40-year record high inflation is main driver behind rising insurance costs: APCIA CEO David Sampson
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- เผยแพร่เมื่อ 17 ต.ค. 2024
- David Sampson, American Property Casualty Insurance Association president and CEO, joins 'Squawk Box' to discuss the surging auto and home insurance costs, what's driving the rising insurance rates,
I like this guy. He seems no nonsense. Realism is much needed right now.
My car insurance went up 50%, then it went to $0 when I cancelled it.
Better hope cops don’t catch you. When the city loses out on tax money everyone is getting a ticket
@@rickysampson8759 I stopped driving.
Same thing happened to me. When they repossessed my car, took my home, and canceled my credit cards, then I didn't need insurance anymore. What a relief!
How did my reply of "I stopped driving" get deleted?
Yep Get That Bus Pass ,
Someone said that it's time to be concerned when you start to see individuals shoplifting groceries rather than big-screen televisions, and i agree. Truth is, inflation will never reach 2% ever again, maybe in the next life, but not this one. Anyone purchasing groceries and gasoline is aware that real inflation is much over 10%; they simply lie about it like cheap blankets. In reality, interest rates would be in the 20s because of how high inflation is. But then despite the severe bear market, I am aware of certain investors that continue to earn over $365,000. Wish I could accomplish that.
Very possible! Particularly in this weak market. There are several opportunities to generate excellent returns, but such intricate transactions can only be carried out by seasoned market professionals.
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Great piece on how destructive inflation is and how regressive it’s pain is distributed
Yes, everything increased about 30% since the pandemic. That 30% increase has already been applied to insurance costs. The problem is, I just got my new 6 month term auto insurance bill, and it went up another 30% compared to 6 months ago.
It’s Orange man’s fault!
🤣 enjoy it , sweetie !
Corporate profits are behind the rise in insurance rates. Look at the insurance stocks
If inflation cause the rise of prices. Insurance would have to go up to cover those rising costs. It’s not that complicated unless your an idiot
they must make 300 percent profits. no matter what
The corporations cut pensions, medical coverage, vacations, sick leave, and then they had their taxes cut by plenty, and shipped their factories to China, India, and Mexico. And now they want more. MORE and MORE. So they are raising prices for more profit.
Corporate profits and people driving $80K SUVs is driving inflation. You can't stop inflation as long as there is excessive greed.
Hmmmm...thats odd. It wasnt like that when Trump was around.
Fed says it’s transitory, fails us. Fed says it’s just one, no two, no three CPI reports with inflation up. Fails us! We are poorer under this dove Fed and this government! Please someone make the difficult choices to stop inflation!
as long as the us government keeps spending out the ass like there's no tomorrow, fed will feel pressure to keep rates low
@@celestial_sphere3 valid point! Fed trying to hit the breaks but government keeps spending
Please interview Professor Steve Hanke re inflation and hyperinflation at the macro level.
But democracy is at risk. Hilary said it best, Stop being selfish and get over yourself!
You forgot about the biggest one healthcare insurance. I pay $6,000 a year
That’s actually not bad a good family plan will start around 1300 a month
30k a year at my employer for complete garbage. Yes they pay me 6 bucks an hour towards it but it’s still 3k a month with 8k deductible and 18k out of pocket max. This is a federal contractor .
some need to pay for Israel and Ukraine and twaiine.
When the media says inflation they give CEOs like this an EXCUSE to raise rates.
This guy is on point too - he knows his stuff but not a lot of good solutions ever since it’s so complex
When will it all come crashing down? Like 2008? Something lurking behind the scenes that they're not telling us...keep the consumers confused! Thats the name of the game.
Why would a record strong economy crash??
We've been in a recession for a while they'll have no choice but to announce it soon
@@KrustyKlown Record weak currency. Stagnant wages.
The entire economy is fake and based on $2 trillion annual government deficit spending, and 2x to 3x real value house prices and 6x real value stock prices and that fake equity spending. Without that GDP would be down 50%. @@KrustyKlown
We are not looking at all the reasons why rates have been going up. Look at the TV commercials. Who they are hiring to do these commercials & when these commercials are being aired (Like: Sporting events, High-cost TV events & shows). - You indirectly pay for all that.
Yet all of the top Insurance Companies have seen their stock rise to all time highs lol
That's the entire stock market. Biden providing unlimited fiscal stimulus is the reason.
Yes, the top 2 insurers who have 27% of the home insurance market have seen their shares rise 39% and 74% respectively over the past 5 years. They aren't hurting.
Please interview Professor Steve Hanke re inflation and hyperinflation at the macro level.
Insurance went up because they can. Period.
Inflation is just a cover.
The industry consolidated. Less competition
Meanwhile, Biden sends 80 billion to ukraine. 🤣🤣 Thank the dem voters for this.
I'd rather have to wrangle inflation in than wrangle fascism in
80 was just 1 of the payments. Its closer to 160b lol
At least you can get ( home ) insurance . How about ( cos that offer ) no home policies , then no ( underwriting ) car policies . Insurers ARE gouging policyholders , and lawmakers are complicit .( PAC $ ).
They just had Steve Rattner on Morning Joe, and he claimed gas prices only rose a little over 1% for March. I don't know what state he lives in, but in MD, the price of gas went up 30 cents a gallon for regular, seemingly overnight, which by my math is 10%. It dropped back 5 cents, since then. Interest rates only effect oil and food prices indirectly, they need to get food chain gouging and oil profits under control. We may be producing more oil than ever before, but it isn't translating to lower prices because oil companies get billions in profits every year, since the oil embargo of 1974.
If the dollar store is raising prices to have 5 to 7$ items we are in trouble.
Dollar Stores and 99cent and Harbor Freight stores are going bust lately...no one has money for junk.
