- 1,506
Wow.
It's the most dynamic I have seen it in 20 years.
It's the most dynamic I have seen it in 20 years.
Oregon Mutual Pulls out of personal lines
- Thread starter shawnmwalker
- Start date
- 2,388
article, link?
And yes, you must be working the CA market.
And yes, you must be working the CA market.
- 791
Sounds like it was an overnight decision?
- 5,503
Interesting. I use them for commercial lines.
Article please.
Article please.
- 1,076
https://cdn.ormutual.com/Portal/Age...nnouncement_from_steve_patterson_20220908.pdf
September 8, 2022
To: All Agents
Today we are announcing that Oregon Mutual will discontinue writing Personal Lines business, including the upcoming non-renewal of our in-force members.
Please review the links below for a video message and announcement from Steve Patterson, President and CEO of Oregon Mutual.
- 5,503
Damn. They are one my favorite carrier for commercial lines. I hope they stick around.
- 1,076
It sounds like they're doubling down on commercial lines from the FAQs, so I think they'll be fine. They're right though, personal lines has become a commodity. Only a matter of time before the personal lines market feels the pains that are taking place in commercial lines right now.
"What are the reasons for the company's decision to exit Personal Lines? There are many, but fundamentally our decision to exit our personal lines business is based on the persistent poor underwriting performance, the time, expense, and risk of trying to make the line profitable and our belief, confirmed by financial modeling, that we have a much greater opportunity to achieve consistent underwriting profitability as a Commercial Lines-only insurer. "
"...Unfortunately, the last decade of persistent losses, combined with the commoditization of the personal lines marketplace, and growing regulatory uncertainty surrounding risk-based underwriting and pricing have eroded our ability to profitably provide the personal lines products and services consistent with our value proposition."
- 1,076
Oregon is trying to make it impossible to underwrite personal lines. I suspect a big reason for them getting out of personal lines is to preemptively avoid Oregon senate bill 173, which will state the following...
(3) An insurer may not consider any of the following information in determining eligibility, premiums or rates for a motor vehicle liability insurance policy:
(a) An applicant's or insured's credit history;
(b) An applicant's or insured's sex or gender;
(c) An applicant's or insured's marital status;
(d) Previous accidents in which the applicant or insured was not at fault;
(e) An applicant's or insured's education;
(f) An applicant's or insured's occupation;
(g) An applicant's or insured's employment status;
(h) An applicant's or insured's residential status;
(i) Information about members of an applicant's or insured's household who are not licensed to drive;
(j) Previous claims for personal injury protection benefits if the applicant or insured was the claimant but did not operate the motor vehicle;
(k) An applicant's or insured's criminal history, unless the insurer requested the information as part of the initial application for coverage; and
(L) An applicant's suspension of driving privileges under ORS 809.280 (6) or (8), if the suspension is based on a nondriving offense
People in Oregon vote for stupid things without thinking of the implications
- 5,503
Basically he used a bunch of fancy talk to say "the market is a total sh*t show and pretty much f*cked, so we are going to lean harder into the stuff that makes us money"
- 5,503
Holy crap, I'd stop writing in Oregon too. Damn.
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