Stupid is as Stupid does, the only way to end this stupid argument is to have the hurricanes hit Florida this year and take down the insurance industry, the mortgage industry, the banking industry and the State of Florida. Then you can tell us not to be alarmist or concerned with what Charlie and Kevin have done to this State. This article is on point Kevin has been giving us a line of bull long enough.
Sounds like this article was written by a State Farm agent who has lost the lion’s share of his business or the State Farm agent who hired their family member to open an independent agency to funnel business to and they are upset about having to re-write some of the business!!!
Is FreedomWatch a “think tank?” This response doesn’t show much thinking. McCarty admits many companies are in trouble. The question is what can be done about it? FreedomWatch offers no answers, just political ranting.
Is it alarmist for Floridians to worry that thinly-capitalized Florida insurers may not have enough cash to pay hurricane claims? It’s not alarmist to worry but it is alarmist to react by throwing away regulation and consumer protections to try to fix it.
Are Floridians guilty of trying to “shock” the public if they warn that Citizens and the Cat Fund are in danger of running out of money if a big hurricane hits Florida this summer? First of al, citizens are warning, corporate interests are the ones screaming. McCarty legitimately asks how likely is it that a hurricane big enough to wipe out the system would actually happen and do we make policy (and rates) based on the absolute worst case scenario?
Are proposals to help jump-start private market competition, and reduce the state’s billions of dollars of unfunded risk in the property insurance market really “vague and untenable” solutions? Yes they are when they do not take into consideration what happens in the real world to property owners, the real estate market, small businesses, Citizens and others — including poorly managed insurers– when regulation is lifted. Policymakers have more to worry about than private insurers. That’s the real world.
People like those from FreedomWatch bemoan the politicization of insurance yet they are among the worst offenders with their phony research and simplistic so-called solutions. FreedomWatch– where are YOUR facts?
I have no idea who Freedom Watch is or if they have a dog in the hunt. The letter, though, is an accurate depiction and appropriate response to Mr. McCarty’s editorial.
Where are all of the Florida start up supporters now?
The facts are obvious and we all know these carriers will fail if and when we have a storm. Now the only remaining question is what are we going to do about it?
In response to the likelihood of a hurricane wiping out the system, we already know the answer to that. It is at least 1% (1 in a 100 year storm).
When put in vague terms Mr. McCarty can obfuscate the matter (isn’t he the one that is asking for facts?) but the truth is he and the Governor have given the state at least a 1% chance of financial ruin. I, for one, happen to think that is worthy of setting appropriate policy.
I don’t know who this Freedomwatch is, but what they are saying is true. CFO Sink called him on it last year and the Gov never made him answer for his mis-statements on the viability of those Florida domiciled carriers. If this time last year they were all so financially sound and no storms hit, how can so many now be in trouble??
McCarty was never telling the truth. He was saying what the Gov wanted to hear so they could both brag about how they were looking out for the Florida property owner….b.s.
Makes one wonder exactly how much does McCarty know about insurance to begin with.
If you keep listening to him, you’ll realize his knowledge is very limited.
And in the end, somehow us property owners will get the short end of the stick….AGAIN.
Over the last 2 years there have been 80 approved rate increases by the OIR. 50 which are less than 15% therefore avoiding a public hearing. The OIR is granting increases greater than the bill would allow (HB447/SB876) and their increases have no limit per homeowner. This is not about protecting the consumer from the insurance companies. It is about protection Mc Carty’s turf.
What are you smoking? The article is well written and factually correct. Please point out what the letter writer wrote that is incorrect? The OIR has been suppressing rates since 2005 and forcing credits down the throats of carriers. Why so many failures? All of these carriers started post the doubling of wind mitigation. The OIR’s way of reducing rates. Can you say Gov. Crist? Sorry Charley, it is over for you. No more politics in the near future. You have put the state at risk and your puppet McCarty followed your lead. When you move your lips, you are lying.
State Farm should be investigated for the side deal with Citizens. Their agents are pushing this on customers to secure the multiline discounts so the insureds do not run to other companies.
