https://www.spglobal.com/market-intelligence/en/news-insights/research/state-farm-general-posts-729-9-direct-loss-ratio-on-los-angeles-fires
6 replies (most recent on top)
It doesn't matter what your grades are or what degrees/designations you have. If you lack common sense, you are stupid. After over 30+ years at SF, I met a lot of people who have degrees and designations. Those same people have zero common sense; therefore, they are stupid. Early leadership at SF back is the early 70s and 80s had common sense and made rational decisions. Since 1990s leaders at SF have zero common sense.
If the employees think it is tough now, just wait. They will have to considerably reduce expenses to make up for these terrible numbers AND REMEMBER YOU ARE CONSIDERED THEIR #1 EXPENSE!!!
Remember State Farm walked out on DOI with trying to work a reasonable resolve. That speaks volumes. Hayden confirmed such. Their arrogance is beyond comprehsible.
Not sure how this indicates any incompetence on the part of State Farm. They’ve been saying they’re unsustainable without rate increases in CA since the 90’s. It’s independently confirmed, and after several moves to force action by the DOI, they’re finally getting it.
Good explanation for the tighter underwriting and rate needs.
This is what happens when you expect a lavish lifestyle without producing. It always catches up. I'm sorry but I don't feel sorry for them.