Please expand...
"Allstate submitted an application in 7 states to stop renewing policies once they expire so obviously a bail out is on the way!!"
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Agents thought they could write Nation General when Allstate will not. Not that Allstate owns National Gen, the underwriter guidelines make it impossible to write new business in the states that Allstate already didn’t take new applications. Meanwhile CCC writes direct auto and then can’t write home and then transfer the call to a still existing Allstate local office. CCC isn’t telling them why and certainly not made clear that there is no multi discount in the states Allstate home paper isn’t available.
Yes agents will receive an email from a virtual inspection completed in PUNE with a non renewal due to trees or roof shingles from sat view.
Can the OP give some specifics. Like is this just commercial.
It’s not just non renewals, there are more strict underwriting guidelines which lets them not write new homes without saying there are pulling out of homeowners in certain markets. It’s not just commercial
That is commercial business reference. It's been mentioned several times in townhall and investor meetings
It just comes down to if the actuaries can cook the indications enough to convince the state to grant them a high enough rate increase.
When the state says you can have a 20% increase and Allstate thinks they need a 30% increase, that 10% difference has to be made up somewhere. The easiest place is with loss leaders - typically old homes or policies with prior claims. So non-renew these policies and get profitable, at the cost of a PR problem potentially and angry customers. Pretty common practice but not a good one for customers obviously.
Can't make money in those Blue States.