Currently the way insurance renewals works at companies is that carriers won't bid for business unless they see the renewal rate your current carrier gives you. This seems broken. How would we solve this through the market so there is true market competition.

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Posting as :
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It’s

Is this true even when using a broker?
Simplest solution would be to make it illegal for them to ask for that info. State insurance commissioners could probably pass regulations prohibiting it, but lobbyists would scream.
In theory blind bidding could help, where they are forced to submit bids without knowing what anyone else bids so they are incentivized to bid low. But it only works if there are truly multiple competing providers in the market, which is less and less true these days.

That is wild. I had no idea that happened. What’s their justification for asking for this, if any? And for what types of insurance have you seen this happen?

This was my question: OP, what kind of insurance are you talking about?

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Friday Wordle

Wordle 412 5/6

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