ISO: Insurers to Pay $6.5 Billion in 2007 Catastrophe Claims

January 14, 2008

  • January 14, 2008 at 1:46 am
    THE FLORIDIAN says:
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    Speaking from a Florida perspective, all of those states should WATCH OUT… one bad year wipes out all of the others and rates will go up tremendously. That’s what a lot of the Florida problems are… increased house and homeowners insurance payments, mixed in with gasoline and regular increases is making for a very messed up economy.

  • January 14, 2008 at 1:53 am
    GoreFollower says:
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    Nothing in Florida, that just angers the hell out of me. As a Gore follower, I have been banking on Florida, it’s just so hurtful that Florida made out like a bandit. We in the global warming industry demand that the weather behaves to how we want it to behave, we have too much vested if Global Warming decides to make a u-turn. I ask the IJ editors to keep up the heat on this global warming issue as I cannot afford to lose my investments and want to try to cash out at a premium before the u-turn happens.

  • January 14, 2008 at 2:17 am
    stu says:
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    Let me get this straight. The $6.5 billion for 2007 represented the eighth lowest cost in a decade. Doesn’t that make it the third highest cost in a decade? Do I detect a “spin” here? Just wondering.

  • January 15, 2008 at 11:13 am
    Anonymous says:
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    February 3, 2005

    Send Feedback E-mail this Article Print this Article Article Reprints
    Florida’s CFO Tom Gallagher has requested a freeze on all insurance rate increases for homeowners policies.

    According to a press release issued by the Department of Financial Services: “I learned today that Nationwide has submitted a rate request in excess of 100 percent for mobile homes,” Gallagher said. “I’m extremely concerned that there is a trend with companies, including Nationwide, trying to recoup their losses from the hurricanes or raising their rates so policyholders are forced to drop coverage.”

    Joe Case, a Nationwide spokesman responded: “Nationwide has not filed its request to recoup past losses, we are lawfully seeking the rate change based on computer models that assess our future loss potential,” Case said. “Even if Nationwide’s homeowner rate change request is approved we will still be in line with market prices in Florida.”

    Case said that in Florida mobile home insurance rate increases will only effect a small number of owners because a small percent of Nationwide’s policies are for mobile homes. “We want to be able to properly serve these customers in the future,” he commented.

    Nationwide is still assessing the impact of the proposal to freeze rates at this point.

    Gallagher said homeowners who have suffered losses from the four back-to-back storms should not be victimized a second time.

    “Insurance companies should not be in a rush to raise rates,” he said. “The prudent thing to do is to slow down and consider the consequences of rate increases on storm victims who are not able to handle an additional financial burden.

    “That’s why I’m asking state regulators to hold off approval of pending and future rate increases.

    “The market needs to stabilize and state lawmakers should have the opportunity to act on recommendations for insurance reform that will help offset the need for rate increases.”

    FIC Comments

    “Members of Florida’s Insurance Council share in Tom Gallagher’s concerns over rising insurance

  • January 15, 2008 at 11:17 am
    Anonymous says:
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    Homeowners Insurance cost for Folsom, La. 167,000 coverage 50,000 for outbuildings $1925.00 yr w/1/2 & 2%(windstorm&hail) as a deductible. There is no way that I’ll flood. That’s way more than $900 a year. The windstorm and hail is running $900 by itself. Auto insurance $570.00 a half..in the rural country.

  • January 15, 2008 at 11:20 am
    Anonymous says:
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    How much would they have paid if they would have been fair? Alot less a whole lot less.

  • January 15, 2008 at 11:24 am
    Their Name is greed says:
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    The substitute reports are written by two Forensic engineers, William Forbes and John Kelly.

    On Oct. 28, two months after Katrina and after the Kochan-Lecky King meeting, State Farm executive Mark Wilcox sends Kochan a sample report, which includes, among other things, the false conclusion that storm surge preceded the wind. No one believes that. The sample report’s false conclusions are attributed to Weather Data Inc., a private contractor to State Farm. The sample report includes a conclusion that the property was destroyed by surge. No wind damage was included in the sample.

    In a January 2006 email, Forensic’s Kelly, commenting on a government site, admits he knows wind preceded water, even though Forensic reports are going out saying the opposite:

    The thing I found interesting was the lead time of the wind ahead of the water, because this is what we experienced. I can not say what speeds the winds were, but they definitely were ahead of the water by our observation.
    Subject Posted By Posted On
    wrong again Jan 11, 2008, 3:00 pm
    RE: Every Penny Me Jan 11, 2008, 1:35 pm
    Every Penny Jan 11, 2008, 12:55 pm
    RE: RE: RE: They Deserve Every Penny-so what? wow Jan 11, 2008, 12:47 pm
    RE: RE: They Deserve

  • January 15, 2008 at 1:21 am
    Nobody Important says:
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    I hope the business you work for or own is required to sell at a loss to make the product affordable to all. You and several others including no name have no concept of a private competitive marketplace. I understand no name since I think he or she is an attorney, but the rest of you just don’t understand the product. Too bad the idiots in FL government don’t understand it either. The politician’s promised “fair and affordable to everyone” promises will cost you in the long run.

  • January 16, 2008 at 10:05 am
    Important says:
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    In the underinsured motorist case, former Pima County sheriff’s Deputy Jean Cundiff sued State Farm after the insurance company cut an award for her on-duty car crash by the amount she had gotten from workers’ comp



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