pay. Retail should charge less, gas stattions should have gas giveaways, lawyers should lower there fees, sales people in general should cut their commissions in half.
Then we can call ourselves the United Socialist States. That sounds great, we can have price controls on all occupations that way people all make the same amount of money no mattrer the educatiuon level.
People like you make everyone else dumber. I have worked fraud investigations for 10 years as an independent business person. People have an entitlment attitude such as yourself when it come to insurance. I have seen people turn on their hoses and flood their own homes and claim it was caused by a storm. I have seen people get on their roofs and hammer their shingles to create hail damage.
People like you are so far removed from reality and you have a hate for successful people. You should not hold other people accountable for your own shortcomings. We live in a capitalist society if you do not like the price then move on or in your case move away, far.
Insured with SF 20 Yrs never filed a claim. Live in town house East of 95. HOA has BLDG policy with Citizens, I pay for a condo policy with SF. Which includes BLDG property and Personal Property. I was just informed that I have been dropped because of the risk from hurricane. I have 3 Autos insured with SF and I will be dropping them when I find a company that can write home and Auto
Any and all suggestions appriciated.
Joe
Pud has no notion of what real is. Real is that a company that is losing money on an item needs to either get more money for it or stop selling it. Pud and the idiots at the State of Florida know nothing about insurance, just politics. I just wish I could tell the companies I buy products from that they are unfair and they will have to sell my goods at a loss. That would go over real big. Pud has always been a moron in his posts.
The greedy neighbor will get their day in arbitration, threaten to pull out and threaten the governor.
They just wrote my friend a $750,000 house policy last month for $1400. They never stopped writing. Stop the bs and grant them the rate increase outta here and since it is a mutual company the insureds own the company. If they lost so much money why not fire the leader for Florida for grossly mismanging the money and lobbyists.
They make these statements as if it were a big decision for them to reject a rate increase. As someone posted the other day
Decrease – accepted
Increase – rejected
Standard proceedure in the FL DOI
State Farm needs to follow the same script of every other “Florida based” homeowners company that Crist has brought to us: create a company that barely meets the Florida standards for solvency, strip away the coverage, remove coverage options, and prepare to let the taxpayers pay for the insolvency when it occurs. Then they wouldn’t need a rate increase.
They want to raise rates for future hurricanes. That’s a laugh! They have denied so many since 2004 Ivan which I have not collected on. Now they want more money to fill their pockets.All they are money hungry.Please deny the rate hike.
The spin that comes out of the OIR communications office portrays the anti-business mindset. “Rate increases” are now referred to negatively with phrases such as “Rate Hikes” or “jacking up rates.” I learned once that the regulator’s role was to assure rates were adequate and neither excessive nor unfairly discriminatory. In Florida that language is long-since forgotten.
Did you read the article Ed? They paid out more than they took in. Period. The fact that the national company (a separate company) makes money is not relevant to Florida. Of course that doesn’t make any difference to Crist & his band of morons who “regulate” insurance in the state. Keep on driving companies from the state & pray you never have a big hurricane. Great plan. Good luck with that one.
One of the reasons State Farm indicated they needed the rate hike was to bring more $$ in the door because too many of their consumers are trying to mitigate future damages by “hardening” their homes against future hurricanes and thus becoming eligible for discounted rates.
Is it just me getting it wrong or does a stronger home mean that is less likely that State Farm will have to pay out Big $ down the road?
State Farm is saying We need more money because in the future we will have to pay out less money…..Hmmm…I’m stumped by that logic.
Two things: 1) Give them their rate increase, and anyone dumb enough to pay the price deserves to be their customer.
2. Last time I checked, SF has limited their liability in Florida, and the parent company has not indemnified the Florida Company in writing or any other way other than the required standards of the DFS. The percieved Deep Pocket is no longer there. Check their current filing. They are for all intensive purposes a Franchise of the parent company. Their Florida Company “STANDS ALONE.”..DUH
Response to “just to clarify” – the mandated credits tied to mitigation efforts are claimed by State Farm to be overstated, and not yet adequately tested in the real world. Should the credit be 10% or 20%? Nobody knows for sure. State Farm claims the OIR overstated the value of mitigation efforts and thus drastically reduced the premium coming in the door. If their right, the rates are now actuarially unsound.
I have no idea who is right here, but in view of the fact that Citizen’s rates are known to be inadequate, and the reinsurance pool is also known to be inadequate, I tend to believe State Farm a bit nore than I do the OIR.
Also, if these increased costs drive up the value of the property to be replaced, it seems logical that the cost to replace would go up, regardless of the slight of hand actuarial work of the OIR.
