A State Farm executive was fired after an undercover video recorded during a Tinder date appears to show him talking about rate hikes after the SoCal wildfires.
“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.
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.
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.