Goes to show what a rating is worth.
Citizens has NO reinsurance perse, $2billion in the hole from 2004-2005 and financing that over 10 years via every policy holder in the state, Corrupt management, poor service, and the pocket book for paying claims will be squarely on the backs of all Floridians in the event of a storm. I suppose it is really the good residents of Florida that can boast about these high financial ratings since it is them that will pay when the wind blows.
And people thought that an \”A\” rating was really something to be proud of. It makes me wonder why any other insurance company out there is not AAA+++ rated
Way to go Charlie
Here is Gov Crist\’s Citizens liquidity plan: 1) Under charge Citizens premiums by 30-40% 2) Blame greedy insurance companies for not stepping up and handling the insurance claims that are going to Citizens after a big hurricane-likewise shift blame to global warming for hurricanes even making landfall 3) Get all liquidity from the residents of Florida by way of special assessments to pay the under charged policy holders\’ claims with Citizens 5) Just move multi-billion dollar deficit (it\’s OK to run a deficit in government insurance companies, just move the recovery of funds date ahead over and over again) forward and spread it out over dozens of years (on top of the current deficit which is already being spread out over 10 years) 6) Scream at the top of your lungs that the federal government ought to have a cat fund to pass on Floridians\’ insurance problems to folks in Iowa 7) Repeat this liquidity plan in 2008
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Goes to show what a rating is worth.
Citizens has NO reinsurance perse, $2billion in the hole from 2004-2005 and financing that over 10 years via every policy holder in the state, Corrupt management, poor service, and the pocket book for paying claims will be squarely on the backs of all Floridians in the event of a storm. I suppose it is really the good residents of Florida that can boast about these high financial ratings since it is them that will pay when the wind blows.
And people thought that an \”A\” rating was really something to be proud of. It makes me wonder why any other insurance company out there is not AAA+++ rated
Way to go Charlie
Here is Gov Crist\’s Citizens liquidity plan: 1) Under charge Citizens premiums by 30-40% 2) Blame greedy insurance companies for not stepping up and handling the insurance claims that are going to Citizens after a big hurricane-likewise shift blame to global warming for hurricanes even making landfall 3) Get all liquidity from the residents of Florida by way of special assessments to pay the under charged policy holders\’ claims with Citizens 5) Just move multi-billion dollar deficit (it\’s OK to run a deficit in government insurance companies, just move the recovery of funds date ahead over and over again) forward and spread it out over dozens of years (on top of the current deficit which is already being spread out over 10 years) 6) Scream at the top of your lungs that the federal government ought to have a cat fund to pass on Floridians\’ insurance problems to folks in Iowa 7) Repeat this liquidity plan in 2008
Boy do you understand politicians!
If only JOE \”PUBLIC\” knew what they\’ll pay if we get hit by CAT 4 or 5 storm.
Way to go Tiger, great assesment, DEAD ON!
Agent
He hit the nail on the head. It\’s also called a shell game by the shills.
Crist and his cohorts clearly live in an alternate reality.