I expect Q4 results to be favorable given the last conference call comments by GJ. The rate increases will have kicked in and the new premiums collected. Not so sure about increases in loss payouts on auto and HO.
Boo Hoo Hoo to the Clmt on that $5k policy. Don't see too many of those policies written but it could have been a permissive use situation. Too bad for the uniformed. Perhaps you should have gone to your collision coverage on your own policy.....unless you didn't want to pay for that coverage of course. But then that would be your fault and not MCYs.
A six-month policy writer needs a year for new rates to make their way through their policies in force, two years for an annual policy writer. MCY's increases started taking effect in August, meaning that best case would point to the new rates being 40% through the in force book. This delayed impact reality points to one of the reasons why the company already has another 6.9% increase under review at the California Department of Insurance.