Top Tweets for #Prop57

As a long term risk management and commercial insurance broker in CA, yes, it's a nightmare scenario, much of which can be blamed on archaic Prop 103. They created a scenario where insurance companies really were not allowed to properly underwrite risk... which is of course what insurance companies are supposed to do. Many if not most of the businesses I work with tell me that they would leave California if they could move the business and some have. Predictable and entirely avoidable situation. Now that the banking industry is pressuring the Department of Insurance and Newsom because they can't close loans, they are finally starting to take it seriously. The markets will eventually start to open back up but that will come with massive rate hikes, that's already started. Due to prop 103, it's been almost impossible to get over a 6.9% rate increase approved in the past so instead of incremental increases over time, consumers are getting walloped all at once and that will get worse as more of the large increases go through. Of course the government is blaming every other factor other themselves on this one.