The politicians in Florida have sowed the wind and now they are going to reap the whirlwind, literally as well as figuratively. You cannot legislate the weather. My advice to insurers: Get out while the getting’s good.
You are so right. They have no idea what they are doing. If we get the big storm, they only way they will be able to pay for it is to start a State Income Tax which will destry this State.
Sen. Atwater got his wish, that along with a huge war chest for what looks to be close re-election race this fall.
Lets hope for a moderate category 1 before the election this year, just to give everyone a taste of how much everyone would be or could be assessed to float the Citizens boat. Not to mention the Cat Fund.
Just hope Joe Six-pack remembers this when our next(if re-elected) senate president, again rolls the dice to extend this latest rate freeze in his bid to be
governor.
Comforting to know that I will again be forced to subsidize the owners of the beachfront condos.
Gee, weren’t the Poe companies new insurers at some point? These new companies that are supposed to reflect a better market are thinly-capitalized start-ups which offer lower rates because they are buying the state reinsurance – which is, by all standard insurance accounting practices, insolvent as it stands today. The entire scheme continues to be completely unsound and will likely collapse in the aftermath of one serious storm.
This is going to make it even harder to remain in the state and provide insurance coverage. There are additional provisions in the bill not noted in the article that will impact all carriers in Florida. We as a company will be cutting our new business flow and looking to non renew non target business when possible.
I am amazed at the lack of common sense that has infected our industry. What seems to be driving all of this are the ‘hidden agenda’ issues that are common in every aspect. Companies want to make all they can. Politicians want to stay in office or move up in their aspirations. Rarely do you see people trying to be reasonable. If you want a good example – check out the State of the Union video – One side stands and cheers while the other sits on their thumbs. There is no way people can be that far apart without great selfishness. Grandpa once told me to be careful – one of these days you might catch an infection even penicillin won’t cure. I’m not sure that it didn’t have to do with the same thing we are doing to each other.
Now what was that article about???
The only thing to wake up Florida’s elected and appointed officials is the one thing we all pray will not happen, a big wind coming across Florida. If that happens, and we ALL get hit with bailing out the rich folk in Citizens and the Florida Huurican Cat Fund by paying extra fees over the next 20 – 30 years we will march on Tallahassee and throw the bums out!
Ugly, the common sense approach is to appease the people now and deal with the destruction later. As insurance companies succumb, including Citizens when a storm or two hits the state, only then will the people awaken. Citizens is no more solvent than it was prior to all their rate reductions. The legislature just doesn’t get it, but it makes for great sound bites now.
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The politicians in Florida have sowed the wind and now they are going to reap the whirlwind, literally as well as figuratively. You cannot legislate the weather. My advice to insurers: Get out while the getting’s good.
You are so right. They have no idea what they are doing. If we get the big storm, they only way they will be able to pay for it is to start a State Income Tax which will destry this State.
Sen. Atwater got his wish, that along with a huge war chest for what looks to be close re-election race this fall.
Lets hope for a moderate category 1 before the election this year, just to give everyone a taste of how much everyone would be or could be assessed to float the Citizens boat. Not to mention the Cat Fund.
Just hope Joe Six-pack remembers this when our next(if re-elected) senate president, again rolls the dice to extend this latest rate freeze in his bid to be
governor.
Comforting to know that I will again be forced to subsidize the owners of the beachfront condos.
I really, REALLY wish my dad hadn’t moved to Florida now.
To say that this is going to be bad is an understatement. When will the FL legislature realize that they are on the path to disaster?
Gee, weren’t the Poe companies new insurers at some point? These new companies that are supposed to reflect a better market are thinly-capitalized start-ups which offer lower rates because they are buying the state reinsurance – which is, by all standard insurance accounting practices, insolvent as it stands today. The entire scheme continues to be completely unsound and will likely collapse in the aftermath of one serious storm.
This is going to make it even harder to remain in the state and provide insurance coverage. There are additional provisions in the bill not noted in the article that will impact all carriers in Florida. We as a company will be cutting our new business flow and looking to non renew non target business when possible.
I am amazed at the lack of common sense that has infected our industry. What seems to be driving all of this are the ‘hidden agenda’ issues that are common in every aspect. Companies want to make all they can. Politicians want to stay in office or move up in their aspirations. Rarely do you see people trying to be reasonable. If you want a good example – check out the State of the Union video – One side stands and cheers while the other sits on their thumbs. There is no way people can be that far apart without great selfishness. Grandpa once told me to be careful – one of these days you might catch an infection even penicillin won’t cure. I’m not sure that it didn’t have to do with the same thing we are doing to each other.
Now what was that article about???
The only thing to wake up Florida’s elected and appointed officials is the one thing we all pray will not happen, a big wind coming across Florida. If that happens, and we ALL get hit with bailing out the rich folk in Citizens and the Florida Huurican Cat Fund by paying extra fees over the next 20 – 30 years we will march on Tallahassee and throw the bums out!
Ugly, the common sense approach is to appease the people now and deal with the destruction later. As insurance companies succumb, including Citizens when a storm or two hits the state, only then will the people awaken. Citizens is no more solvent than it was prior to all their rate reductions. The legislature just doesn’t get it, but it makes for great sound bites now.