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Originally Posted by carlmich1
I am in the insurance business in Seattle. The industry has had big increases. It been a crazy couple of year, alot had to do with losses and inflation. We call it a hard market Companies are leaving such as liberty you mention is not writing RV in your state. We represent Safeco and they have a great RV product. You said your rates went up 1500ish. It's not just Safeco. I suggest to my client is to stay with your current carrier, and yes even though you are going to safeco it is own by Liberty mutual and they take that in account. Now if you find a better price with a new carrier, you might be saving in the short term but they will have a rate increase and it will eat away your savings as well as it waters down your insurance history. The industry is really having issues and I hear California it really bad and Insurances companies are not writing much because of the fires and the losses. I hope this gave you a insight. Just hang in there.
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You are absolutely correct, it has been a crazy couple of years. In 2022 there were 462 different insurance company partnerships with major league sports to the tune of $1.2 billion. State Farm alone is paying an estimated $200-400 mil for naming rights to Arizona Stadium in addition to paying A list pro athletes and actors to do their never ending commercials that air during any highly rated TV show or sporting event. They paid a college athlete an NIL sum that's probably close to what their CEO earns per year. I'm sure that $1.2 billion has only increased in the past 2 years.
Lincoln Financial is paying >$300 million for naming rights to the Eagle's stadium even though their own mismanagement got them kicked off the S&P 500. MetLife is paying for naming rights to the Giants & Jets stadium, but hopefully have asked for a refund.
I'm not even mentioning sponsorships with NBA, MLB, NASCAR, Indy Car, and Tennis. I don't have a business background so I don't fully understand advertising. I do know that we have a choice which if any beer we drink, what brand of vehicle we drive, what perfume we buy our wife or girlfriend. Insurance, at least vehicle and property insurance is not a choice. Every state requires insurance on anything we put on the road. If we borrow money on a vehicle or RV, the lender requires full coverage, same with a home.
My point is this: if they eliminated or greatly reduced their ad budget, could they lower their rates, pay better commissions to their agents, or even god forbid, better service their claims?
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