It’s almost unbelievable what is happening here. Florida has a real crisis on their hands with potential hurricane frequency and severity. The current administration decides to politicize the issue and blame it on big business. Small thinkers like Ed buy into that rhetoric as fact, making the public even more distrustful of insurance carriers. Hello!!!! If the political rhetoric was correct, the companies would be lining up in droves to write new business in your state! Doesn’t the fact that MOST insurance companies won’t touch your state suggest to you the crisis is real and not political? Ed…for crying out loud…don’t blame State Farm. Show up at your Governor’s front door step and chew HIS butt out.
What makes you such a genious?
Every time I mention about how much money insurance companies WASTE compensating their executives AND sales people you get in a huffy about it! It’s obvious I’ve posted some of the financial trades of companies.
Must be guilt by associate.I happen to know a lot about this business and that’s why I am upsetting you. You know what I’m saying is true. You have your personal invitation to prove me otherwise!
Put the proof where you are running your mouth.I’m sick of you bashing me and not backing your mouth!
Auto insurance is a cash cow and if a company makes bad investments and mismanages their money that makes it the consumers fault?
Homeowners you pay,pay,pay then you have one maybe two claims and they cancel you and you’re put into high risk.These two types of insurance are not exclusive either.It applies everywhere worker’s comp,malpractice,all lines of insurance.
We should pay for their ignorance? I don’t think so!
Go stick you head in the sand, Your identity in this forum is appropriate and corresponds with you knowledge!
I think what you are starting to see is the entire population of this country is noticing the amount of money executives are putting in their pockets,as bonus’, and then saying thier companies are not making money.
If an insurance company is not making money in this day and age they are mismanaging monies paid by policy holders in the way of premiums.
Enough is enough! Manage you finances responsibly or go out of business after all isn;t that what happens in the real world.
I could give a rats a_ _ if State Farm or any other company flops. They are paying out too much in bonus money god knows the claimants have a difficult enough time collecting on their policies if they suffer a loss then their premiums increase afterwards.Bad credit premium increase.Bad dog premium increase,health issues premium increase,increase,increase,increase,increase.
I mean let’s get real here.
Your knowledge of the insurance industry is negligible. Your knowledge of pretty much anything you post about is non-existant. I object to your constant bashing of the industry because you don’t have a clue. I deal at the home office level with the FL Insurance Department and everything bad that is said about them is true. They simply don’t care about facts any more than you do. I hope some day the people of Florida recognize the damage being done to their insurance market by these idiots. Once again, if a company isn’t making money in a line, which they aren’t regardless of what urban legends you subscribe to, they should stop providing that product. Basic economics. Oh, I’m sorry, they didn’t study that in the 3rd grade so you might not understand. I haven’t been genuinely insulting in my posts the way you deserve, so back off.
The thing that I think you and I are in disagreement on is Ins Co coming in and saying they make no profit,I respectfully disagree with triple and quadruple digit figure incomes being distributed throughout management!
I have heard no specifics from you except that increases in premiums are a necessity for companies to stay a float.
This is certainly a fact but not in increments that are being requested. I think the Fl Ins Dept has cahoenas for standing up to the status quo.No other state other than California,NY,Wv and now Fl have really challenged the industry as a whole which I applaud!I also agree with you that what you pay for insurance in Fl you do not get the best bang for your buck.The policy coverages are so low in $$ that it’s insane.IF you want good insurance in Fl you WILL pay through the nose for that coverage.
Go try to buy insurance in any one of these states!Maybe you sell in one?
I assure you premium increases will continue weather a company does good or bad.I lived in states where the premium went up every year and yet it stated on the bill that I was receiving a discount for being a safe driver yada yada yada,no losses,no accidents,no liabilities but yet due to the risks assigned to the areas I’ve resided I went from paying $500 a year to over $1200 for auto and now I have half the coverage and twice the deductible,used to have 250 coll ded,no comp ded and full glass now have $500 coll,$500 comp and full glass.IF you are as familiar with the industry as you have indicated you realize the quote (door) of averages in auto TCPC.TCPC has stayed at or around 2500 to 3500 for years!The industry has all but took control of the autobody repair industry which is not far away and that is to control TCPC.I assume it will change at some point if the concierge program proves to be beneficial which it has!
When a dealership charges anywhere from $95 to $110 per hr labor and the autobody industry is enticed to accept $40 to $65 per hr for their trade and consistent knowledge upgrades this is O.K. to keep frompaying these guys what they are worth?
Homeowners same thing.Constant continuing education expenses and building codes changes cost a lot of money and yet some of these people are still working for what they were making 4 years ago.Is that the industries intent is to pay these people more or again is it to put more money in bonus’ in the pockets of the companies higher up employees?
The investment portion of the idustry is just that annuities etc.If they do poorly it’s because it is economy driven or again poor investments.
Just asking after all you said you were in H.O.and have all this information that contradicts my claims and I’m the dummy!
I enjoyed the dialog with you.Good evening!
