He said the quiet thing out loud. That’s what he was fired for.
The next person will just keep their mouth shut and stick to the original plan.
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“Our people look at this and say, ‘S—, we’ve got like maybe $5 billion that we’re short if something happens.’ We’ll go to the Department of Insurance and say, ‘We’re overexposed here, you have to let us catch up our [rates]’. … He’ll say ‘Nah.’ And we’ll say, ‘OK, then we are going to cancel these policies,’ ” Kirkpatrick said in the video, recorded surreptitiously in January after the fires.
The company has estimated the Pacific Palisades, Eaton and other fires on Jan. 7 will cost it more than $7 billion, though with reinsurance its net losses will be closer to $600 million.
So I don’t get it, what did he say that was wrong?
I’m not sure if you’re being sarcastic. They’re extorting the insurance agency. They’re basically saying that they’re going to drop everyone’s policies if the insurance regulator for the state doesn’t allow them to raise the rates. They’re also vastly overestimating how much they will have to pay out because their insurance will be paying State Farm. It’s a mob deal?
“It would be a shame if we couldn’t insure half your state.”
Or Alternatively, those places keep going up in flames and aren’t suitable for humans. Like a bunch of flood zones or the coasts. At a certain point it may not be reasonable to insure a place.
My adblocker blocks that video so here’s a YouTube one: https://www.youtube.com/watch?v=Lmk9EZex4DQ
Ya. Nothing this guy said was shocking. People building mcmansions in beautiful disaster prone areas? Insurance companies have been trying to leave these markets for a while, because they can read the writing on the wall.
Disaster after disaster and we rebuild the same shit in the same place and then have the audacity to act shocked it all happened again. Not to mention building single family detached houses in endless suburbs is basically salting the earth.
We all need to have a good look inward and decide what we’re actually entitled to, or circumstance is gonna have a word with the fates. And we know what capricious callous bitches they are…
Uh, this is ridiculous. Rate hikes are an actuarially substantiated fact of life and they don’t need to be discussed in a secure room. The headline is a disaster.
