The Insurance Board met on November 18. At the end of October we had an 88.45 loss ratio. We also had a 4.5 million gain. We were able to put 13.9 million in surplus throughout October 2013. We have a net income of $113 million for 2013 and at the end of October have 997.6 million in reserves. That is including us prepaying an 85 million tax liability early in the year.
- Memberships: At the end of October we are 17,309 members down and 8,700 policies down from 2012.
- Earthquake: For all of us that our clients are getting earthquake letters, you will now be able to opt out of your clients receiving those until a year before your zone must be changed to Argenia.
- 2014 Budget Proposals: 7% Growth. For the 4th quarter of 2014, 3% auto and 6% homeowner increase in premium was announced. According to Bill Reddington we are still 12% behind rating adequacy.
- Just a note, in the west over the last 4 years, property rates have increased 70%. Also in the past 4 years we have lost 47 agents.
Goals for 2014:
1. Gain 15 agents
2. Install an auto growth bonus
3. Develop a member referral program
4. Liberalize property only account and out of county business
5. Develop an agents training for prospective
6. Invoke a new youthful driver program
7. Implement an ACV Claim settlement program with hold backs, especially for roof claims
I hope everyone had a great Thanksgiving and have a Merry Christmas!!
Your President,
Mickey Sirls
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