Source:
https://www.whatdoesitmean.com/index4542.htm

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March 3, 2024

Trump Rushes To Save Going Broke Americans Facing Insurance Apocalypse

By: Sorcha Faal, and as reported to her Western Subscribers

An insightful new Security Council (SC) report circulating in the Kremlin today first noting the Public Opinion Research Center (VCIOM) revealing in its nationwide poll of those who watched President Putin's address to the Federal Assembly: “Among those who followed the address, 85% said that Putin has a clear plan of action and a strategy for the country’s development for several years ahead”, says this joined a new poll by The New York Times and Siena College finding: “Only one in four voters think the country is moving in the right direction...More than twice as many voters believe Mr. Biden’s policies have personally hurt them as believe his policies have helped them...A majority of voters think the economy is in poor condition...And the share of voters who strongly disapprove of Mr. Biden’s handling of his job has reached 47 percent, higher than in Times/Siena polls at any point in his presidency”,

As to why 75% of Americans believe their nation is headed in the wrong direction, this report notes, ABC News revealed on 7 February: “Americans credit card balances climbed to a new record high $1.13 trillion, according to data released Tuesday by the Federal Reserve Bank of New York...Credit card debt increased by $50 billion in the fourth quarter of 2023 alone, a 4.6% jump from the previous quarter...The data on credit card debt comes as total household debt rose by $212 billion to reach $17.5 trillion in the fourth quarter of 2023, according to the New York Fed's latest Quarterly Report on Household Debt and Credit”.

Causing Americans to plunge themselves into even greater debt, this report continues, CBS News revealed: “Between groceries and restaurants, Americans are spending more of their income on food than they have in 30 years”— Americans going broke buying food have been warned: “Factors like environmental challenges, labor shortages, and more could pose a risk to the availability, quality, and affordability of certain spices, dairy products, eggs, seafood, grains, fresh produce, and meat and poultry”—Fox News also warned today: “Globalist "green" policies as well as inflation and rising costs have led to thinner herds, and in some instances, foreclosure or shuttering of farms altogether, bringing with them a potential domestic food crisis”—all of which joined the grim news: “The latest data from the US Department of Agriculture's biannual cattle inventory report on Wednesday showed that the US cattle herd (as of Jan. 1) fell 2% from a year ago to 87.2 million cattle...That's the smallest herd count since 1951”.

Most gravely concerning for Americans, however, this report details, was the shocking revelation: “Life insurance benefits and claims totaled $797.7 billion in 2022...The largest payout in 2022 was $348.1 billion, for surrender benefits and withdrawals from life insurance contracts made to policyholders who terminated their policies early or withdrew cash from their policies”—and as a consequence of Americans crippling their insurance companies by withdrawing hundreds-of-billions of dollars to pay their debts, articles are now appearing like “Auto Insurance Rates Soar At Fastest Pace Since 1970s Inflation Spike”.

In what can be most accurately described as an American insurance apocalypse, this report notes, insurance companies are fleeing California at the same time Florida residents are fleeing because they can no longer afford astronomical home insurance rates—surging home insurance rates are now slamming into multiple American States—and the Wall Street Journal, in its recently released article “Buying Home And Auto Insurance Is Becoming Impossible”, warningly observed:

After Allstate suffered billions of dollars in losses and failed to get the rate increases it wanted, it resorted to the nuclear option.

The insurance giant threatened last fall to stop renewing auto insurance for customers in three states that hadn’t given in to its demands, which would have left those policyholders scrambling for coverage. The states blinked.

In December, New Jersey approved auto rate increases for Allstate averaging 17%, and New York, a 15% hike. Regulators in California are allowing Allstate to boost auto rates by 30%, but still haven’t decided on its request for a 40% increase in home-insurance rates after the insurer refused to write new policies.

For many Americans, getting insurance for both their cars and homes has gone from a routine, generally manageable expense to a do-or-die ordeal that can strain household budgets.

Insurers are coming off some of their worst years in history. Catastrophic damage from storms and wildfires is one big reason. The past decade of global natural catastrophes has been the costliest ever. Warmer temperatures have made storms worse and contributed to droughts that have elevated wildfire risk. Too many new homes were built in areas at risk of fire.

As losses mounted, inflation only made matters worse, boosting the cost of repairing or replacing cars or homes.

“I have never seen the overall market this bad”, said Barry Gilway, a 52-year veteran of the industry who retired in 2023 as head of Florida’s Citizens Property Insurance, a state-created insurer of last resort that sells plans to people who can’t get coverage elsewhere.

Homeowners and drivers are facing sharply rising premiums, less coverage and fewer, if any, choices of insurer. In some places, the only options are bare bones coverage or none at all. That can make homes worth less and harder to sell, and cars less affordable.

Farmers Insurance Group increased home-insurance rates by more than 23% last year for tens of thousands of policyholders in both Illinois and Texas, according to S&P Global Market Intelligence. Nationwide Mutual said it won’t renew 10,525 home-insurance policies in hurricane-prone areas of North Carolina.

State Farm racked up $13 billion in property-casualty underwriting losses in 2022, its worst ever. Last year, it stopped writing new home-insurance policies in California. The state’s regulators last month approved a 20% home-insurance rate increase.

“This is just the worst possible scenario you could think of for consumers”, said Timothy Gaspar, head of a Los Angeles-based insurance agency. The mass retreat of insurers from the state means there is nothing to offer people seeking new home or auto insurance, he said.

Allstate Chief Executive Tom Wilson defended the threat to yank auto coverage in the three states that generated heavy losses. “We can’t afford to use shareholder money to support an underpriced product”, he said.

“I’ve been here 27 years, and we’ve never increased auto rates in the way we have in the last two years”, said Allstate CEO Wilson.

Allstate CEO Wilson also said: “There will be insurance deserts”.

With leftist Axios having revealed about their latest survey: “Americans agree on at least one thing: A huge margin say their political leaders don't care about them...This angry, irritated feeling cuts across all groups, without much hope for improvement”, this report concludes, the American peoples, however, do know that President Donald Trump cares about them and their nation, which caused the leftist Washington Post to exclaim in terror: ”Trump is authentic, appealing and funny...That’s what makes him dangerous”—and today it was reported about President Trump, who’s rushing to save America: “Former President Donald Trump swept three events Saturday, capturing more delegates for the GOP presidential nomination in a final sprint to Super Tuesday...He won the delegate haul at a party convention in Michigan, as well as the Missouri caucuses, which set him up to win the state delegates during the district conventions in April and a statewide convention in May...He finished the day with victory in the Idaho caucuses”.

[Note: Some words and/or phrases appearing in quotes in this report are English language approximations of Russian words/phrases having no exact counterpart.]

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March 3, 2024 © EU and US all rights reserved. Permission to use this report in its entirety is granted under the condition it is linked to its original source at WhatDoesItMean.Com.
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