#1. I agree with Milo, there are many dry holes out there.
#2. Tooth Fairy, before spouting off your mouth, learn about what you speak. Florida is the 2nd largest beef producer behind Texas. Florida has great colleges and contributes many athletes to pro sports. Don\’t forget Cape Canaveral. We have large seaports on both coasts. And there are tons of manufacturers in South Florida and in the Tampa area. We have Disney World, which manufactures fun for all.
We have our own Cat Fund too, D-bag!
Folks, some of you are on point others, you\’re just complaining. At the point of not trying to be self centered, look I\’m a contract writer for IRMI, I\’ve been in this business for 50 years. Retired but still consulting within the off shore reinsurance marketplace. Go take a look at an article I wrote a few back on CATS & Other Felines, and I have a new one coming out in a week or so on a paradigm within the current reinsurance marketplace.
I have no pride of authorship, but this subject needs to be addressed in a totally different manner. Florida isn\’t alone, it\’s the whole damn coastline from Maine around the Gulf.
Folks, some of you are on point others, you\’re just complaining. At the point of not trying to be self centered, look I\’m a contract writer for IRMI, I\’ve been in this business for 50 years. Retired but still consulting within the off shore reinsurance marketplace. Go take a look at an article I wrote a few back on CATS & Other Felines, and I have a new one coming out in a week or so on a paradigm within the current reinsurance marketplace.
I have no pride of authorship, but this subject needs to be addressed in a totally different manner. Florida isn\’t alone, it\’s the whole damn coastline from Maine around the Gulf.
The fundemental problem with any discussion on this is that people no longer have any shame or thoughts for others. They think nothing of asking others to pay more premium so they don\’t pay the market rate.
The argument that this is too great of a risk to insure is utter nonsense. The proper argument is that \”this is too great of risk to let the market price the product\”. Of course only the people benefiting from the subsidization would feel that a cat fund is the solution.
The other aspect that is just as troubling is the economic impact of this subsidization. Since others are subsidizing their premium they think nothing of building in areas totally unsuited for development by average wage earning people. It\’s no different than my desire to own a Ferrarri but pay the insurance premium of an Impala. Everyone else can subsidize my choice.
On a macro level this is really pretty simple. If you choose to live in an unsound location you will pay a much larger premium or maybe not be able to purchase insurance at all. No different than my 16 year old wanting to own a corvette. The economics of the situation correct the unsound development.
However since we want to set up a cat fund for the entire US on property for a select few to benefit maybe would should just go ahead and do the same for Auto, Life and Commercial insurance.
toothfairy-have you ever been to Florida? Where do you think your food comes from??? Florida is the 2nd leading producer of beef in the US along with citrus,strawberries,tomatoes just to name a few items – WOW – maybe we Floridians should start our own country (like I wish Texas would) Hope you\’re a vegetarian –
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#1. I agree with Milo, there are many dry holes out there.
#2. Tooth Fairy, before spouting off your mouth, learn about what you speak. Florida is the 2nd largest beef producer behind Texas. Florida has great colleges and contributes many athletes to pro sports. Don\’t forget Cape Canaveral. We have large seaports on both coasts. And there are tons of manufacturers in South Florida and in the Tampa area. We have Disney World, which manufactures fun for all.
We have our own Cat Fund too, D-bag!
Folks, some of you are on point others, you\’re just complaining. At the point of not trying to be self centered, look I\’m a contract writer for IRMI, I\’ve been in this business for 50 years. Retired but still consulting within the off shore reinsurance marketplace. Go take a look at an article I wrote a few back on CATS & Other Felines, and I have a new one coming out in a week or so on a paradigm within the current reinsurance marketplace.
I have no pride of authorship, but this subject needs to be addressed in a totally different manner. Florida isn\’t alone, it\’s the whole damn coastline from Maine around the Gulf.
Pete
Folks, some of you are on point others, you\’re just complaining. At the point of not trying to be self centered, look I\’m a contract writer for IRMI, I\’ve been in this business for 50 years. Retired but still consulting within the off shore reinsurance marketplace. Go take a look at an article I wrote a few back on CATS & Other Felines, and I have a new one coming out in a week or so on a paradigm within the current reinsurance marketplace.
I have no pride of authorship, but this subject needs to be addressed in a totally different manner. Florida isn\’t alone, it\’s the whole damn coastline from Maine around the Gulf.
Pete
Peter, I have read some of your work.
The fundemental problem with any discussion on this is that people no longer have any shame or thoughts for others. They think nothing of asking others to pay more premium so they don\’t pay the market rate.
The argument that this is too great of a risk to insure is utter nonsense. The proper argument is that \”this is too great of risk to let the market price the product\”. Of course only the people benefiting from the subsidization would feel that a cat fund is the solution.
The other aspect that is just as troubling is the economic impact of this subsidization. Since others are subsidizing their premium they think nothing of building in areas totally unsuited for development by average wage earning people. It\’s no different than my desire to own a Ferrarri but pay the insurance premium of an Impala. Everyone else can subsidize my choice.
On a macro level this is really pretty simple. If you choose to live in an unsound location you will pay a much larger premium or maybe not be able to purchase insurance at all. No different than my 16 year old wanting to own a corvette. The economics of the situation correct the unsound development.
However since we want to set up a cat fund for the entire US on property for a select few to benefit maybe would should just go ahead and do the same for Auto, Life and Commercial insurance.
toothfairy-have you ever been to Florida? Where do you think your food comes from??? Florida is the 2nd leading producer of beef in the US along with citrus,strawberries,tomatoes just to name a few items – WOW – maybe we Floridians should start our own country (like I wish Texas would) Hope you\’re a vegetarian –