Nationwide Insurance=Lehman Brothers

Their CEO is an empty suit on top of that. Look up you tube videos of him. I would not want someone like that running my company.
MIGA1626, I was fascinated reading this thread, but must ask you why you thought it appropriate? The stability and ongoing fitness of any company, let alone an insurance company, is of utmost importance. Your thread starts out by equating Nationwide to one of the biggest bank collapses in recent history. You make a few statements to support your thesis, using language than can be construed as authoritative (I guarantee they are heavy in long-duration bond and possibly even leverage funds that buy long dated bond and they must be having to sell these to pay claims. The policies they are non-renewing don't make any since unless you were to be failing.) to assist with advancing your position. Yet nowhere do you provide any facts to support, rather it is all done with opinion. In fact there are a few times you throw your hands up and admit to a lack of information because they are private.

Because I know human behavior. Its one thing to adjust underwriting. It is a whole different thing when people are panicking. I hear it in their voice. Everyone there sounds terrified. This is not the sound of people adjusting numbers. This is the sound of people in fear driven psychosis.
 
You all should move your book away from them while you still have a chance if you write with them.
 
There is no chance that any of us will find a buyer for a Nationwide book anywhere in the country. I've already made inquires.
 
Almost every company is restricting NB. As I have said before, most of the problem now is related to reinsurance deficiencies. 2024 will be a repeat of 2023 for reinsurance. Most companies in the Midwest are running over 115 combined ratio on their entire book. This with the 30% deficiency in reinsurance coverage creates a crisis in the marketplace. Many are above 125 combined. Don't expect anything to be easy with these kinds of numbers and lack of reinsurance.
 
That trickles down to the consumer in the form of yet more rate increases and to insurance agents as further commission reductions and gutted profit sharing agreements. It's unsustainable and It's just a matter of time before driving without car insurance becomes the norm and self insuring a home is commonplace. Third world country. My resolution? Offer more basic insurance options to those that want to buy them.
 
Almost every company is restricting NB. As I have said before, most of the problem now is related to reinsurance deficiencies. 2024 will be a repeat of 2023 for reinsurance. Most companies in the Midwest are running over 115 combined ratio on their entire book. This with the 30% deficiency in reinsurance coverage creates a crisis in the marketplace. Many are above 125 combined. Don't expect anything to be easy with these kinds of numbers and lack of reinsurance.

Yes Correct. BTW SwizzRE puts out a quarterly report that goes into the price data quarterly. Its really cool!!! (see below)

https://www.swissre.com/institute/research/sigma-research.html#insurancemonitoring
 
That trickles down to the consumer in the form of yet more rate increases and to insurance agents as further commission reductions and gutted profit sharing agreements. It's unsustainable and It's just a matter of time before driving without car insurance becomes the norm and self insuring a home is commonplace. Third world country. My resolution? Offer more basic insurance options to those that want to buy them.

I would thinking maybe you are dooming a lot too hard about the industry in general (I know I should be talking right?) If you look throughout history going back even 100s of years the hard market always attracts a soft market. Eventually there will be insurance/reinsurance carriers than cant resist to take advantage of the high prices and start competing its not a matter of if its just when... However I have no clue when that will be. Could be 2024 (probably not) it could be 5-10 years from now... who knows....
 
Their CEO is an empty suit on top of that. Look up you tube videos of him. I would not want someone like that running my company.


Because I know human behavior. Its one thing to adjust underwriting. It is a whole different thing when people are panicking. I hear it in their voice. Everyone there sounds terrified. This is not the sound of people adjusting numbers. This is the sound of people in fear driven psychosis.
Do you know how stupid your response sounds?
 
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