National News
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Consumer Groups Allege Insurance Wind Models More Politics Than Science
National News • April 6, 2006
Risk Management Solutions has defended its hurricane risk models in the face of consumer groups' criticisms that the models are more political than they are scientific and that they are designed ...
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| RE: The amazing thing... | Monitoring | Apr 7, 2006, 3:59 pm |
| The amazing thing... | Underwriter | Apr 7, 2006, 2:21 pm |
| RE: Old Bob Hunter | Tom | Apr 7, 2006, 1:59 pm |
| Old Bob Hunter | Old insurance guy | Apr 7, 2006, 12:47 pm |
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| Bob Hunter | ATS | Apr 7, 2006, 9:15 am |
| The galactically stupid | Tim | Apr 7, 2006, 3:52 am |
| Perhaps | Joe | Apr 6, 2006, 5:06 pm |
| This shows how dumb the consumer groups are | Dan | Apr 6, 2006, 2:39 pm |
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Subject: The galactically stupid
Models are tools used by insurers to help them predict their exposure to natural events. Based on those predictions insurers decide how much premium to charge - NOT the modellers. Look at the number of insurers who took a massive hit last year, if they want to continue providing insurance they need to recoup their losses – or risk going out of business. Basic economics – if not enough premium comes in, they cannot pay claims.
Its pure headline grabbing by the consumer groups to blame the modellers. They are either galactically stupid or they don't know squat about insurance. Maybe a better question would be to ask: what are the political aspirations of the leaders of these consumer groups?