Navigating a Hard Market in the Insurance Industry

Ted Henderson, a Risk Advisor and Commercial Insurance Expert with InSource InSurance Agency, talks about his present career situation as well as the challenges that other states, like California, face in the insurance market.

Heather:

So how is the insurance industry going right now for you?

Ted:

For me, it's going pretty well. I've got my book built up a good amount. Things are good. I'm looking to continue building it here in the next few months. The insurance industry as a whole though, is actually very hard, and taking a big hit right now. A lot of carriers on the personal and commercial side are getting out of certain areas. Farmers and State Farm just got outta California entirely as well.

Marc:

I heard about that.

Ted:

We're in what's called a hard market. It's the first real hard market that we've seen in the last 20 years, actually.

Marc:

Yeah, but it's hard for California because California is, you know what I mean? If they got bad policies, bad government over there, so they make it difficult for people to do business there. That's not a Texas problem, that's a California problem.

Ted:

They've also got forest fires too. That's an indicator.

Marc:

That's a policy issue, they don't clean out their underbrush, so they're just asking for it. And that's my opinion. I don't, I was born in California, so I care about California; a lovely, beautiful state, but their taxation is crazy and they don't take care of their forests.

Ted:

It is a little screwy.

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