Insurance-Mageddon! State Farm Insurance And Nationwide Insurance Stop Sales

State Farm Insurance & Nationwide Insurance have both made MAJOR announcements reducing new business sales! The insurance industry is bracing for a MAJOR shakeup!

- State Farm Mutual Insurance to stop writing fire policies in California.
- Nationwide Insurance restricts new personal lines insurance across the nation.
- Allstate plans to reduce writing new business nationwide.
- Multiple insurance carriers across the country are taking similar actions.
- Insurance industry facing significant challenges in 2023.
- Carriers struggling to make profits due to inadequate premium rates.
- State-specific insurance commissions limit rate increases.
- Factors impacting carriers' profitability include supply chain issues, inflation, and stock market losses.
- Carriers aim to save their bottom line by halting new business and raising rates on existing clients.
- Resulting effect: Insurance rates are projected to increase significantly for policyholders.
- Suggestions for individuals to mitigate the impact:
1. Consider raising deductibles to save money on premiums.
2. Avoid filing small claims to prevent premium hikes.
3. Work on improving credit score to secure better insurance rates.

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🕰VIDEO TIMESTAMP🕰
00:00 Intro
00:58 Insurance Industy Major Issues
01:35 Why Insurance Carriers Are Having Issues
04:24 How Do Carrier Issues Impact You
05:45 How You Can Help Yourself
08:14 Conclusion
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Title: "Insurance-Mageddon! State Farm Insurance And Nationwide Insurance Stop Sales"
Transcript: "State Farm Mutual insurance company has announced that they are going to stop writing Insurance in the state of California when it comes to fire policies Nationwide Insurance has just come out and essentially restricted any new personal lines Insurance Across the Nation Allstate has announced that they're going to cut back on writing new business Across the Nation in carrier after carrier after a carrier is doing the exact same thing folks we have insurance mageddon on our hands and in today's video we're going to look at it a little bit deeper let's get after it hey folks Jack Wingate here and on this channel we help individuals families and businesses with tips tricks and strategies to help you save money on insurance help you understand Insurance a little bit better and let you know what's going on in the insurance industry and when it comes to insurance industry right now in the year 2023 we have major issues State Farm has recently announced that they're going to stop writing business in California Nationwide Insurance has effectively shut down all personal lines new business Across the Nation all states doing similar things Mercury Insurance is doing similar things every carrier in Florida is doing similar things so let's take a look at why that's the case and then how it affects you and maybe some of the things that you can do to help yourself and help these carriers moving forward so why are all of these carriers having to basically run themselves out of business well let's make no bones about it insurance carriers are in the business to make money they're in the business to make a profit so if you ever see actions where a carrier or multiple carriers decide that doing business in a state or a particular line of business isn't worth their time and they stop well that means that they are unable to get a premium or a rate that is sufficient to make them a profit now State Farm has some highly intelligent people Nationwide Insurance has highly intelligent people let's be honest every insurance carrier has highly intelligent people so we know that they can come up with a rate that will make them profitable in a certain line of business so why are they just raising rates that much to make themselves profitable well the problem is each state has their own insurance commission or Insurance governing body and a lot of times those Insurance