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@Allen Trent It is my understanding that the carriers are still struggle with profit in MI despite some promising changes.
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Yeah, not sure that is true right now. while 2021 AM best marketshare & loss ratio reports are not out yet, Personal Auto in Michigan had Loss Ratio of 60% & 60.5% in 2019 & 2020 on almost $10B in Personal Auto premiums. Those 60% loss ratios have never been seen in my lifetime in Michigan. 2018 was 85% prior to the laws changing. time will tell how it plays out going forward I guess.
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DAAAAAANNNNNNNGGGG look at @Allen Trent busting out AM Best data on us! and i thought I was the only one with this info! J/K HAAHAHA! Where do you get your AMbest data from?
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Look at @Allen Trent 's Post to likes ratio. I think he is a bot! We need a pic of you at your desk right now. or you are officially a bot!
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work for single state multi-line "mostly captive" company in Michigan. I work entire with our Life Company today & other life companies we own, but I am on the annual distribution list each summer when AM best produces this info for Michigan. 1st 20 years was running agencies & regions across all product lines.
Interesting 2020 AM best marketshare report was about 58% loss ratio in Michigan all combined personal/commercial/farm, so auto was only 2-4% higher than the personal/commercial/farm. Obviously, I dont believe some of the carrier reported loss ratios. Like Geico reporting 150% in auto for 2020. I am guessing they underreserved in earlier years or something & took hits for it in 2020
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@Allen Trent When you busted out the AM Best data, I thought to myself, we got a company person here!
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I resent that, LOL. Always considered myself a field person. Advanced Planning Managing General Agent.......so, title says I am field guy, not company person. Lol
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@Allen Trent is a BOT!
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Whoa! I did not mean it like that! Take it easy! ^^^^^^^^
