Wouldn’t that be ironic. All the insurers that opted to exclude wind under their HO policies having to pay for them because the wind pool goes bankrupt. Insurance is suppose to be based on the law of large numbers. With insurance companies excluding losses because of Wind or Earthquake or Flood they have based their underwriting on the law of few numbers.
Let’s look at their profits over the las few years. Their losses are not from paid claims it is from defending themselves from excluded losses and changing engineering reports.
So as usual, for short term financial gain we allow all sorts of over development on the coast line and then because the State Plan doesn’t adequately charge for coverage on the over abundance of dwellings over $1 mil in value the rest of the state will have to bare the burden of underinsuring the risk. My company routinely writes ourselves out of the wind pool by actively participating in the market. Unfortunately, because enough national carriers are running away all of us will still get hit with assessments. Ours will just be smaller.
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Wouldn’t that be ironic. All the insurers that opted to exclude wind under their HO policies having to pay for them because the wind pool goes bankrupt. Insurance is suppose to be based on the law of large numbers. With insurance companies excluding losses because of Wind or Earthquake or Flood they have based their underwriting on the law of few numbers.
Let’s look at their profits over the las few years. Their losses are not from paid claims it is from defending themselves from excluded losses and changing engineering reports.
So as usual, for short term financial gain we allow all sorts of over development on the coast line and then because the State Plan doesn’t adequately charge for coverage on the over abundance of dwellings over $1 mil in value the rest of the state will have to bare the burden of underinsuring the risk. My company routinely writes ourselves out of the wind pool by actively participating in the market. Unfortunately, because enough national carriers are running away all of us will still get hit with assessments. Ours will just be smaller.