jeffw@lemmy.worldM to News@lemmy.world · 2 days agoThe California fires could scorch the state's broken insurance marketwww.motherjones.comexternal-linkmessage-square22fedilinkarrow-up182arrow-down10
arrow-up182arrow-down1external-linkThe California fires could scorch the state's broken insurance marketwww.motherjones.comjeffw@lemmy.worldM to News@lemmy.world · 2 days agomessage-square22fedilink
minus-squareArbitraryValue@sh.itjust.workslinkfedilinkEnglisharrow-up15arrow-down2·2 days ago Nationally, large insurance companies net an average profit of 4.2 percent on insurance transactions. In California, they lose more than 6 percent. So why do they offer insurance in California at all?
minus-squareRustyEarthfire@lemmy.worldlinkfedilinkEnglisharrow-up12·2 days agoMost of them are leaving. I think the ones remaining rely on bundling with other insurance or services.
minus-squareBombOmOm@lemmy.worldlinkfedilinkEnglisharrow-up10arrow-down1·edit-22 days agoThey will have to charge more. Get ready for the 10+% rate increase next year if you live in CA.
minus-squareFeyr@lemmy.worldlinkfedilinkarrow-up2·1 day agoLots of my coworkers in CA just had their insurance rates go up 300%. Expect another couple hundred
minus-squareSpaceNoodle@lemmy.worldlinkfedilinkarrow-up6·2 days ago10% is low. Look for 50-100%, or worse.
minus-squareHootinNHollerin@lemmy.dbzer0.comlinkfedilinkEnglisharrow-up2·edit-22 days agomy car insurance just went up 28% in CA and my rent has gone up 26% in 2 years
minus-squareBlackout@fedia.iolinkfedilinkarrow-up2·2 days agoAre these losses artificial? Is it because of huge raises at the top and irresponsible stock buybacks? It’s how my local utility company is justifying another huge price increase this year.
minus-squareSaltySalamander@fedia.iolinkfedilinkarrow-up1·2 days agoThe insurance companies are starting to wonder that themselves.
So why do they offer insurance in California at all?
Most of them are leaving. I think the ones remaining rely on bundling with other insurance or services.
They will have to charge more. Get ready for the 10+% rate increase next year if you live in CA.
Lots of my coworkers in CA just had their insurance rates go up 300%. Expect another couple hundred
10% is low. Look for 50-100%, or worse.
my car insurance just went up 28% in CA and my rent has gone up 26% in 2 years
Are these losses artificial? Is it because of huge raises at the top and irresponsible stock buybacks? It’s how my local utility company is justifying another huge price increase this year.
The insurance companies are starting to wonder that themselves.