GIECO abruptly closes all office in CA. Many insurers stop writing in Louisiana - what's really going on!?

Sorry, here's the fixed 2nd link

[link to www.fox8live.com (secure)]

will read later this AM



could be major, closing offices

Homeowners insurance not health insurance or life insurance. Okay.

Weather wars? They know?

My guess is that the insurers are taking a financial beating due to Covid. With long term ailments related to Covid the Insurance companies are jumping ship so they won't have to pay out. Just think about it, they charge a few hundred bucks a month for comprehensive medical coverage yet when someone comes down with Covid ailments, those charges are thousands if not hundreds of thousands of dollars. GEICO is just trying to save their cash reserves instead of paying out to those folks who've taken the jabb. Purely financial reasons, nothing nefarious, unless you took the jabb and have yet to get sick. I bet in the future those who are infected with the jabb liquid will not be able to get insurance because of pre-existing conditions.

Geico don't sell health insurance

What a dick move towards people in Louisiana. You can't get insurance during hurricane season!

They cannot get insurance because they have preexisting conditions. i.e. their cars are a piece of junk and they are all druggies.

The two articles don't seem to be related.
Geico is probably transitioning to offer their services online instead of brick and mortar office buildings.
Banks will be closing branches and moving their customers
Online also, much cheaper for them online.

The Louisiana article doesn't sound like a big deal, businesses go under all the time, usually they try and fold smaller insurance companies and banks into larger ones and carry on.
Then again, it could be tip of iceberg and a lot of insurance companies could face liquidity and bankruptcy problems.

Everyone should know by now, that we are in recession and probably heading for a depression.

I had Lighthouse, they paid out about half of what it takes to fix my roof , then went bankrupt. Too many claims from Hurricane Ida I believe.

Insurers are being regulated into the dust by certain states. They probably avoid some of this bureaucracy if they don't have actual offices IN the state.

Done

I'm with Gieco and never once met a person. So they have been doing it that way over 30 years anyway. I signed up on the phone, decades ago.

I'm guessing it's rent. Who wants to pay 10k a month for a retail location you don't need?

The push is automation/ robotic software that replaces many customer service jobs across many industries. Being deployed in public sector already. Soooo many people going to be losing their jobs. Retirement packages are bankrupt, they can’t payout and they support depop to realign

The Navy Doomsday Map shows why.

[link to www.forbes.com (secure)]

Wildfires and hurricanes

I work for the largest corp in the sector, am licensed in every state like most of my peers but CA is the hardest license to keep, every other state takes a week to a month, you'll be lucky to get CA in a year and have to check it's status daily to make sure it hasn't magically dropped overnight just to reappear later. Every agent knows CA license is the worst, their commission must be on bath salts. I'm thinking Geico got sick of the physical overhead of it.

IDA fucked up LA last year.

I was surprised how fast they got everything up and running again.

Getting ready/got the word on the coming monkeypox lockdowns and mass death. Everything going digital. No more books made of paper...paper shortage. Everything going to shit x10.

Looking at the map looks like California will be no more.

Yeah, it was actually worse in my area than Katrina was.

WW3 China vs. USA.

Doing it online and eliminating agent's commissions helps the bottomline as well.

On average the first few bill payments to get axed by folks that can no longer afford to live without making serious concessions are auto insurance, car payments and student and personal loan payments.

It's most likely the beginning of a nationwide trend given the current economic situation in the US.

They are fucking going broke paying out all that life insurance bullshit caused by the vaxx deaths...up 2000%

thats why...

Bad time to be in life insurance...

and Geico pays huge taxes in CA...go figure...

Hey lazy who cares?

Do you really need to READ it?

They’re not closing their businesses just their offices.

Going online only for that state’s policies.

Why?

The states’s largely a shithole so they probably don’t want their employees having to drive or walk in to work because of the road/ crime risk.

Or just read it later anyway who cares.

“Pin for later blah blah blah”

Why even say that stuff?

Read it whenever you read it, but way to post a useless filler.

This is property insurance. I'm thinking weather. Natural disaster.

Also, dorry...it's GEICO, not GIECO. It was early.

It's not inconceivable. It would be abrupt. And it would devastating.

I really do think this is a possibility. From insurance to law to medicine. An AI can do all the thinking for you.

Heard it right from an insurance executive. Climate change is freaking then out. Mega fires rapid intensification of hurricanes. Don’t believe me? Ask one yourself I have and it’s not pretty. I