NY independent
Super Genius
- 114
If I remember correctly, Aetna C&S (remember them?) "bailed out" Geico because they didn't want to write any of that business if it were to hit the streets. They were a major P&C player back then.
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It is a reinsurance problem. No one has enough reinsurance this year. They have to lower their in force risk to align with capacity. It is industry wide and dangerous.
Great ideas, however, most of this would be almost impossible. Half of the companies that offer polices are not big enough to work deals like this with manufacturers. This is almost like trying to get congress to vote for term limits. I don't see this happening with the exception of ACV property. I'm not a visionary though.We don't need to create markets. We need to create new products that people can afford. Carriers need to smarten up. ACV property policies, Lower PIP limits, get rid of UM, carriers should buy parts directly from the OEM (no middle man) and they should own the body shop to control costs. Carriers should buy building materials directly from manufacturers like Georgia Pacific, Andersen, Owens Corning, lumber mills, etc. There are too many hands in their pockets and too much gouging and fraud. Let the lawsuits fly but it will be a lot cheaper for all of us. Carriers can still offer the top tier policies at the higher pricing for those that want Rolls Royce stuff but they should offer these basic plans for others looking for massive savings.
Carriers need to smarten up. ACV property policies,
Great ideas, however, most of this would be almost impossible. ~ with the exception of ACV property.
I'm not a visionary though.
Maybe. But Nationwide's financial services business is larger than their P&C business and that business has been great this year.After all the non-renewals I have seen this week from Nationwide they have to be failing. I guarantee they are heavy in long-duration bond and possibly even leverage funds that buy long dated bond and they must be having to sell these to pay claims. The policies they are non-renewing don't make any since unless you were to be failing. The federal government is going to have to bail them out if this keeps going. Its only a matter of time before the run out of money. If they were a public company we would already know this by now.