About 1,600 policies for Pacific Palisades homeowners were dropped by State Farm in July, the state insurance office says.

Perhaps the most interesting part of the article:

  • lolcatnip@reddthat.comEnglish
    3·
    4 months ago

    Note the glaring absence of you mentioning their fiduciary responsibility to maximize shareholder value.

    A lot of insurance companies, including big ones like State Farm and Liberty Mutual, are owned by their policy holders. So yeah, I made the mistake of not mentioning their fiduciary duty to maximize value for their customers.

    Do you grasp the notion that home owners can’t instantly pull up stakes and teleport to more insurable locations?

    What do you expect insurance companies to do about it? Keep offering policies and collecting premiums while knowing they won’t be able to pay all the claims they get? That’s called fraud.

    You say they’re “slinking off” as if they’ve stolen something, but what have they stolen? You say they’re leaving with their profits, but what profits are you referring to? Do you really think they’d be leaving if they were making money?