“Dropped” meaning cancelled or non-renewed? Is that more or less than average, because that type of turnover, or churn as it’s called, is common. Underwriting guidelines change, risk appetite changes, etc.
Also, though half of the top 10 carriers served less customers (meaning less policies in force, I assume), could increased competition be the cause? The smaller companies outside the top 10 could be taking more market share.
Just a few thoughts to give this context. There was no link to the PBP story and I couldn’t find it on their website to read more of the detail.
Not sure we’ve experienced any more non-renewals than usual. We have had some clients non-renewed because they accepted claims payments and could not / would not show evidence of repairs.
Florida is very tough to write business in these days. The DOI, from what I understand, is very difficult to get rate increases through that are desperately needed for an insurance company to be able to be profitable – if only slightly – in this state. I could not believe what I saw in Mexico Beach, FL – what is it going to take for people – citizens, not insurance company’s – to realize they cannot live on coastal FL areas without shutters, wraps, stuff to protect their property from being utterly wiped off the face of the planet? Insurance company’s can do so much before they gotta say “no mas” and either skep town – like a non-rated company – or stop writing new business…
“Dropped” meaning cancelled or non-renewed? Is that more or less than average, because that type of turnover, or churn as it’s called, is common. Underwriting guidelines change, risk appetite changes, etc.
Also, though half of the top 10 carriers served less customers (meaning less policies in force, I assume), could increased competition be the cause? The smaller companies outside the top 10 could be taking more market share.
Just a few thoughts to give this context. There was no link to the PBP story and I couldn’t find it on their website to read more of the detail.
Not sure we’ve experienced any more non-renewals than usual. We have had some clients non-renewed because they accepted claims payments and could not / would not show evidence of repairs.
Florida is very tough to write business in these days. The DOI, from what I understand, is very difficult to get rate increases through that are desperately needed for an insurance company to be able to be profitable – if only slightly – in this state. I could not believe what I saw in Mexico Beach, FL – what is it going to take for people – citizens, not insurance company’s – to realize they cannot live on coastal FL areas without shutters, wraps, stuff to protect their property from being utterly wiped off the face of the planet? Insurance company’s can do so much before they gotta say “no mas” and either skep town – like a non-rated company – or stop writing new business…