Proposition 103 is antiquated for all lines of insurance. Allowing multi-variate rating including factors showing driving behavior would allow a more accurate rate for Private Passenger Auto customers. For many liability coverages, sufficient data does not exist to accurately price. If a company calculates an initial rate and finds later that the rate is inadequate due to changing legal trends or other factors, they should have the opportunity to immediately charge the appropriate rate. A free market with rates selected by an insurer allows the consumer to shop around for the best option and keeps those options available. Models will improve over time so that insurers can improve pricing. Stricter pricing regulation hurts the consumer in the long run as been the case for Proposition 103 in California.
Yes. I have long been saying this. In addition to updated modeling and risk mitigation strategies, better wildland management must be done. More can be done in the Wildland-urban interface to clear and maintain better perimeters around buildings.
In addition, some power companies need to do a much better job clearing areas around equipment and their lines.
Proposition 103 is antiquated for all lines of insurance. Allowing multi-variate rating including factors showing driving behavior would allow a more accurate rate for Private Passenger Auto customers. For many liability coverages, sufficient data does not exist to accurately price. If a company calculates an initial rate and finds later that the rate is inadequate due to changing legal trends or other factors, they should have the opportunity to immediately charge the appropriate rate. A free market with rates selected by an insurer allows the consumer to shop around for the best option and keeps those options available. Models will improve over time so that insurers can improve pricing. Stricter pricing regulation hurts the consumer in the long run as been the case for Proposition 103 in California.
Yes. I have long been saying this. In addition to updated modeling and risk mitigation strategies, better wildland management must be done. More can be done in the Wildland-urban interface to clear and maintain better perimeters around buildings.
In addition, some power companies need to do a much better job clearing areas around equipment and their lines.