Corona and agency layoffs

[DayTimer]

This is why folks need to clear their heads, and need to consume news from both the left and the right sources: They both lie to us.

And there are Americans alive today who are going to die because of the slowed response prompted by the Fox/Lindbaugh/Gingrich attempt to make the Coronavirus sound like it was nothing more than a common cold even in the face of actual evidence from around the world that this is a killer.

That was disinformation. You've been had by your own side if you were one of those who followed them down that $hithole.

A guy who I like and respect was ranting here in the forum not a week ago about how the coronavirus was all a vast left wing conspiracy to bring down Trump.

Folks, that is hysteria.

And before one of you coo coo bird numb nuts say "yeah but Obama and Hillary and the Russia hoax" ... no $hit. Both sides lie.

Now get the fvck over it and start thinking for yourselves again like folks here used to.


Newt Gingrich Slams 'Totally Dishonest' Coronavirus News That He Helped Spread

 

[sagent]

This is the P&C forum. I'm not sure I understand why P&C insurers would slow down. If anything, with everyone hanging at home and not traveling the auto claim volume should be super low = above average profit margins. Are we expecting folks to start canceling their auto and home policies?

 

[Beachguy]

Commercial accounts can't pay their bills.

 

[Yagents]

I have 4 cars in the family. Kids home from school til summer. One of them a young Male. We both work from home. We only need 1 car over next 2 to 3 months. Cancelling car coverage for 3 months on 3 cars. Saving $250 month.

 

[EugeneM]

Its not just personal lines... we own a premium finance company for commercial and getting massive requests for extensions etc. As far as the policies go people are still paying it...

just my two cents when one industry suffers another booms. Insurance is a fairly recession proof in comparison to some of the other industries.

 

[AZDave]

P & C will slow and people may look to compare coverage/rates with all their time off, especially if it is unpaid time off.

I am heavy in contractors and expect to take a huge hit. Two weeks ago reviewed a renewal, and insured confirmed payroll to be close to $2 million for upcoming 2020 - 2021 term. He just called today - lower that payroll to $750,000.

I anticipate the commercial work in the pipeline will get completed, but expect a slow down. I anticipate small service contractors will also be effected, but on a smaller scale.

Premiums will be shrinking if based on payroll or sales, no doubt about it.

Home and Auto - @Yagents nailed it - I expect lots of this.

Good time to be an Indy and not Captive. Having options for your customers will be key, and being proactive in policy reviews will be key.

Expect all non essential business to be told to stay the ***home by the end of the week. IMHO.

Stay healthy everyone! Maybe time to go fishing and practice social distancing.

Dave

 

[Josh]

Two weeks ago reviewed a renewal, and insured confirmed payroll to be close to $2 million for upcoming 2020 - 2021 term. He just called today - lower that payroll to $750,000.

That's brutal man.

 

[Markthebroker]

P & C will slow and people may look to compare coverage/rates with all their time off, especially if it is unpaid time off.

I am heavy in contractors and expect to take a huge hit. Two weeks ago reviewed a renewal, and insured confirmed payroll to be close to $2 million for upcoming 2020 - 2021 term. He just called today - lower that payroll to $750,000.

I anticipate the commercial work in the pipeline will get completed, but expect a slow down. I anticipate small service contractors will also be effected, but on a smaller scale.

Premiums will be shrinking if based on payroll or sales, no doubt about it.

Home and Auto - @Yagents nailed it - I expect lots of this.

Good time to be an Indy and not Captive. Having options for your customers will be key, and being proactive in policy reviews will be key.

Expect all non essential business to be told to stay the ***home by the end of the week. IMHO.

Stay healthy everyone! Maybe time to go fishing and practice social distancing.

Dave

If your contractor goes from $1mil to $750k payroll, that's not bad. Usually contractors get hit the worst in a recession. Many will go out of business completely. A 25% hit isn't bad overall. I'm not trying to make light of the situatuation, just put it in perspective.

I'm going to be doing lot's of dirtbiking and hiking. I'll get caught up on a lot of things I am behind on, and if I manage to get caught up enough, start calling on some of these referrals I have. They are almost all auto repair and body shops, and those guys will pick right back up no problem when the quarantine lifts, and may use some of this free time to shop insurance which they have been putting off.

 

[HelpWanted]

Thank you to everyone that posts on a consistent basis.

Shawn Walker - Great content! Thank you.
Insurance1822 - Howard Stern of the board. Always excited to get your viewpoint.

I started in 2013. This will likely be my first economic downturn.

My Questions:

How did the downturn in 2008-2010 impact your personal lines business? Positive growth?

Did it mostly impact your non-standard business or did you see major retention issues with standard business?

Did quote volume increase or decrease during the tough times?

Any marketing advice looking back on 2008-2010?

 

[AZDave]

If your contractor goes from $1mil to $750k payroll, that's not bad.

Wish - he went from $2,000,000 to $750,000! But yea, $750k is better than 0!

How did the downturn in 2008-2010 impact your personal lines business? Positive growth?

2008 was my first year Indy and I was a Captive prior to that. I had the upper hand with offering my current customers a much better option, and was successful in rolling 50% of my book.

I believe if your proactive with your customers during this time and offer solutions to current policy's, they will thank you with their renewal. However, there is going to be the price only people, and sometimes you just cant do anything about it except say goodbye.

I also think now is the time to place some extra funds in advertising/online social media to replace the eventual shrinking agency premiums. Just can't sit a see how this shitshow will unfold.

Best