I think we all now know why our Governor never finishes a job before looking for another one. He is such a poor leader and has no common sense. The problems we are having with our insurance industry are all caused by the government trying to control.The OIR seems to be following his lead which means they have no direction. Crist has never had the best intrest of Florida first. It’s all politics.
Let the free market businesses do their jobs. Our Government is crippling the people trying to control every aspect of our lives.
It took while, but someone finally laid it all out. Florida started with a hurricane problem, but now they have created insurance regulatory problem on top of that. The governor and the insurance regulator have destroyed the insurance market and have blocked the legislature’s belated efforts to correct it. The state is one storm away from financial catastrophe. The start up companies are so weak and under-capitalized they are dropping like flies even without a storm. Pure genius Mr. McCarty. Good luck trying to blame this on the insurers. Maybe after the next storm hits and the taxpayers figure out they are all self insured because the governor and the chief insurance regulator don’t know what the hell they are doing, they the will throw these rascals out and start over. Insurance may cost a bit more, (hey! you have a hurricane problem!!) but at least it will be there when you need it.
It seems like everyone is missing the point and just blaming the government. Does anyone remember way back when in 2004-2006 when Allstate and all the other insurance companies were raising insurance rates at a 40% clip every couple of months. FL allowed them to create shell companies to show they were running at a loss in this state. If you looked at the whole company (ie Allstate nationwide) they were making a killing. We had 2 years of bad hurricanes and nothing since. Why are these insurance companies NOT able to make a profit here? What are their expenses? Are they paying people too much, are their benefits packages too expensive, do they own too many downtown buildings? What is the problem? I for the life of me cannot figure out how they are NOT able to make a profit in a state that has not had a major storm in several years. Compare our rates to places like Ohio. We are still being charged about 2-4 times as much here. How can they make money there, but not here. This is all BS spin.
Stupid is as Stupid does, the only way to end this stupid argument is to have the hurricanes hit Florida this year and take down the insurance industry, the mortgage industry, the banking industry and the State of Florida. Then you can tell us not to be alarmist or concerned with what Charlie and Kevin have done to this State. This article is on point Kevin has been giving us a line of bull long enough.
Freedomworks saying someone elses facts are dubious? Thats rich.
Sounds like this article was written by a State Farm agent who has lost the lion’s share of his business or the State Farm agent who hired their family member to open an independent agency to funnel business to and they are upset about having to re-write some of the business!!!
Is FreedomWatch a “think tank?” This response doesn’t show much thinking. McCarty admits many companies are in trouble. The question is what can be done about it? FreedomWatch offers no answers, just political ranting.
Is it alarmist for Floridians to worry that thinly-capitalized Florida insurers may not have enough cash to pay hurricane claims? It’s not alarmist to worry but it is alarmist to react by throwing away regulation and consumer protections to try to fix it.
Are Floridians guilty of trying to “shock” the public if they warn that Citizens and the Cat Fund are in danger of running out of money if a big hurricane hits Florida this summer? First of al, citizens are warning, corporate interests are the ones screaming. McCarty legitimately asks how likely is it that a hurricane big enough to wipe out the system would actually happen and do we make policy (and rates) based on the absolute worst case scenario?
Are proposals to help jump-start private market competition, and reduce the state’s billions of dollars of unfunded risk in the property insurance market really “vague and untenable” solutions? Yes they are when they do not take into consideration what happens in the real world to property owners, the real estate market, small businesses, Citizens and others — including poorly managed insurers– when regulation is lifted. Policymakers have more to worry about than private insurers. That’s the real world.
People like those from FreedomWatch bemoan the politicization of insurance yet they are among the worst offenders with their phony research and simplistic so-called solutions. FreedomWatch– where are YOUR facts?
Freedom Watch is right on target. McCarty’s facts were way off base, and he got called on it. So, what else did he make up?
There are not 40 new insurers with $4 Billion in new capital in the market. He made that garbage up to steer the debate.
McCarty is the last guy who should be claiming others are misrepresenting anything. He’s the king in that arena.
I have no idea who Freedom Watch is or if they have a dog in the hunt. The letter, though, is an accurate depiction and appropriate response to Mr. McCarty’s editorial.
