- 2,532
No one knows. Months, Years, Decades, Eternity? It sort of depends on what you believe is the core problem.
Choice of cluster
- Thread starter sebastya
- Start date
- 5,559
Well, this is California. We are pretty Progressive here. I'm sure if the insurance market just identifies as being okay, then that should fix everything.
- 5,321
Core problem of California insurance is corporate capitalism, 1% ers & a racist industry according to my news feed. Apparently, the way these carriers make money & gross profits is by not wanting to collect peoples premiums. I had it backwards all along by assuming carriers needed to collect premiums, pay most claims, keep expenses reasonable, have good customer service to policyholders & agents, be relatively competitive price wise to stay in business. Politicians are teaching me better though that not insuring anyone, having horrible customer service, denying claims, giving fat cat execs bonuses is the business model of a successful insurance carrier
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- Thread starter
- #14
From what I can see the issues appear to be mainly home insurance related, which leaves auto, unless there's another reason why that's a bad idea (apart from the low comms).
I guess I should just reach out to each cluster and see what their policy is re new applicants.
Thanks guys!
- 5,321
Sure, property issues grab all the headlines, but the California auto insurance & commercial have major issues too.
Because the state isnt allowing proper rate increases to compensate for inflation issues causing claim severity to skyrocket cost-wise, carriers are shutting doors to new policies, taking their rates off rating software, or leaving the state to avoid collecting premiums in California currently
[EXTERNAL LINK] - Auto insurers reportedly limiting new policies in California, as drivers face challenges getting coverage
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- 2,532
Nope
The personal auto market is in the grave right now too. Try this- call an independent agent and ask them for auto insurance quotes. Or call up State Farm, Farmers, Allstate agents and ask them for an immedialtly bindable auto quote.
""The automobile insurance market is in turmoil. Our agents and the consumers we serve are losing access to insurance markets as insurers terminate agency appointments and restrict the submission of business," the group said, adding, "While a thorough rate approval process is necessary, urgency should now be a priority to accelerate recovery from this destabilized market."" Source
Good Luck.
- 5,321
it is ironic though. In most other industries, when consumers are most interested, you would be smart to launch a new business in that specific field and/or locale. But, without a supplier of the goods desired by said consumer, the new startup business wont be able to take advantage of the massive consumer demand
- 5,559
I've been in the P&C market about 12 years. Just about every time I can a broker or carrier comes in with some new idea, or how they are going to reduce inefficiencies, or blah blah blah, they fall flat on their face.
- 5,321
But then you are there to fly in with your cape, dust them off & put them back on track to success
- 5,559
Lolz.
I just had a phone call which I very much enjoyed, and I don't get to have often. An old client that cancelled for non pay called me, and they wanted quotes. I very professionally and very politely told them that they are a bad client, and I don't want to work with them. They persisted, and I clarified.
"I don't think you understand. You cancelled for non pay, and you didn't respond to emails or phone calls on the other quotes I was working on for you. I'm not the right agent for you. I wish you the best of luck, but I don't think I'm right for you."
It felt good.
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