State Farm exec fired after secret recording appears to show him discussing rate hikes
A State Farm executive was fired after an undercover video recorded during a Tinder date appears to show him talking about rate hikes after the SoCal wildfires.
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He said the quiet thing out loud. That’s what he was fired for.
The next person will just keep their mouth shut and stick to the original plan.
In my opinion, he also wasn’t wrong about ego and how many people continue to build and re-build in places with continued natural disasters, then expect the rest of us to continue to bail them out.
Isn't some disaster aid contingent on rebuilding in the same place?
if it is, i would like that to be corrected for areas that continue to be disaster zones. i would rather pay to help some people move once than rebuild 3 or 4 times each over their lifetimes.
The FEMA flood insurance has some requirements about flood prevention activities to continue being eligible. This is just regular old private insurance though, so it's not the general public paying the price. At some point government might step in to backstop or subsidize it though.
And yet...
More than 2,100 properties across the U.S. enrolled in the National Flood Insurance Program have flooded and been rebuilt more than 10 times since 1978, according to a new analysis of insurance data by the Natural Resources Defense Council (NRDC). One home in Batchelor, Louisiana has flooded 40 times over the past four decades, receiving $428,379 in insurance payments. More than 30,000 properties in the program, run by the Federal Emergency Management Agency, have flooded multiple times over the years.
Ah, seems reasonable. Yeah, even paying for rebuilding with better materials and methods for the disasters might be even cheaper than moving large groups of existing people. But, please stop building stick and paper houses in these places lol
Only fired because he got caught.
... wtf do people think happens at boardroom meetings?
Is it even a surprise that a home insurance company is planning on raising rates... in a collapsing country, where about 1/3 of homes are no longer viable for relevant insurance from 2030 onward, due to climate change?
This is only the beginning.
Is it not common sense that if we pool our money together to cover accidents then the people who are more prone to accidents, therefore pulling more money out of the pool than others, should be contributing more? How do people think rates are calculated?
It should also be a big clue: If insurance companies don't want to take your money, you are doing something dumb. Don't build stick houses in wildfire zones.
