Crnr2Crnr Posted March 13 Share Posted March 13 (edited) Troublesomely high inflation rates may have an overlooked metric at their source: soaring insurance costs. But don’t take our word for it, just listen to Federal Reserve Chair Jerome Powell. Several types of insurance, including home and car insurance, have surged over the past few years, and it’s hurting the Fed’s effort to get interest rates down to its 2% target, Powell said in congressional testimony last week. On Tuesday, data from the Bureau of Labor Statistics showed that its metric for auto insurance, which covers physical damage, liability, and miscellaneous insurance coverage for private passenger vehicles, increased 20.6% over the past year and climbed 0.9% in February compared to the month prior. Meanwhile, a study from S&P Global Market Intelligence found that homeowners’ insurance jumped 11.3% in 2023. The more frequent extreme weather caused by climate change is leading to higher risk for insurance companies, which has led them to increase their prices, according to a study from Bankrate. Over the past decade, the U.S. has experienced a record $1.1 trillion in damage from severe weather, the most on record, which has contributed to higher insurance costs, the study claimed. https://fortune.com/2024/03/12/why-inflation-high-jerome-powell-says-insurance-climate-change/ I guess Biden controls insurance rates now as well... right @Petetard? Lmk if I need to explain who Jerome Powell is Edited March 13 by Crnr2Crnr 1 Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member Highmark Posted March 13 Platinum Contributing Member Share Posted March 13 Funny in 2018 it was a myth. https://www.investors.com/politics/editorials/despite-what-youve-heard-global-warming-isnt-making-weather-more-extreme/ Quote Link to comment Share on other sites More sharing options...
Pete Posted March 13 Share Posted March 13 Keep tryin g to carry the water for this piece of shit Karen. You’ll get it shoved up your ass Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member ViperGTS/Z1 Posted March 13 Platinum Contributing Member Share Posted March 13 (edited) Just peachy....may have improved slightly since this article but graph shows it's still pretty bad compared to Biden's... (Favorite word) "predecessor". https://www.cnn.com/2023/08/11/economy/inflation-rate-spending/index.html People are feeling it.... No matter how much lipstick they put on the pig. Edited March 13 by ViperGTS/Z1 Quote Link to comment Share on other sites More sharing options...
ArcticCrusher Posted March 13 Share Posted March 13 It's transitory. Dumb sheep. Quote Link to comment Share on other sites More sharing options...
Voodoo Posted March 13 Share Posted March 13 (edited) It’s not rocket science. Insurance is a mutual system. Better data has been a thing for two decades. It is so much easier to figure out where the risks are, and assign that to the mutual system. its not a conspiracy. I am iin a low risk area. My driving record is low risk. My vehicles mean I am low risk for injury, and the cost to repair them is also low. i also live in an area that has never been flooded, never had a hurricane, nor a tornado. Again, low risk. Mutual system means those that mutually insure each other will not make more claims. If you live in a part of the country, that floods all the time, gets hurricanes, has bad drivers, that means you will pay more to mutually insure each other. Edited March 13 by Voodoo Quote Link to comment Share on other sites More sharing options...
Pete Posted March 13 Share Posted March 13 3 hours ago, ViperGTS/Z1 said: Just peachy....may have improved slightly since this article but graph shows it's still pretty bad compared to Biden's... (Favorite word) "predecessor". https://www.cnn.com/2023/08/11/economy/inflation-rate-spending/index.html People are feeling it.... No matter how much lipstick they put on the pig. 2016-2020.. just awful.. Quote Link to comment Share on other sites More sharing options...
Art Vandelay Posted March 13 Share Posted March 13 It would make sense that insurance costs have increased due to replacement costs increasing. Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member ViperGTS/Z1 Posted March 13 Platinum Contributing Member Share Posted March 13 Just now, Pete said: 2016-2020.. just awful.. These guys are clowns..... It's costing the average family thousands more than it used too because of the inflation and energy costs. Granted ....it has improved somewhat But not nearly what it used to be. I know I'm still paying a lot extra for groceries Quote Link to comment Share on other sites More sharing options...
Voodoo Posted March 13 Share Posted March 13 (edited) Move, be a better driver, or get safer vehicles. i pay about 4K, for 4 vehicles, combined value of $150k full coverage. All used for business purposes. Again, Mutual system, in my favour. Now, with Ontario’s no fault insurance, my Drz bike insurance is $700 a year…that I can gripe about. its the less safe vehicle that makes it so expensive. its insurance, don’t get it if you don’t want it. Two years ago I read my home policy. it showed me my shop was insured for 110k, %25 of the main house... 8 years after I built it… Thats all an “out building” was covered for.. Cost me $400 to get it to 400k, which is much closer to actual rebuild cost. My bad for not reading my policy. Edited March 13 by Voodoo Quote Link to comment Share on other sites More sharing options...
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