What everyone needs to remember is that, without talking to anyone in the insurance industry, Crist promised homeowners their insurance rates would be reduced by 20% to 25% by establishment of the state reinsurance fund.
By not talking to them first, he was totally unaware of:
1. the impact such “iffy” reinsurance would have on the insuror’s ratings. In order to keep their ratings intact they have had to purchase extra reinsurance, in effect ignoring any “savings” from the state pool;
2. the amount of reinsurance the companies need to keep operating in Florida. They have to plan for worst case scenario, and the state fund does not have to werewithal to pay all that is needed in a worst case scenario.
Look at the billions of dollars of insured damage caused by Wilma, barely, by the sking of it’s teeth, a category 2 storm (110 mph). Insurors have to plan for a category 5 hitting S. Florida, which will make Katrina look like child’s play.
And don’t forget, although no storms have hit the US in ’06 and ’07, there were storms aplenty out there. In ’06 an unanticipated high pressure system spent the summer parked over the Atlantic and turned the storms north long before they got close to us.
In ’07 a low pressure system further south kept the storms heading straight west, instead of curling north as they usually do. Any one of them could have easily come into the Gulf Coast or Eastern Florida.
And no attention has been paid to one of the scariest phenomena of ’07, back to back category 5’s that, thankfully were kept heading straight west, into Mexico.
Never in recorded history have there been back to back 5’s, in fact we usually have only one cat. 5 every 10 to 15 years (I forget the exact ave. period)
Crist is willing to destroy the property industry in this state in order to try to cover up his total ignorance of how insurance works, and to hide the fact that he made his premium reduction promises without one iota of input from the industry.
That’s called hubris, and it regularly destroys all who are afflicted with it. Let’s hope there is still a property insurance market in place when “King Charlie” gets through.
i was living in key west when in fact ANDREW (CAT 5), came thru Homestead area. look at the amount of damage she left behind. remember that what the gov’r said was the reinsurance, did not say that the regular ho policies wud be reduced. the gov’r i think, last i heard, does not have an insurance company but has a state that he has to run. i wonder if his budget includes catastrophic incidences? if not, then why does he think the insurance industry does not have to. the state is not a business trying to make a little bit of profit for the service that is provided. there are checks and balances in the system to somewhat make the industry competative.
I read the posts and Charlie knows all this stuff. He is the typical politician who could give a s— about honesty and truthfullness. He’s thinking of his own popularity with the ignorant masses.
Though I know insurers make a ton of money, just like the oil companies, I cringe just a little when the government says it wants to make private business pay out profits. Once we head down that road, to where does it end. Do they come to the local dry cleaner and audit him, to make sure he is not making too much money too. We want government to solve our woes I guess but to what end. It’s something to consider. http://www.arizonaautoinsurance.cc
Because State Farm has not fixed the rejected settlement to conform to the federal court’s guidelines, Hood says the company has breached its contract with the state. ( Dam they know) SO Lets dance- with Hood …he will wish he ever :::say,s BUT Head >> Just my way of reading things.. People
State Farm, meanwhile, began revisiting claims as part of a deal reached with Insurance Commissioner George Dale. That deal, State Farm says, mirrors the one originally reached with Hood.
So Dale what make you think State Farm will not trun on you????
– State Farm Insurance Cos. feels it has brought its argument against the Katrina Litigation Group up to date and on Tuesday filed a motion to disqualify the group’s firms from all Hurricane Katrina lawsuits. I love the email aboutthe cover up… And pay the federal program…
The company is again trying to prevent several prominent Mississippi firms from representing policyholders who claim State Farm intentionally miscalculated the amount of wind damage (covered by the policies) and water damage (covered by a federal program) during the 2005 hurricane
Well, I somehow can’t make any sense out of the next to the last posting of 12:14 pm, and wonder what the last posting of 12:25 pm has to do with the topic under discussion.
I just would like to uderstand the law.. In October 2006 with documents in had the SKG filed a case Mcintosh V State Farm Case No 1;-cv-01080 – Lts- RTS-RItw (S>D>Miss. Filed Oct 23,2006) This was the frist lawsuit filed . After Hurrican Katrina alleged conspiracy between State Fare and outsider engineering firms to alter or falsify engineering reportsin order to wrongfully deny State Farm policyholders benefits.. Bill tell me want you think is this professional conduct “improper” critical terms of their contracts. IS this modern legal ethics may be to you boys but not to me. Professor Charles W Wolfram you need to rewright the Ethical rules so State Farm may stop violating the law.. If we turn are backs on this what will be next SM ask youself that one…
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What everyone needs to remember is that, without talking to anyone in the insurance industry, Crist promised homeowners their insurance rates would be reduced by 20% to 25% by establishment of the state reinsurance fund.
