I hope they don’t forget that property insurance has to be affordable, available, and reliable. Florida governor Charlie Crist and Ins Commissioner McCarty have tried to solve the problem by growing the Florida “public option” insurer, Citizens, into the largest insurer in the state, burdening all Floridians wih massive post hurricane taxes and the probable need for a federal bailout. They also have chased out all the big insurers with the financial resources to pay the claims, turning the market over to a bunch of new, thinly capitalized startup insurers. At the same time, all insurers are required to purchase their primary reinsurance from the state, but they state is estimated to be $18 billion short when a hurricane hits.
Florida is a mega-financial disaster in the making. Let’s hope Mississipi residents and legislators are smart enough not to follow Florida’s lead. Chaney seems to know what the realities are and what he needs to do, even if he doesn’t like it.
Mike Chaney for Florida OIR Chief in 2010!!!
Amen to that.
I hope they don’t forget that property insurance has to be affordable, available, and reliable. Florida governor Charlie Crist and Ins Commissioner McCarty have tried to solve the problem by growing the Florida “public option” insurer, Citizens, into the largest insurer in the state, burdening all Floridians wih massive post hurricane taxes and the probable need for a federal bailout. They also have chased out all the big insurers with the financial resources to pay the claims, turning the market over to a bunch of new, thinly capitalized startup insurers. At the same time, all insurers are required to purchase their primary reinsurance from the state, but they state is estimated to be $18 billion short when a hurricane hits.
Florida is a mega-financial disaster in the making. Let’s hope Mississipi residents and legislators are smart enough not to follow Florida’s lead. Chaney seems to know what the realities are and what he needs to do, even if he doesn’t like it.