jeffw@lemmy.worldM to News@lemmy.world · 2 months agoThe California fires could scorch the state's broken insurance marketwww.motherjones.comexternal-linkmessage-square19fedilinkarrow-up11arrow-down10
arrow-up11arrow-down1external-linkThe California fires could scorch the state's broken insurance marketwww.motherjones.comjeffw@lemmy.worldM to News@lemmy.world · 2 months agomessage-square19fedilink
minus-squareArbitraryValue@sh.itjust.workslinkfedilinkEnglisharrow-up0·2 months 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-squareBlackout@fedia.iolinkfedilinkarrow-up0·2 months 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-squareBombOmOm@lemmy.worldlinkfedilinkEnglisharrow-up0·edit-22 months agoThey will have to charge more. Get ready for the 10+% rate increase next year if you live in CA.
minus-squareSpaceNoodle@lemmy.worldlinkfedilinkarrow-up0·2 months ago10% is low. Look for 50-100%, or worse.
minus-squareHootinNHollerin@lemmy.dbzer0.comlinkfedilinkEnglisharrow-up0·edit-22 months agomy car insurance just went up 28% in CA and my rent has gone up 26% in 2 years
minus-squareFeyr@lemmy.worldlinkfedilinkarrow-up0·2 months agoLots of my coworkers in CA just had their insurance rates go up 300%. Expect another couple hundred
minus-squareRustyEarthfire@lemmy.worldlinkfedilinkEnglisharrow-up0·2 months agoMost of them are leaving. I think the ones remaining rely on bundling with other insurance or services.
So why do they offer insurance in California at all?
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.
They will have to charge more. Get ready for the 10+% rate increase next year if you live in CA.
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
Lots of my coworkers in CA just had their insurance rates go up 300%. Expect another couple hundred
Most of them are leaving. I think the ones remaining rely on bundling with other insurance or services.