Wayne Goodwin’s Customer Service
2014-12-22 - by
Insurance Commissioner Wayne Goodwin and Governor Pat McCrory appear to have different ideas of what “customer service” means.
To McCrory and his administration, the “customers” are “corporations” and, too often, “polluters.” To Goodwin, the customers are “consumers” and, in this instance, “homeowners.”
Goodwin last week denied the insurance industry’s request to raise homeowners’ insurance rates across the state an average of 25.6 percent.
It may be the first time since January 2013 that business hasn’t gotten exactly what it wanted from Raleigh – and pronto.
Why did the industry want a 25 percent increase? Why indeed, after getting an average increase last year of 7.7 percent, as high as 19.8 percent in beach areas?
Had some terrible catastrophe drained their reserves? Are thousands of insurance company employees being thrown out on the street in their suits and white shirts?
Not exactly. The industry admitted it was guessing about what MIGHT happen in the future. Its spokesman said, “Part of the problem that we have is that the rate product – which is paying claims – is some future event that we really don’t have a good handle on how much it costs. We’re trying to predict what that would be three or four years down the road.”
No doubt, the industry would like to base rates on a projection of an End Times combination of hurricanes, tornados, ice storms, Ebola outbreak, terrorist attacks and plagues of locusts and toads.
Nice try, boys.
Goodwin said his decision will save North Carolina homeowners $600 million.
Merry Christmas, indeed.
Wayne Goodwin’s Customer Service
2014-12-22/
Insurance Commissioner Wayne Goodwin and Governor Pat McCrory appear to have different ideas of what “customer service” means.
To McCrory and his administration, the “customers” are “corporations” and, too often, “polluters.” To Goodwin, the customers are “consumers” and, in this instance, “homeowners.”
Goodwin last week denied the insurance industry’s request to raise homeowners’ insurance rates across the state an average of 25.6 percent.
It may be the first time since January 2013 that business hasn’t gotten exactly what it wanted from Raleigh – and pronto.
Why did the industry want a 25 percent increase? Why indeed, after getting an average increase last year of 7.7 percent, as high as 19.8 percent in beach areas?
Had some terrible catastrophe drained their reserves? Are thousands of insurance company employees being thrown out on the street in their suits and white shirts?
Not exactly. The industry admitted it was guessing about what MIGHT happen in the future. Its spokesman said, “Part of the problem that we have is that the rate product – which is paying claims – is some future event that we really don’t have a good handle on how much it costs. We’re trying to predict what that would be three or four years down the road.”
No doubt, the industry would like to base rates on a projection of an End Times combination of hurricanes, tornados, ice storms, Ebola outbreak, terrorist attacks and plagues of locusts and toads.
Nice try, boys.
Goodwin said his decision will save North Carolina homeowners $600 million.
Merry Christmas, indeed.