Who asked this company to write 1 million policies and now bury Citizens with their garbage to the taxpaying population.
Nothing more than greedy executives and SF agents crying all the way to the bank.
Did you know the average income for a State Farm agent is $700,000.
Boo hoo!
1. SF does not operate as a true Mutual Company in Fl. 2. Most of the money their agents make is tied to auto. 3. Give them a 100% rate increase if they want it. It’s just their way of reducing their exposure without a hassel from the department. The public is now computer based, and will shop them to death. I’m an Ind. Agt., and am loving every minute of this, plus the extra money I’m making ontheir customers that are coming to me. With these hard times, the customer will go with PRICE… CUSTOMER..YEA FIGA…YEA CITIZENS..YEA ME…The Independent Agent is back..
You mean that the rates in Florida should be competive and that companies should be able to charge what they think is adequate? Hard to believe. Doesn’t seem fair to me. If their prices are too high people will to a lower priced carrier. Sounds like a communist plot to me.
Obviously SF wouldn’t be in business if it wasn’t trying to make money–it’s not a philanthropy! Some insurance insiders act like they insurance cos exist to provide a service, but that mentality is long gone. At this point, it’s the executives that run the company that get compensated for strong premium growth, combined ratio, net income, etc. That being said, Florida clearly is a high-risk state and it’s hard to believe that a rate increase isn’t warranted to some degree (ask a dozen actuaries and you’ll get a thousand answers on that point). Danny has it right–let them increase rates. Their service sucks anyway, they have a culture of denying claims, so let the word get out and see the people walk away in droves. The whole “Good Hands” motto is total BS. SF is like any other major corporation–looking at their top and bottom line (forget what insurance lines they actually write–they are in business to make money, period). Yes, it’s a mutual company (although maybe not in FL?), which is supposed to create incentives for prudent management, as insurereds are owners, but what voice do they have? None, except their pocketbooks. You want to make your voice heard by SF? Take your money elsewhere.
And lay off the ad hominem attacks, it’s just childish…
Pud, costs go up. Prices need to go up to cover costs. Simple economics. You want to blame insurance executives for this. Blame the climate. I’m not trying to be insulting, you just are not well informed on the cost of doing business. I can’t speak for your individual experience. I can speak for my company’s experience. A top notch company that can’t do a full book of business in Florida because of all the governmental nonsense. What they are doing is simply not going to work in the long run. They know it, I wish you did.
I understand. Everyone is being sqeezed.You have enlightened me to some issues but again you being an underwriter is a cut throat business.I didn;t realize that until you just said it.You guys are constantly under the gun as well.Incentives given by large companies have to be met otherwise they will go elsewhere.
I can’t understand why they are asking for such a large increase.i know that the economy has gone south but who’s to blame for that? Our politicians,businesss executives sending jobs overseas and realtors and banks.
Couple this with the increase in fuel and it’s a recipe for disaster.Fl is certainly unique in the way they do insurance business.You have bare bones coverage at a high premium.Citizens is a joke!I would probably go without H.O before I paid that kind of money because I could use the capital of my property to rebuild and save the premium I pay on my home.I don;t have much of a home because of the mishap I mentioned but it amazes me how a company can come in and set a value on my home when market is clearly higher.If I suffer a total loss I would get half of what my home could sell for right now in this market.
This just fried my jewels because as I said I see these large payments made to execs and then they cry they need to increase premiums.
I know in the insurance world 6 million isn;t a lot but that could and would cover quite a few losses and what makes these people entitled to these awards?
I think that government as a whole is looking closely at the way executives of all corprations are compensated now.I hope they intervene because it will be this countries demise.
No large corporations in this country pay federal income tax and there sister companies abroad are exempt from the sameWhat is wrong with that picture.
I really hope that the issue stays on the forefront of the political agenda because this country will become a third world country unless they address it now.
British and Canadians are buying up American realestate and companies like it’s going out of style.This is not good!
I priced my H.O.through them and was shocked at the price they gave me.If I hadn’t had a mishap in my life that has taken away my life blood I wouldn;t be so bitter but try living on 20k a year when you made more than double that.
Again have a good one. Excellent dialog!
Well Nobody Important I guess I struck a nerve.If yOU DO infact work in H.O.of a company then it’s obvious you have loss site of the outside world and have been programmed to think at the level the company wants you to!
I haven’t been insulting to you directly nor do I plan on it I am merely commenting on your inadequacies of the real black and white.I agree that they show no profit but this is because the data is being manipulated the reason it’s being manipulated is so that people in your or higher level,excuse me,can make large sums of money!
I am not against that but the amounts of money they make is ludicrous and comes out of the bottom line as stock options.If a CEO?CFO dumps all his stock tto take a leap and fly away then all of sudden panic sets in and the share holders follow suit.This is classically what you are seeing now.Maybe not with all companies but definitely with some.Look at the stocks and prove me wrong!This isn’t all because of losses.
