P/C Insurers Can Handle Sandy Losses; Flood Program to Bear Brunt

October 30, 2012

  • October 31, 2012 at 1:03 pm
    youngin' says:
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    Well, it’s a good thing the NFIP is well funded, self-sustaining, and actuarially sound.

  • October 31, 2012 at 4:13 pm
    Bingo says:
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    Youngin’….there is nothing else to add to that statement. Well done!

  • November 1, 2012 at 10:13 am
    fastdriver says:
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    Have NO fear- the insurance companies will ALWAYS come out on TOP! They know how to COLLECT, but when it comes time to PAY OUT………………………GOOD LUCK trying to collect because it ALL comes down to SEMANTICS! Was it wind damage, water damage……….whatever!

  • November 1, 2012 at 10:14 am
    Phillip Franco says:
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    What % of homes have NFIP insurance. LA and MS only had 30%. More than likely FEMA will fund most of the rebuilding.

  • November 1, 2012 at 12:20 pm
    dreamer says:
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    Very interesting political climate. The National Hurricane Center calls the hit in NJ between Cape May and Atlantic city about 8:00pm with sustained winds of 80mph. This classifies it as a CAT 1 Hurricane I thought) An hour later , 9:00pm the NHC shows the “PSC” new term ,that day, 25 miles inland with sustained winds of 80 mph. Still a Class 1 Hurricane.

    Both the NY and NJ state goverments are not calling it a Hurricane and the Insurance Industry cannot use applicable deductibles.

    Oh as a reminder,the elections are next week. Don’t forget to vote

  • November 1, 2012 at 4:46 pm
    Joker says:
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    Proof the government can create weather. I bet Obama knew he was toast so he figured “you won’t vote for me, enjoy a hurricane”

    Surprised he hasn’t blamed it on Bush yet. :-)

    Calm down Obamabots, it’s called sarcasm.

    Gary Johnson 2012 (Would prefer ron paul)

    • November 2, 2012 at 8:37 am
      youngin' says:
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      In what universe do you live, Joker? Obama is going to be re-elected.

      I’m also voting Gary Johnson due to Ron Paul not being on the ballot, btw. But if we have to have big government, I prefer Obama’s version over Romney’s version.

  • November 1, 2012 at 4:57 pm
    Laura says:
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    Personally I would like to see FEMA bail you out ONCE, then if you still decide NOT to purchase flood insurance you are on your own. Why should my tax dollars by used to fix your home every time it floods when you HAD/HAVE another option.

  • November 6, 2012 at 7:13 am
    Bill Ford says:
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    Not a big event for homeowners carriers compared to a good sized hail storm or tornado. THE NFIP bearing the brunt means the tax payers will be subsidizing the loss. Just another peg ijn Uncle Sam’s casket.

  • November 6, 2012 at 10:41 am
    mos says:
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    It never seizes to amaze me. Why people that refuse to take responsibility for themselves and their belongings by purchasing insurance EXPECT the government to bail them out when something happens to them. It would be understandable if the event was caused directly or indirectly by an action or inaction on behalf or toward the government but mother nature! Really? Accept help. Understand the scope and extent damage. FEMA should only offer general aid to assist in general welfare while you make other arrangements.

  • November 6, 2012 at 7:37 pm
    Ivan Otero says:
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    Windstorm deductible applies to hurricame or Storm winds, what the issue? Each insured is responsible up to his deductible portion of the loss. So each carrier needs to explain clearly to his insured the amount computed.

    Cordially yours,
    Ivan Otero

  • November 10, 2012 at 8:57 am
    tagteam says:
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    East Coast regionals will feel a lot of pain after this loss. After treaty reinsurance costs rose, many chose to take on higher retentions, leaving them more vulnerable. Treaty Re will go up again for 2013, and how convenient as negotiations for January 1 treaties are underway. This will impact the market in 2013, and regionals from the east won’t be sitting good.

  • May 14, 2015 at 3:11 pm
    Scott Wright says:
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    Drought/floods. One has to much, one has not enough. The US cost is about $12 billion annually. Why not reduce that amount by a new nationwide project that might cost about the same as the keystone oil pipe line of $6 billion. What this pipe would do would run east to west from locations that flood the most into 1 hugh pipe line that would have the ability to include pumps if needed to help water to push water westward from flooded areas to the drought areas. The pipes would stay open to automatically drain away flood waters that cause the billions of dollars in damage which now would be greatly reduced as the water would be diverted away.



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