By not talking to them first, he was totally unaware of:
1. the impact such “iffy” reinsurance would have on the insuror’s ratings. In order to keep their ratings intact they have had to purchase extra reinsurance, in effect ignoring any “savings” from the state pool;
2. the amount of reinsurance the companies need to keep operating in Florida. They have to plan for worst case scenario, and the state fund does not have to werewithal to pay all that is needed in a worst case scenario.
Look at the billions of dollars of insured damage caused by Wilma, barely, by the sking of it’s teeth, a category 2 storm (110 mph). Insurors have to plan for a category 5 hitting S. Florida, which will make Katrina look like child’s play.
And don’t forget, although no storms have hit the US in ’06 and ’07, there were storms aplenty out there. In ’06 an unanticipated high pressure system spent the summer parked over the Atlantic and turned the storms north long before they got close to us.
In ’07 a low pressure system further south kept the storms heading straight west, instead of curling north as they usually do. Any one of them could have easily come into the Gulf Coast or Eastern Florida.
And no attention has been paid to one of the scariest phenomena of ’07, back to back category 5’s that, thankfully were kept heading straight west, into Mexico.
Never in recorded history have there been back to back 5’s, in fact we usually have only one cat. 5 every 10 to 15 years (I forget the exact ave. period)
Crist is willing to destroy the property industry in this state in order to try to cover up his total ignorance of how insurance works, and to hide the fact that he made his premium reduction promises without one iota of input from the industry.
That’s called hubris, and it regularly destroys all who are afflicted with it. Let’s hope there is still a property insurance market in place when “King Charlie” gets through.
i was living in key west when in fact ANDREW (CAT 5), came thru Homestead area. look at the amount of damage she left behind. remember that what the gov’r said was the reinsurance, did not say that the regular ho policies wud be reduced. the gov’r i think, last i heard, does not have an insurance company but has a state that he has to run. i wonder if his budget includes catastrophic incidences? if not, then why does he think the insurance industry does not have to. the state is not a business trying to make a little bit of profit for the service that is provided. there are checks and balances in the system to somewhat make the industry competative.
I read the posts and Charlie knows all this stuff. He is the typical politician who could give a s— about honesty and truthfullness. He’s thinking of his own popularity with the ignorant masses.
Though I know insurers make a ton of money, just like the oil companies, I cringe just a little when the government says it wants to make private business pay out profits. Once we head down that road, to where does it end. Do they come to the local dry cleaner and audit him, to make sure he is not making too much money too. We want government to solve our woes I guess but to what end. It’s something to consider. http://www.arizonaautoinsurance.cc
Give me Give me!!! Pay the people all the money insurance company,s the government that,s all of us!!! Total up how the $$$$$$ will add up……………………..
Because State Farm has not fixed the rejected settlement to conform to the federal court’s guidelines, Hood says the company has breached its contract with the state. ( Dam they know) SO Lets dance- with Hood …he will wish he ever :::say,s BUT Head >> Just my way of reading things.. People
State Farm, meanwhile, began revisiting claims as part of a deal reached with Insurance Commissioner George Dale. That deal, State Farm says, mirrors the one originally reached with Hood.
So Dale what make you think State Farm will not trun on you????
– State Farm Insurance Cos. feels it has brought its argument against the Katrina Litigation Group up to date and on Tuesday filed a motion to disqualify the group’s firms from all Hurricane Katrina lawsuits. I love the email aboutthe cover up… And pay the federal program…
The company is again trying to prevent several prominent Mississippi firms from representing policyholders who claim State Farm intentionally miscalculated the amount of wind damage (covered by the policies) and water damage (covered by a federal program) during the 2005 hurricane
Well, I somehow can’t make any sense out of the next to the last posting of 12:14 pm, and wonder what the last posting of 12:25 pm has to do with the topic under discussion.
Sounds like someone let Kathy out of her cage.
I just would like to uderstand the law.. In October 2006 with documents in had the SKG filed a case Mcintosh V State Farm Case No 1;-cv-01080 – Lts- RTS-RItw (S>D>Miss. Filed Oct 23,2006) This was the frist lawsuit filed . After Hurrican Katrina alleged conspiracy between State Fare and outsider engineering firms to alter or falsify engineering reportsin order to wrongfully deny State Farm policyholders benefits.. Bill tell me want you think is this professional conduct “improper” critical terms of their contracts. IS this modern legal ethics may be to you boys but not to me. Professor Charles W Wolfram you need to rewright the Ethical rules so State Farm may stop violating the law.. If we turn are backs on this what will be next SM ask youself that one…