The other thing is that most companies are insured by reinsurers so IF they get their butts in trouble they can turn around and look to Lloyds or a company like that.Then you have them turning to the federal government for things they should also be covering.
So YOU may need some more schooling on this subject.Don’t insult me.I’ve provided proof on this forum and all you’ve done is said the companies are enttitled to an increase the companies are entitled to an increase.You sound like a broken record.
The expense ratios data can also be manipulated.Um the word Budget comes to mind again if you are not managing properlt YOU WILL loose money but I don;t want you to tell me you are loosing money and I see the financial officers and exec’s taking 6 million dollar bonus’ in a years time!That to me is not a company that needs to raise rates.It’s a company that needs to reorganize there priorities.The consumer is smarter than they have ever been with insurance companies and why do you think this is? They are sick and tired of paying and paying!
Pud, you have no facts, you have no logic. You say you are knowledgeable in the industry, but show no knowledge. It’s not an insult to say that your posts are nonsense. You say you don’t insult me, but then because I am with an evil insurance company you say I can’t know the real world. I think after over 30 years of work in my chosen industry I have a pretty good knowledge of the impact of insurance and the world in general. I work for a company that has tried honestly to work with the OIS and gets nothing back. The OIS is not dealing with the real world. It’s just making up it’s own world where the catastophe losses won’t occur. The State of Florida is counting on the feds to bail them out when the big one comes. You and I disagree on this and I find your viewpoints and posts to show a low level of actual knowledge of the purpose and function of insurance. I have said this before, I’m sorry the people of Florida are being so poorly served by the politicians. It’s what they voted for.
They should sever their ties to the national parent, voluntarily turn in their certificate of authority, and leave Florida. They can keep writing auto insurance, which is very profitable, under State Farm Mutual or State Farm Fire companies and tell the FLOIR to kiss off. If they cannot get rates they want they could be technically insolvent, not unlike Citizens, which means the FIGA has to pay if claims exceed assets. Citizens is okay PAST losses by way of assessments on almost all insureds. What’s fair about that logic?
The company encouranges you to install hurricanne protection then wants to penalize you for the discount they encourage for you doing this? Sort of contradictory ! They say they have made no money on any policies in Florida; a BOLD FACE DIRECT LIE. I HAVE BEEN INSURED IN MY CURRENT HOUSE SINCE I PURCHASED IT IN 2001, THROUGH STATE FARM. I HAVE NEVER FILED ANY CLAIM AND CARRY ADDITIONAL COVERAGE ON JEWELRY AND OTHER PERSONAL ITEMS. ADDITIONALLY AM IN AN X FLOOD ZONE(FLOOD INSURANCE NOT REQUIRED)BUT STILL CARRY THE INSURANCE AS A BACK UP. WITH A 2% DEDU7CTABLE TO SAVE THE,M MONEY, AND ALL I HAVE DONE TO MINIMIZE RISK THEY WANT OT RAISE MY RATE BY MAYBE AS MUCH AS SEVENTY PERCENT. These insurance compies feel they should bare no mrisk. Maybe they need to look up the definition of insurance. Instead of spreading the risk among all of the insurance policies written by them they form a seperate Florida Corp. to have only this state in that risk pool, defeating the real meaning of spreading risk ! What a lie to policy holders, insurance regulators and the majority of stock holders who additionally are stock holders also. they are not telling the entire truth and should be called to task for this trickery by the Insursance commission and governor. Take away all of their ability to write any insurance, auto, business, special coverages and do like the state did to Allstate and maybe this company too will wake up !
Your not to educated. Maybe we should start regulating everyones pay. Retail should charge less, gas stattions should have gas giveaways, lawyers should lower there fees, sales people in general should cut their commissions in half.
Then we can call ourselves the United Socialist States. That sounds great, we can have price controls on all occupations that way people all make the same amount of money no mattrer the educatiuon level.
People like you make everyone else dumber. I have worked fraud investigations for 10 years as an independent business person. People have an entitlment attitude such as yourself when it come to insurance. I have seen people turn on their hoses and flood their own homes and claim it was caused by a storm. I have seen people get on their roofs and hammer their shingles to create hail damage.
People like you are so far removed from reality and you have a hate for successful people. You should not hold other people accountable for your own shortcomings. We live in a capitalist society if you do not like the price then move on or in your case move away, far.
Insured with SF 20 Yrs never filed a claim. Live in town house East of 95. HOA has BLDG policy with Citizens, I pay for a condo policy with SF. Which includes BLDG property and Personal Property. I was just informed that I have been dropped because of the risk from hurricane. I have 3 Autos insured with SF and I will be dropping them when I find a company that can write home and Auto
Any and all suggestions appriciated.
Joe