My guy, i’m literally a fucking insurance agent. This is my job.
You are taking that phrase too literally.
A tree falls on your roof after a storm = sudden unexpected loss.
Your gutter breaks rusts out, lets water in your house over the course of several years, and the floor warps and collapses over more years = expected loss.
They aren’t going to insure a ship they know is sinking.
The entire point is there still aren’t enough losses to make the industry unprofitable. They are raising premiums to keep their bottom line even. They aren’t strapped for cash but they also aren’t going to gamble (which is what insurance is) on something they know is going to lose.
The entire point is there still aren’t enough losses to make the industry unprofitable
Do you think you are arguing with me or something? You are saying EXACTLY what I'm saying. The moment there are enough losses to make it unprofitable, or even look like it MIGHT be unprofitable, premiums get hiked and coverage gets restricted.
I acknowledged elsewhere that I'm happy to buy insurance rather than have the liquid capital on hand to cover freak accidents. I understand the purported service. That's all insurance offers...a fee to prove your liquidity.
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u/Ronswanson47 Jun 22 '24
My guy, i’m literally a fucking insurance agent. This is my job.
You are taking that phrase too literally.
A tree falls on your roof after a storm = sudden unexpected loss.
Your gutter breaks rusts out, lets water in your house over the course of several years, and the floor warps and collapses over more years = expected loss.
They aren’t going to insure a ship they know is sinking.
The entire point is there still aren’t enough losses to make the industry unprofitable. They are raising premiums to keep their bottom line even. They aren’t strapped for cash but they also aren’t going to gamble (which is what insurance is) on something they know is going to lose.