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Remember Ned Ryerson from the “Groundhog Day” movie? Most Millennials were not yet born when that 1993 film hit theaters. But a comical stereotype insurance salesman is NOT who we are (though we do get the joke).
Insurance is a field that offers solid career opportunities with the positive environment to help people thrive. There are mentors, continuing education, a place where people feel they fit in, growth and advancement, variety in duties and responsibilities. The Insurance Information Institute produced a video on the limitless career options in insurance, featuring the new generation of industry pros.
Florida homeowners pay highest property insurance premiums because state still owns #1 position for disasters
Guest Blog by James Lynch, FCAS MAAA
Chief Actuary and VP of Data and Information Services
Here’s a question we get every year: Why does Florida have the most expensive homeowners insurance in the nation? The answer is easy: It is the riskiest state to write homeowners insurance.
The average Florida homeowners policy cost $2,115 in 2013, according to a report released last week by the National Association of Insurance Commissioners. That’s highest in the land. Texas is No. 2 ($1,837), and Louisiana is No. 3 ($1,822). We have a ranking of the states at the Insurance Information Institute web site.
Florida regulators issued a memorandum to insurers recently to eliminate the use of something called price optimization. That’s probably an unfamiliar term to most people. It’s interesting that the memo had to define what “price optimization” is in order for insurers to stop doing it. Simply, the memo from the Florida Office of Insurance Regulation was to stop a practice that few insurers are using in the first place and that may actually help lower insurance costs.
Price optimization is a tool that other industries have used for years,
The pre-hurricane season forecast was released today, and it “suggests” the 2015 hurricane season will be well-below average. I used the word “suggests” because the researchers themselves say this forecast is about probability; it cannot be an exact prediction because atmospheric conditions change like (um) the weather. And, armed with information about what is likely, most people will do…nothing. Too bad.
The National Association of Insurance Commissioners (NAIC) issued its latest national report on property insurance costs this week, and you’ll likely be seeing news stories about how Florida homeowners pay more than double the national average for homeowners insurance.