[beachmouse]

On the property insurance side, this is the first year of increases due to Hurricane Ian claims- storm was late enough in 2022 that the insurance companies didn’t have time to refile new rate requests for 2023.

Ian also played a small but non-zero role in increases on the auto insurance side- the usual high number of vehicles totaled because of flood damage resulted in the usual high number of claims from peopel with comprehensive policies. Also parts shortages, rising labor costs for repairs, and the quantifiable increase in stupid driving and fatal accidents. The last is pretty much everywhere in the USA- as covid rolled around, the number of miles driven dropped pretty dramatically in many states while at the same time, the number of fatal auto accidents has gone way up.

[cfbs2691]

Politicians in bed with insurance companies + insurance scammers + natural disasters + majority of population living near potential natural disasters = insurance costs skyrocketing

[Dave_n_Tenn]

The more shi* you've got the more insurance you have. One day if you feel like you need a reason to get drunk.... add up your insurance costs. And if you feel the need for a Xanax with your whiskey, then include your taxes.

[beachmouse]

Originally Posted by Dave_n_Tenn

The more shi* you've got the more insurance you have. One day if you feel like you need a reason to get drunk.... add up your insurance costs. And if you feel the need for a Xanax with your whiskey, then include your taxes.

The biggest scam is the private health insurance sector where ‘good insurance’ can still leave you with an additional $6000 a year in copayments and services not covered.

No other country runs its health care system in such a profit margin-focused way. It’s not just the for-profit health insurance companies, it’s the hospital groups like HCA, the venture capital groups that are buying up specialty practices left and right (they’re huge owners of fertility clinics in the USA), the pharmacy benefit managers that get their cut in making medication more expensive than anywhere else in the world…..

True ‘socialized’ medicine is actually pretty rare. But a country like Switzerland or Germany can run their competitive but not for profit health care systems with a premium cost of about $300-$400 a month, no additional thousands of dollars of bills for users before they hit their annual deductible and pretty similar health outcomes as what you get in the USA because there aren’t multiple levels of for-profit middlemen who all need their share of the pie.

[Dave_n_Tenn]

Originally Posted by beachmouse

The biggest scam is the private health insurance sector where ‘good insurance’ can still leave you with an additional $6000 a year in copayments and services not covered.

No other country runs its health care system in such a profit margin-focused way. It’s not just the for-profit health insurance companies, it’s the hospital groups like HCA, the venture capital groups that are buying up specialty practices left and right (they’re huge owners of fertility clinics in the USA), the pharmacy benefit managers that get their cut in making medication more expensive than anywhere else in the world…..

True ‘socialized’ medicine is actually pretty rare. But a country like Switzerland or Germany can run their competitive but not for profit health care systems with a premium cost of about $300-$400 a month, no additional thousands of dollars of bills for users before they hit their annual deductible and pretty similar health outcomes as what you get in the USA because there aren’t multiple levels of for-profit middlemen who all need their share of the pie.

Your math is wrong about costs in Switzerland 12% of GDP and Germany 13%. The actual cost per person is over $9-7K in US dollars.

**US is 17% of GDP

[beachmouse]

Originally Posted by Dave_n_Tenn

Your math is wrong about costs in Switzerland 12% of GDP and Germany 13%. The actual cost per person is over $9-7K in US dollars.

**US is 17% of GDP

Out of pocket premiums are in that range. Are you really okay with the idea that your health insurance premiums are 30-35% higher than in other rich peer countries so that hedge fund investors can get their cut of the money you pay in premiums?

If so, that’s pretty whack.

[dave w]

Geico, the auto insurer considered Buffett’s “favorite child,” reported a profitable year, with net underwriting earnings of $5.428 billion in 2023. The improved earnings was driven by premium rate increases and lower claims last year.

Maybe we should buy Berkshire Hathaway stock to offset the high premiums on insurance oh wait 629,000 thousand dollars a share. never mind. Cooperate greed, shameful.

[sinatras]

Originally Posted by dave w

Geico, the auto insurer considered Buffett’s “favorite child,” reported a profitable year, with net underwriting earnings of $5.428 billion in 2023. The improved earnings was driven by premium rate increases and lower claims last year.

Maybe we should buy Berkshire Hathaway stock to offset the high premiums on insurance oh wait 629,000 thousand dollars a share. never mind. Cooperate greed, shameful.

You mean the excuse that "rates are up b/c people are getting into more accidents since the pandemic" is a lie? I'm SHOCKED!

The pandemic, I mean SCAMdemic, was just a yearslong excuse for corporations (food companies, supermarkets, carmakers, INSURANCE COMPANIES etc) to FLEECE the American consumer, and the US govt. does nothing about it.

In Florida specifically where home insurance and auto insurance are skyrocketing beyond the reach of the middle or even upper middle classes, the state govt. does nothing to stop that either!

[Dave_n_Tenn]

Originally Posted by beachmouse

Out of pocket premiums are in that range. Are you really okay with the idea that your health insurance premiums are 30-35% higher than in other rich peer countries so that hedge fund investors can get their cut of the money you pay in premiums?

If so, that’s pretty whack.

Americans certainly pay more, but the point I made is your math is way off and your painting a false picture. Keep it real otherwise you appear like a bias nut job.

[Mathguy]

Originally Posted by cfbs2691

Politicians in bed with insurance companies + insurance scammers + natural disasters + majority of population living near potential natural disasters = insurance costs skyrocketing

Let's start off by saying you nailed many of the issues.

I would add that soaring inflation, which has been even worse for cars is a huge component.

The one area I would balk at would be the idea that politicians in Florida are in bed with insurance companies.

<points to insurance companies trying to not do business in Florida.>

The past 15+ years in Florida has most certainly not been the insurance companies and Department of Insurance seeing remotely eye to eye.