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Buying Home and Auto Insurance Is Becoming Impossible (www.wsj.com)

submitted 10 months ago* (last edited 10 months ago) by [email protected] to c/[email protected]

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Huge losses from national disasters prompt industry to jack up prices and pull back from some markets; ‘worst possible scenario’ for consumers

After Allstate suffered billions of dollars in losses and failed to get the rate increases it wanted, it resorted to the nuclear option.

The insurance giant threatened last fall to stop renewing auto insurance for customers in three states that hadn’t given in to its demands, which would have left those policyholders scrambling for coverage. The states blinked.

In December, New Jersey approved auto rate increases for Allstate averaging 17%, and New York, a 15% hike. Regulators in California are allowing Allstate to boost auto rates by 30%, but still haven’t decided on its request for a 40% increase in home-insurance rates after the insurer refused to write new policies.

For many Americans, getting insurance for both their cars and homes has gone from a routine, generally manageable expense to a do-or-die ordeal that can strain household budgets.

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[–] [email protected] 4 points 10 months ago (1 children)

And the states regulate the hell out of insurance anyway, might as well just provide it at no profit if you're making all the rules.

[–] [email protected] 4 points 10 months ago (1 children)

Or provide it at not profit because insurance decisions should not be driven by profit motivations.

[–] [email protected] 3 points 10 months ago

They still have to be driven by basic math. You slim the margins a bit by not needing to generate profit, but the situation hasn't fundamentally changed.