SKYROCKETING INSURANCE COSTS
Insurance rates are skyrocketing across the nation and even more so right here in South Carolina. Whether you’re a homeowner, car owner, or small business owner, you have been negatively impacted by this alarming trend. While insurance companies rapidly raise their rates, they are making more money than ever. We deserve FAIR insurance rates.
INSURANCE PRICE GOUGING
Insurance is required to obtain a mortgage on a home or to drive a car. It’s a good business practice to have insurance if you’re a small business owner because it is a fact of life that sometimes things go wrong. Right now, greedy insurance companies are taking advantage of having an essential service by saying rates will stay high if we don’t pass laws to ensure they have even higher profits. They blame the laws in our State for the high rates. But prices are going up across the nation. We can’t allow them to strongarm us anymore.
If the current laws in our State are the problem, then why are rates going up across the country for all types of insurance?
CONTACT YOUR LEGISLATOR:
TELL THEM TO VOTE NO TO S.244 & PUT PEOPLE ABOVE INSURANCE COMPANY PROFITS
The Facts:
OUR COSTS SPIRAL AS INSURANCE COMPANIES MAKE BILLIONS
Car Insurance
Car Insurance has risen over 40%.
Home Insurance
Home insurance has risen 26% with some homeowners being completely abandoned by insurance companies unwilling to pay damages from recent hurricanes like Helene and Milton.
Small Businesses
Small Businesses, especially local bars and venues, have seen rates increase dramatically.
INSURANCE COMPANIES RAKING IN BILLIONS AT OUR EXPENSE
At the same time, insurance companies are raking in record profits, and their CEOs are among the highest paid in corporate America. And they aren’t stopping there, now they are trying to write laws in South Carolina to further increase their profits at our expense.
Evan Greenberg,
Chubb Ltd.
$27,700,000.00
Alan Schitzer,
The Travelers Company
$22,000,000.00
William Berkley,
W.R. Berkley
$16,500,000.00
Paul Zaffino,
AIG
$24,600,000.00
Thomas Wilson,
Allstate
$16,500,000.00
Christopher Swift,
The Hartford
$16,400,000.00
That simply isn’t FAIR
WE CANNOT ALLOW INSURANCE COMPANIES TO STRONGARM US INTO PASSING LAWS TO BENEFIT THEM
Insurance companies are using their massive amounts of money and influence to try to change the laws in South Carolina to further increase their profits by limiting the amount of payouts they must give their customers when something goes wrong requiring a claim to their insurance policy. They are paying millions to lobbyists and public relations firms to pass laws to benefit them.
We cannot rely on the insurance companies for the answer of how to fix rising insurance costs. They will just push policy that best benefits them and their profits – not their customers. Passing bill Senate Bill 244 is short sighted and will not solve the problem of increasing rates in the long-term. It will only put profits over people by further victimizing someone who has endured a life-altering event, whether damage from a hurricane, a victim of assault or DUI, or other traumatizing incidents.
Even the main sponsor of the Senate Bill being pushed by insurance companies to “lower rates” says we don’t know if the bill will actually lower rates.
If the Protect Insurance Company’s Profits (S.244) bill passes:
The Latest News
OUR LEGISLATORS NEED TO VOTE TO KEEP MORE MONEY IN OUR POCKETBOOKS NOT IN BIG INSURANCE COMPANIES
November 4th, 2023: “Berkshire Hathaway posts a 40% jump in operating earnings, cash pile swells to a record $157 billion”
January 19th, 2024: “Insurance giant Travelers reported higher revenue and income in the most-recent quarter, helped by double-digit percentage increases in premiums for auto and home insurance. Its stock rose around 5% in early trading.”
January 19th, 2024: “Allstate’s total revenues reached $14.5 billion during Q3, representing a 9.8% year-over-increase, the insurer said when announcing its financial results for the period.
The company said its $1.3 billion increase could be attributed largely to a $1.1 billion increase in property liability income from higher average premiums.”
January 19th, 2024: “Travelers Cos. Inc. Friday reported fourth-quarter net income soared 98% to $1.63 billion, as lower catastrophe losses, price increases and higher investment income boosted its performance.”
WE NEED FAIR INSURANCE RATES & REAL SOLUTIONS
Allowing insurance companies to write laws governing compensation to their policy holders is the wrong approach. We must try proven solutions to reduce the costs of insurance rates that puts the residents of South Carolina first – not the shareholders to large insurance companies. These easy changes could increase public safety, transparency, and enable us to obtain FAIR insurance rates.
Enable the Department of Insurance to Have Regulatory Authority
Currently, the DOI has no way to audit the information provided by insurance companies. They also have no mechanisms by which to effectively regulate insurance rates.
Joint Underwriting Market
Create a system where insurance companies join together to share in both the profits and losses of insurance, making it easier for businesses, homeowners, and car owners to obtain coverage and more profitable for insurance companies to provide coverage.
Stronger DUI Laws
Enhancing DUI laws through stricter enforcement and penalties can reduce alcohol-related incidents, leading to fewer claims and lower insurance rates for restaurants and bars.
Enact the Server Training Bill
Requiring bartenders and servers to take a training session can help lead to safer roads and less insurance claims. Training is mandatory for a variety of professions and alcohol servers shouldn’t be an exception.