Live with Lara - Tuesday June 13th

It's odd looking these people up on LinkedIn, none of them appear to have any experience in the industry other than regulating or advocating against insurance carriers.
 
Now there's some talk about potentially exploring regulation that would require personal lines insurers to offer homeowners insurance if they want to write other lines such as personal auto in the state

Oh god they just said Fair plan and 'essentially full coverage' in the same sentence
 
Now there's some talk about potentially exploring regulation that would require personal lines insurers to offer homeowners insurance if they want to write other lines such as personal auto in the state

Oh god they just said Fair plan and 'essentially full coverage' in the same sentence
You might have a future in broadcast journalism...
 
We have been instructed to resist rumors and present facts.
Consumers are able to get new discounts. Yeah!
FAIR has been updated and modernized.
There are numerous new programs and filings. Insuratech is attempting to enter the market.
California Statute alllows Insurers to earn a profit - its up to the Insurance company to set their rates. Lara seemed to say that insurers are relunctant to request ... proper rates.

The rate filing guy seems to say that a "majority of insurers are undercutting themselves" by filing multiple rate filing changes. Insurers may need a triple digit rate increase but break them up into lots of filings. Each time just seeking a 6.9% amount. [Gee - I wonder why that is.]

They are asking agents to inquire about calculated rate filings... [Sounds like homework to me] A majority of insurers are ..."not being honest" about their rate needs.

No one on here seems to want to address the 7% elephant in the room, when 2022 had an inflation rate of higher than this. Up to 9% in June 2022. Or that getting approvals for rate increases higher than this is likely more complex. Nor the complexities involved in this, nor the potential problem that Prop 103 may play in this.

I heard nothing on here that led to believe they had a handle on this.

Agents are being encouraged to use and register for the FAIR plan. "We are going to do this [zoom call] often."
 


So, I watched the video. A few takeaways.

They mentioned climate change several times, almost as if they were just using it to virtue signal.

They detailed what an awesome job Ricardo is doing. Apparently he is two notches below Jesus Christ our lord and savior.

They told us a number of times not to listen to rumors, and kept reminding us what a great job the DOI is doing.

They spent a substantial amount of time going into detail about how the carriers haven't been requesting rate increases to keep up with their costs. This would be the first time I've ever heard of businesses willfully not wanting to make enough money to cover their costs.

It was pretty much what I expected.
 
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