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Originally Posted by Efthreeoh
Business walking away from profits... right.
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it's just not enough profit
A spokesperson for the Insurance Commisioner says "while insurance companies are focused on increasing rates, the department of insurance is focused on protecting drivers and helping them get the most value from the premiums they pay."
His office points out that the commissioner saved Californians $2.4 billion in reduced premiums during the height of the covid stay at home order- when the industry still raked in a collective of $42 billion in excess premiums.
Insurers cannot refuse to cover Californians as we are what's called a "take all market," but agents say they are having to go with smaller, lesser known carriers if clients need insurance quickly
rental car prices and auto body prices sky rocketed during the pandemic taking advantage of the "supply chain" excuses and the insurance companies had to eat it ...they still make profits, just not as much as they used to and they don't like the fact that California is a consumer friendly state when it comes to insurance premiums and rate increases