Where are all of the Florida start up supporters now?
The facts are obvious and we all know these carriers will fail if and when we have a storm. Now the only remaining question is what are we going to do about it?
In response to the likelihood of a hurricane wiping out the system, we already know the answer to that. It is at least 1% (1 in a 100 year storm).
When put in vague terms Mr. McCarty can obfuscate the matter (isn’t he the one that is asking for facts?) but the truth is he and the Governor have given the state at least a 1% chance of financial ruin. I, for one, happen to think that is worthy of setting appropriate policy.
But that’s for a truely MAJOR storm. What are the odds of 2+ moderate storms (say $5-7B in damage) hitting Florida in the next year or so?
I don’t know who this Freedomwatch is, but what they are saying is true. CFO Sink called him on it last year and the Gov never made him answer for his mis-statements on the viability of those Florida domiciled carriers. If this time last year they were all so financially sound and no storms hit, how can so many now be in trouble??
McCarty was never telling the truth. He was saying what the Gov wanted to hear so they could both brag about how they were looking out for the Florida property owner….b.s.
Makes one wonder exactly how much does McCarty know about insurance to begin with.
If you keep listening to him, you’ll realize his knowledge is very limited.
And in the end, somehow us property owners will get the short end of the stick….AGAIN.
Over the last 2 years there have been 80 approved rate increases by the OIR. 50 which are less than 15% therefore avoiding a public hearing. The OIR is granting increases greater than the bill would allow (HB447/SB876) and their increases have no limit per homeowner. This is not about protecting the consumer from the insurance companies. It is about protection Mc Carty’s turf.
Alan,
You hit the nail on the head. I’m tired of lies by the commish and the Gov. Fix this mess now before we have a big storm!
What are you smoking? The article is well written and factually correct. Please point out what the letter writer wrote that is incorrect? The OIR has been suppressing rates since 2005 and forcing credits down the throats of carriers. Why so many failures? All of these carriers started post the doubling of wind mitigation. The OIR’s way of reducing rates. Can you say Gov. Crist? Sorry Charley, it is over for you. No more politics in the near future. You have put the state at risk and your puppet McCarty followed your lead. When you move your lips, you are lying.
State Farm should be investigated for the side deal with Citizens. Their agents are pushing this on customers to secure the multiline discounts so the insureds do not run to other companies.
I think we all now know why our Governor never finishes a job before looking for another one. He is such a poor leader and has no common sense. The problems we are having with our insurance industry are all caused by the government trying to control.The OIR seems to be following his lead which means they have no direction. Crist has never had the best intrest of Florida first. It’s all politics.
Let the free market businesses do their jobs. Our Government is crippling the people trying to control every aspect of our lives.
It took while, but someone finally laid it all out. Florida started with a hurricane problem, but now they have created insurance regulatory problem on top of that. The governor and the insurance regulator have destroyed the insurance market and have blocked the legislature’s belated efforts to correct it. The state is one storm away from financial catastrophe. The start up companies are so weak and under-capitalized they are dropping like flies even without a storm. Pure genius Mr. McCarty. Good luck trying to blame this on the insurers. Maybe after the next storm hits and the taxpayers figure out they are all self insured because the governor and the chief insurance regulator don’t know what the hell they are doing, they the will throw these rascals out and start over. Insurance may cost a bit more, (hey! you have a hurricane problem!!) but at least it will be there when you need it.
It seems like everyone is missing the point and just blaming the government. Does anyone remember way back when in 2004-2006 when Allstate and all the other insurance companies were raising insurance rates at a 40% clip every couple of months. FL allowed them to create shell companies to show they were running at a loss in this state. If you looked at the whole company (ie Allstate nationwide) they were making a killing. We had 2 years of bad hurricanes and nothing since. Why are these insurance companies NOT able to make a profit here? What are their expenses? Are they paying people too much, are their benefits packages too expensive, do they own too many downtown buildings? What is the problem? I for the life of me cannot figure out how they are NOT able to make a profit in a state that has not had a major storm in several years. Compare our rates to places like Ohio. We are still being charged about 2-4 times as much here. How can they make money there, but not here. This is all BS spin.