Biden’s America
Explain how corporate greed is Biden's fault?
Sounds like robbery!
Profit-Profit-Profit !
Seems like this inflation storm just hits everything eventually. First, houses, then cars, then food, then home repairs, it just moves through the economy. I tried to buy SOLO cups at the grocery store. Insane prices just lead to more insane prices. It has nothing to do with the weather or demographics. It's just prices.
This is 100% the main driver of inflation now
He didn't answer her question about healthy reported profits for ins. companies.
They are swine. Rates were lower every year in ,90 s with same inflation. They are ripping off America protected by GOP who they support Insurance Cos are detestable.
Love the folder hands then open as he BS his way through the questions
@@BRuane-pw6xq th-cam.com/video/qokabi1rKqI/w-d-xo.html
what i hate most- insurance ad always pretend "i am on your side" Hate that BS
They are ripping off people
They should do the nuclear option and make it so car insurance is not mandatory like NH and VA. Car insurance is half the price in NH and VA as it is in FL and NY.
My car insurance went up 35% in my homeowner's insurance went up 50% this is a bunch of crap!
Bidenomics...but at least no more mean tweets
Gougers, all aboard.
Didn't talk about record profits.
Inflation just moves the numbers bigger, from pay to expenses. Not that big of a deal unless you’re on the loser end of pay.
which is MOST American families.
@@curtisleeyork1978maybe most young American families. The boomers are generally in great shape with their heavy asset holdings.
People confuse rising prices with the cost of goods and services going up. That is not the case. The value of the currency is going down, and that drop in value shows up in "higher prices." This is what happens when you print trillions of dollars out of thin air and send them to people during covid. People figured it was something for nothing, but that is not how life works. We are paying for those checks now in inflation.
It's best not to insure
need to make government dont force us to buy it. government forcing us that's the issue
@@dd-uy5lx For mortgages yes
Build small and fireproof and self insure.
Grey man bad !!! Orange man good !!!
How about stop the big unearned bonuses for insurance execs, and the big parties. Inflation is just the latest excuse to price gouge.
Inflation was higher in 90 s yet insurance companies were cutting rates every year. Note they cannot spend enough on advertising. They are ripping off America and GOP loves it. Industry has seen a significant consolidation. Insurance Cos rip off consumers.
Insurance is State regulated. The consolidation within the industry is extensive. Inflation was equal to what it is today in the 90
S yet price wars existed every year, premiums lower year over year. Note industry spends excessively on ads , why ??
Remember What AIG did to our economy in 2008. Never trust Insurance Cos.
How much were the underlying assets ? The average entry level new car in the 90’s was under 12k now the average entry level vehicle is in the high 20-30k range we’re homes cheaper in the 90’s than today what was the average cost of labor ? ask yourself some logical questions and you’ll understand why
Communism can be expensive .....!!!
Insurance companies are private businesses operating in a free market. Read that again, and think about it.
@@PelosiStockPortfolio This guy just said that insurance companies are socializing losses. The insurance companies are regulated (Not much of a private Company!?)
Yes, labor and materials doubled since the covid lockdowns and with these green energy plans, costs will probably double again soon. The guy putting shingles on your roof etc, need to be able to rent or buy a house in your area. A skilled worker should be paid $50hr minimum in most areas right now.
Lmao nobody is paying a roofer that much. Illegals will take those jobs too.
Insurance company profits are exploding so this is all BS when it’s spun as just covering expenses rising.
The insurance business is so Awash in cash!
Inflation won't affect rich people. Only the middle class will be affected.
This align with US 2024 new invented economic concept. Overcapacity of cheap & good quality products are bad for US consumers. It’s good to keep inflation up & more expensive products. 😊
Greed
Deep seeded corporate greed and lack of true competition.
Trump 2024
i hope cnbc pays becky a lot of money.
I thought Democrats were going after the rich? Yet, every big company is making more than ever, while we suffer. Insurance companies are the worse!!
buy an air compressor and be self insured
I wonder how many illegal immigrants are driving with car insurance and driver licenses?
Insurance need to do its job and price risk!! Bad cities, bad drivers, building in dumb, and risky areas. Quit making the rest of us pay!!! Charge the risky a lot more. Cities with mayhem need to pay much higher rates. Idiot teen drivers need to pay up. Build in risky zones? Pay up.
Ask yourself how the account🎉 health insurance individuals that's the problem. Data dependent without the real data
powell said consumers are doing great. They can afford higher prices. T
Is this guy really trying to say insurance companies are not the problem, it's the government? really?!
Come on. This is all obviously the bill coming due for Covid hysteria. That was government. All government.
He is the face of insurance companies. It's disgusting that we the consumers pay for their greed. Those companies are not losing money. They are making a killing.
LAME EXCUSE and LIES ... Inflation just came in at 3.5% today.. the 100yr average is 3.4%. Inflation isn't high, it is normal.
Nah. Prices should be coming down -- who is getting the productivity gains?
Corporate profits.
The end is near. Hahaha
This is the biggest laughable scam.
This is exactly why cutting rates is idiotic. Oh you get 0% interest but you car price doubled? People are idiots. Look at the price of a house. 20 years ago I could buy a house in my town for 30k. Now the same house is 300k. No low interest rate can make up for the cost of inflation. Id rather pay a high interest rate on 30k than 300k. Boomers ruined everything.
yeah the interest rates need to stay high for the next decade. people rooting for 2-3 percent ineterest rates will cause my home value to double
Zero rates was the only way they could get that good old free money for doing nothing called asset inflation.
Same car, same coverage. Tripled over the past year. Blue no matter who though! Democracy is at risk, we must all push forward with unwavering support for Joe!
Get a bike or ride a horse!
Global warming.
But Biden said the economy is good, and inflation is down.