48 State Farm’s California Neighbors Might Wish They aren’t There. 22% Increase Approved! (justthenews.com) posted 2 days ago by Irishman4Trump6 2 days ago by Irishman4Trump6 +48 / -0 CA approves 22% rate hike for state’s top property insurer, State Farm, to stabilize market State Farm justified its rate hike by claiming it is paying out $1.26 in claims for every dollar it collects in premiums, resulting in the loss of $5 billion in the last nine years. 15 comments share 15 comments share save hide report block hide replies
Insurance is nothing more than shared risk [plus profit for the ones who are in it for profit and sometimes loss]. That is why I like the Mutual insurance companies, that are owned by the policyholders.
Even get dividends back.
Some utilities work the same way.