California's largest private insurer, State Farm, urged the state's insurance regulator to approve an emergency hike in rates to help offset the hefty payouts the company is making after devastating wildfires in Los Angeles last month reut.rs/3Q3yktC - ThreadSky

reuters.com • 37 days ago

California's largest private insurer, State Farm, urged the state's insurance regulator to approve an emergency hike in rates to help offset the hefty payouts the company is making after devastating wildfires in Los Angeles last month https://reut.rs/3Q3yktC

Comments

borninthenorth.bsky.social•37 days ago

I’m sorry, but isn’t the point of paying for insurance is for them to pay out the motherfucking hefty fee ? 🤷‍♀️

Stop fucking #denying people what they’ve paid into/rightly theirs, stop fucking #defending reasons not to pay before we fucking #depose your asses .
#endcorporategreed #denydefunddepose

gajda.bsky.social•36 days ago

No, thanks for the laugh. This is what you’re supposed to be set up for - the payout part.

charliethepainter.bsky.social•36 days ago

Suffer the losses like any respectable company would, how absurd thinking the tax payers should cover your expenses state farm

sisjudystrollsack.bsky.social•37 days ago

nope. absolutely not. How can you say the people is worth 24 million a year if the company is out of money when it needs to pay claims. That's literally what the business is for.

techngo.bsky.social•37 days ago

Screw State Farm!

concertwhore.bsky.social•37 days ago

Perhaps they can cut down on their commercials and paying their ceo so much money

kyotiwiles.bsky.social•37 days ago

No. People pay premiums in the event they need to use the insurance for their house. They do not pay them so execs can take vacays and seminars.

captainbrian.bsky.social•37 days ago

No!

vajeedali.bsky.social•37 days ago

You made billions for decades.. what about all the incentives and bonuses your executives made.. years and years of multi billion profits…

Californians lost all they had.. once in those decades of payments they made to your company.. the regulator should not approve!!

erikaherzog.bsky.social•37 days ago

Despicable

gpjoeusa.bsky.social•36 days ago

Hey Jake from State Farm, insurance is a gamble that most of the bettors (us) pay out an exorbitant amount of money over many years and the bookie (State Farm) makes a ton of money. Your short term loss after so many long term gains is part of the gamble. Buck up and take it and just help others.

dukeofjupiter.bsky.social•37 days ago

Fuck you Jake!

karmaispatient.bsky.social•37 days ago

Too bad State farm that's why you paid actuaries to measure your risk.
Any excuse for rate hike.

robertlanesv.bsky.social•37 days ago

How about ... and hear me out ... how about they pay from the billions and billions of profits they've made over the years? Crazy, I know.

leanlefty.bsky.social•37 days ago

No, eat shit - sincerely, a concerned citizen

grchef.bsky.social•37 days ago

How much did they reduce the CEO’s compensation package?

matthewie.bsky.social•37 days ago

How about we lower rates because fuck State Farm.

angrybitchflo.bsky.social•37 days ago

Not okay. Perhaps someone needs to tell them to stop hiring football players for advertising, having huge employee events, etc instead???

jeffmnall.bsky.social•37 days ago

Property/casualty insurers rarelt profut off premiums--it's how they invest the premiums thats the meat and potatoes of their profit margins. They're called Snake Farm in the industry..and they've made a fucking fortune.

sofeecee.bsky.social•37 days ago

Fuck that

flabbytabby.bsky.social•37 days ago

But of course.

beanieeee.bsky.social•37 days ago

"Like a good neighbor State Farm is there"

notsheera.bsky.social•37 days ago

Isn’t that the business they’re in? It’s only okay to profit? Insurance is such a scam

dpp7541.bsky.social•37 days ago

A levy could be placed on every new insurance policy of 1%for 20 years to help .
The Irish government did similar when the PMPA insurance Company failed.
🇮🇪🇪🇺

indigodarling.bsky.social•37 days ago

Let them fail

dpp7541.bsky.social•37 days ago

Then how will people rebuild their homes. No insurance compensation. Money as you know doesn't grow on trees or whts left of them. The federal government under trumpie won't be coming to the rescue
🇮🇪🇪🇺

indigodarling.bsky.social•37 days ago

Well we learned in the US that bailing out billionaire companies is a mistake. The government should help the people and shutter the business.

dpp7541.bsky.social•37 days ago

There is that.
🇮🇪🇪🇺🤔

akcrowder.bsky.social•37 days ago

State Farm also reneged on covering homeowners' damages due to Hurricane Katrina in Mississippi. People who paid State Farm for many, many years were left with nothing except help from FEMA. They don't care about people, just $$$.

ret-act.bsky.social•37 days ago

State Farm priced (into the premiums) what THEY THOUGHT was the fire risk. They also have 'risk reserves' and re-insurance contracts to pay for claims in excess of what's included in the premiums they charge. In Other Words, they don't need an emergency hike in rates.

toddadam.bsky.social•37 days ago

robtownsend.bsky.social•37 days ago

In 2022, State Farm's CEO, Michael Tipsord, received a total compensation of $24.4 million, which included a base salary of $2.4 million and a $21.9 million bonus.
COO Paul Smith earned $8.6 million in 2021.
Chief Agency Sales and Marketing Officer Randall Harbert was paid $8.2 million in 2021

indigodarling.bsky.social•37 days ago

Wait a minute lol doesn't this mean they didn't have a large enough pool of clients to properly ensure their business was safe? Their fault. That's entirely how insurance is supposed to work.

ralphsomething.bsky.social•37 days ago

State Farm is worth $135 billion dollars. They can more than cover it. They should be punished for even asking.

larryfreeman.bsky.social•37 days ago

Hell to the No. A 22% emergency my ass. Sound more like a 22% bonus to the top management.

rwarrin.bsky.social•37 days ago

Get the Rogers $'s back.

lydia-barnes.bsky.social•37 days ago

All those premiums they have received for years with no pay outs.

kingkilburn.bsky.social•37 days ago

Absolutely not. They've made plenty of money from California.

edonz.bsky.social•37 days ago

cdmerr.bsky.social•37 days ago

Lolz

facistantii.bsky.social•37 days ago

These insurance companies should have the tools to forecast future increase needs if they paid attention to what the hell is going on with climate change and see the increase of nature s forces of destruction. Same with the states governments who have the highest areas most impacted.

tslali.bsky.social•37 days ago

they made incredible, jaw dropping profits when times were good. now it's time to pay, not as courtesy, but because they HAVE TO, as part of their LEGAL obligations.

proletariyachtclub.bsky.social•37 days ago

Fuck state farm. Pay it motherfuckers, why do you even exists then?

macncheez4prez.bsky.social•37 days ago

Gotta love insurance companies. They've been taking our money for years with little payouts. Now they need help when expected to actually pay out. Seems like maybe you should have planned for this instead of paying out to your shareholders.