Hurricanes Hugo and then Andrew were wake up calls that went unanswered. The industry as a whole has chiseled away at the large Independent firms with low ball contracts and not supporting them when things are slow. GAB Robins and companies like them used to provide a pool of adjusters to respond to events like this. They have continued to shrink as market forces have come to bear on them.
The anti trust legislation that now seems to be ancient history is still having an effect. In the early 60’s, the carriers were forced to give up the Bureau concept of claims handling.
CAT operations alone cannot field a supply of qualified adjusters able to service the number and magnitude of claims in a 4 hurricane scenario. Beating up on the adjusters is not the solution. A long term view would go a long ways to resolving the crisis.
After being involved with the FLDFS,it is not suprise that they continue to have no clue on what is occurring. They employ washed up claims people to oversee poorly run companies!
This fiasco is nothing other than an over abundance of claims coupled with an overzealous and under-educated governmental entity. Go ahead, promise the public everything when you have no clue what is owed, how it is owed, or how to ensure that your own “government” insurance program is supposed to be run.
Keep allowing idiots who were the commissioner’s roomie to have unlimited power and create “friendly” contracts that only empower their buddies and then chime in that it is the carriers’ fault! Typical from the FLDFS… get your own house in order and then maybe you can truly oversee the carriers. Until then, continue to have townhall meetings and blow smoke; yeah, it’ll change in my lifetime.
Isn’t Gallagher indirectly in charge of CPIC? Doesn’t he appoint everyone who runs the company? Maybe if he would stop letting these half *** companies into the market he wouldn’t have these problems.
What do people expect, these aren’t REAL insurance companies to begin with. The biggest joke is Gallagher’s title, Chief Financial Officer, he can’t even read a financial statement. He made a comment previously that the Poe companies (So Fam) etc. were ok. Any moron that can read the So Fam report sent to the state and see their reported surplus is about $18mill. And that includes a $26mill income tax recoverable and from what I understand a capital infusion of about $22mill (which may be money that had to be set aside in a trust previously, posssibly from the old takeout fees) and the CFO of the state is letting them issue policies covering many BILLIONS of dollars in values. Sounds like a real responsible politician.
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Guys,
Hurricanes Hugo and then Andrew were wake up calls that went unanswered. The industry as a whole has chiseled away at the large Independent firms with low ball contracts and not supporting them when things are slow. GAB Robins and companies like them used to provide a pool of adjusters to respond to events like this. They have continued to shrink as market forces have come to bear on them.
The anti trust legislation that now seems to be ancient history is still having an effect. In the early 60’s, the carriers were forced to give up the Bureau concept of claims handling.
CAT operations alone cannot field a supply of qualified adjusters able to service the number and magnitude of claims in a 4 hurricane scenario. Beating up on the adjusters is not the solution. A long term view would go a long ways to resolving the crisis.
After being involved with the FLDFS,it is not suprise that they continue to have no clue on what is occurring. They employ washed up claims people to oversee poorly run companies!
This fiasco is nothing other than an over abundance of claims coupled with an overzealous and under-educated governmental entity. Go ahead, promise the public everything when you have no clue what is owed, how it is owed, or how to ensure that your own “government” insurance program is supposed to be run.
Keep allowing idiots who were the commissioner’s roomie to have unlimited power and create “friendly” contracts that only empower their buddies and then chime in that it is the carriers’ fault! Typical from the FLDFS… get your own house in order and then maybe you can truly oversee the carriers. Until then, continue to have townhall meetings and blow smoke; yeah, it’ll change in my lifetime.
Isn’t Gallagher indirectly in charge of CPIC? Doesn’t he appoint everyone who runs the company? Maybe if he would stop letting these half *** companies into the market he wouldn’t have these problems.
But tomkat this is how Gallagher is funding his war chest to run for governor!
What do people expect, these aren’t REAL insurance companies to begin with. The biggest joke is Gallagher’s title, Chief Financial Officer, he can’t even read a financial statement. He made a comment previously that the Poe companies (So Fam) etc. were ok. Any moron that can read the So Fam report sent to the state and see their reported surplus is about $18mill. And that includes a $26mill income tax recoverable and from what I understand a capital infusion of about $22mill (which may be money that had to be set aside in a trust previously, posssibly from the old takeout fees) and the CFO of the state is letting them issue policies covering many BILLIONS of dollars in values. Sounds like a real responsible politician.