P&C Marketplace Right Now

Matt37

Super Genius
100+ Post Club
193
Not sure what everyone else on here focuses on.

But I do public auto and damn right when I thought we were heading for a hard market it seems soft again.

I am getting accounts come in that have 400-500% loss ratios (not that rare in the public auto niche) and I am getting quotes to them that I think are off the wall good and somehow am getting beat.

Either A) These carriers are still eager to write bad business or B) some of these other agents are misrepresenting stuff which happens all the time in this field.. call a taxi a limo and your rate gets cut in half.


Very frustrating right now though.. how are all the other markets? I am hearing WC is hardening up the quickest but still have clients complaining about price when they are stealing coverage.

One of my clients it was actually great.. I insured this guy back in 02 when the market was the hardest I had ever seen it.. had 1 cab in 02 he was paying $10,500 for 1 cab.. I just quoted him $3,750 for his renewal and he told me I was crazy..


Ugghhh.. I miss those early 2000 years when a 8 unit limo company was a $100k account.
 
we are coming out of a hard market. Rates are dropping coverages are going up. Seasoned insurance agents see this trend back and forth over years of time. from hard to soft and back to hard. I find that the best agents during a soft market will give up commissions to gain market share. They know that when its a hard market again that 50k policy will be worth 200k. Something I have observed -

That is the much more difficult for younger agents... only solution is to make up the $ with volume. Having a diverse line of products that you can offer as well as maybe financial and value added services that are not affected by the insurance market is a way to steady out the rev.

If you are having trouble competing in terms of premium sell using "complimentary broker and administration service"
 
we are coming out of a hard market. Rates are dropping coverages are going up. Seasoned insurance agents see this trend back and forth over years of time. from hard to soft and back to hard. I find that the best agents during a soft market will give up commissions to gain market share. They know that when its a hard market again that 50k policy will be worth 200k. Something I have observed -

That is the much more difficult for younger agents... only solution is to make up the $ with volume. Having a diverse line of products that you can offer as well as maybe financial and value added services that are not affected by the insurance market is a way to steady out the rev.

If you are having trouble competing in terms of premium sell using "complimentary broker and administration service"


Coming out of a hard market?? What class do you write??

Public Auto has been soft for like 5 years.

As far as the selling on "complimentary broker and administration service" ... :D

You clearly have never written public auto.. the cabbies are totally price driven, I've lost $60k accounts over $200 in premium.

And have had accounts that AOR'd like 4 or 5 times in one policy period.. :goofy:

Bunch of snakes writing this line.
 
on the money man I dont write auto. I work in P&C market. soft to hard market is just an example of how people cope when rates are down. no lone likes working just as hard for less money.

take it with a grain of salt :)
 
Coming out of a hard market?? What class do you write??

Public Auto has been soft for like 5 years.

As far as the selling on "complimentary broker and administration service" ... :D

You clearly have never written public auto.. the cabbies are totally price driven, I've lost $60k accounts over $200 in premium.

And have had accounts that AOR'd like 4 or 5 times in one policy period.. :goofy:

Bunch of snakes writing this line.

Just wondering could you have giving the $200 to the client to save the 60k in premium. Your commission would have been like 6k at least???:goofy:
 
Just wondering could you have giving the $200 to the client to save the 60k in premium. Your commission would have been like 6k at least???:goofy:

Not sure if that would be considered rebating or not.. but insured never told me before he switched anyway.. scumbags.

They always come back a year or two down the road though when they run out of markets.

I have accounts now that I have gotten and lost 3 or 4 times over the years.

In a niche market like public auto.. all the brokers know each other and accounts just bouce back and forth between us.
 
They don't even tell you they are shopping? Do you hold any other lines from them? It would be a lot harder to replace you if you did their whole insurance package.
 
Back
Top