The Insuring community needs to step up and share the exposure as well as the wealth in providing for the Orleans Parish.
Since events like Katrina are rare, there are enormous profits that will be gained by those companies that write in New Orleans. Additionally, I would like to see more reinsurance negotiated for these businesses. New Insurer \”blood\” is badly needed in this Parish. If the Insurers do not provide coverage, the State and Federal legislators will force some very uncomfortable restrictions on all comnpanies doing business in Louisiana.
Obviously, you\’ve not read the figures behind the losses. loss ratios after Katrina, are in the 3 to 4 digit range. Reinsurance costs are high, and the regulators will not allow actuarially sound rates.
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The Insuring community needs to step up and share the exposure as well as the wealth in providing for the Orleans Parish.
Since events like Katrina are rare, there are enormous profits that will be gained by those companies that write in New Orleans. Additionally, I would like to see more reinsurance negotiated for these businesses. New Insurer \”blood\” is badly needed in this Parish. If the Insurers do not provide coverage, the State and Federal legislators will force some very uncomfortable restrictions on all comnpanies doing business in Louisiana.
Enormous profits?
Share the wealth?
Reinsurance?
Obviously, you\’ve not read the figures behind the losses. loss ratios after Katrina, are in the 3 to 4 digit range. Reinsurance costs are high, and the regulators will not allow actuarially sound rates.
So what wealth and profits are you talking about?