What Florida Regulators should be asking is why they let these companies come in with low rates to begin with. I dont understand why these people turn a blind eye to the cost of doing ‘insurance’ business in Florida when they have been told time and time again by the larger, long standing carriers that it’s just not profitable. The Florida voters arent buying the crap anymore.
Any insurance carrier that continues (as well as any new carrier that decides to write business in this state) to write property business in Florida deserves exactly what they get!! Greed gets them in and fear and/or bankruptcy gets them out. When will these carriers ever wake up to reality?? The Florida DOI is the most offensive and dysfunctional DOI in the entire country!!
“Any insurance carrier that continues (as well as any new carrier that decides to write business in this state) to write property business in Florida deserves exactly what they get!!”
What a lame statement. So, you’re saying no one should write property insurance in FL? Uhm, ok.
A lame statement?? NOT!! They should only write property business in Florida if they want to lose money!!!! And there are apparently a lot of carriers that like to do this!!!!
Obviously and clearly you don’t understand and/or grasp how property business in Florida works. There are hundreds and hundreds of carriers in Florida writing property business making a very nice profit. Of course we only hear it on the news about the carriers a)going under or b)strugling financially. So perhaps before making such erratic statements on a public forum I would do a little research first.
PLEASE!!!! Hundreds and hundreds of carriers writing property business in Florida making a nice profit???? Here’s a test to prove this statement absolutely wrong—-Name 5 carriers (this should be easy) that have been writing property business in Florida for any 10 year consecutive period, have written at least $10,000,00.00 of property premiums each of these 10 years AND have made an overall underwriting profit during any 10 year period. I’m very familiar with the Florida marketplace and while some carriers may make money for the very short term, in the long run they lose.
Maybe they are committed (should be) into leaving the state of FL? CKIC had to write 50k policies per the FLOIR and now they need rate relief for the offset of higher reinsurance costs. Good planning on their part. Just cancel some policies ( or threaten to ) and watch the FLDOI give into this BS. Let the free market work, let CKIC charge what they ‘say’ they need for rates and watch the flood gates open with the defections.
The regulator enforces laws in place. If you don’t like then go lobby for change. Free market doesn’t always work since goal is to protect the policyholder.
Agents spending more time explaining coverage to the customer? Thats a laugh, I am in claims, I have to explain the coverages because the agent would not, thats fine, because I get it right.Stop the appraisal process = $$$$ to the carrier, Make the Public adjusters negociate a loss in good faith and not as undisputed only = $$$$$ to the company. I blame the department of Insurance for not persuing all the fraud in S. Florida
What Florida Regulators should be asking is why they let these companies come in with low rates to begin with. I dont understand why these people turn a blind eye to the cost of doing ‘insurance’ business in Florida when they have been told time and time again by the larger, long standing carriers that it’s just not profitable. The Florida voters arent buying the crap anymore.
Come on Flagent/insured. You know that Castle Key has been around for years and years. They kept low rates to appease the government.
How can you justify the rates are low then?
Any insurance carrier that continues (as well as any new carrier that decides to write business in this state) to write property business in Florida deserves exactly what they get!! Greed gets them in and fear and/or bankruptcy gets them out. When will these carriers ever wake up to reality?? The Florida DOI is the most offensive and dysfunctional DOI in the entire country!!
“Any insurance carrier that continues (as well as any new carrier that decides to write business in this state) to write property business in Florida deserves exactly what they get!!”
What a lame statement. So, you’re saying no one should write property insurance in FL? Uhm, ok.
A lame statement?? NOT!! They should only write property business in Florida if they want to lose money!!!! And there are apparently a lot of carriers that like to do this!!!!
Obviously and clearly you don’t understand and/or grasp how property business in Florida works. There are hundreds and hundreds of carriers in Florida writing property business making a very nice profit. Of course we only hear it on the news about the carriers a)going under or b)strugling financially. So perhaps before making such erratic statements on a public forum I would do a little research first.
PLEASE!!!! Hundreds and hundreds of carriers writing property business in Florida making a nice profit???? Here’s a test to prove this statement absolutely wrong—-Name 5 carriers (this should be easy) that have been writing property business in Florida for any 10 year consecutive period, have written at least $10,000,00.00 of property premiums each of these 10 years AND have made an overall underwriting profit during any 10 year period. I’m very familiar with the Florida marketplace and while some carriers may make money for the very short term, in the long run they lose.
1) Universal Property and Casualty.
2) ????
3) ????
4) ????
5) ????
In what universe does an Allstate company have a low rate?
Let them have their rate. If people don’t want to pay it, they will shop. That’s how a free market should work.
Maybe they are committed (should be) into leaving the state of FL? CKIC had to write 50k policies per the FLOIR and now they need rate relief for the offset of higher reinsurance costs. Good planning on their part. Just cancel some policies ( or threaten to ) and watch the FLDOI give into this BS. Let the free market work, let CKIC charge what they ‘say’ they need for rates and watch the flood gates open with the defections.
Allstate/Castle key wanted to exit. Instead they signed a deal with the devil which included writing more policies. Now that their deal is over…well…
The regulator enforces laws in place. If you don’t like then go lobby for change. Free market doesn’t always work since goal is to protect the policyholder.
Agents spending more time explaining coverage to the customer? Thats a laugh, I am in claims, I have to explain the coverages because the agent would not, thats fine, because I get it right.Stop the appraisal process = $$$$ to the carrier, Make the Public adjusters negociate a loss in good faith and not as undisputed only = $$$$$ to the company. I blame the department of Insurance for not persuing all the fraud in S. Florida