This is the biggest hoax the insurance indutry has ever pulled since the last hard market two years ago!
Who\’s kidding who it\’s all about ROI, it\’s going come from the stock market or underwriting.
Stop the wasting money, automate, tort reform and make our court system tougher to control claim cost. All of these will ease the process of doing business.
Take attorneys out of the worker\’s compensation system, we\’ve always preach it\’s a no fault system, what wrong with this lie!
If we don\’t change the insurance industry will drive business right out of the country quicker than we can say Bill Clinton and Greorge Bush!
does anyone know where this money is going? ask a company person and most do not know or pretend not to know.
It goes directly into the companies bank accounts for the Greenberg\’s of the world to pocket as a person dividend!!! the fed\’s are allowing the companies to hold the money and we know how much we can trust the insurance company executives.
Contrary to comments of Glenn and Bob Simon,neither Greenberg nor Bill Clinton/W.Bush have anything to do with the future of this program.As a matter of fact,the insurance-reinsurance industry requires backup as long as terrorism continues to be a potentially catastrophic exposure.
W.G. is more than likely an insurance executive with a carrier that is banking the money. Please note there is no provision in TRIA preventing a carrier from declaring bankruptcy should an event occur requiring them to expend the millions they are collecting and may never pay out.
Dear gh, Sorry,but you struck out on both of your assertions.1)Declaring insolvency will not excuse a carrier from prior losses to the full extent of its assets including reinsurance,2)Since W.G.has been retired from our business for almost 11 years,there is no way he could have been with a carrier that \”banked\” any premium for the exposure.Best Regards.
I\’m confused. What money is going where? TRIA hasn\’t paid anyone a dime since there hasn\’t been a terror attack since it was enacted. Any money set aside for TRIA goes where all government money is held, US bonds, and is spent on everything else.
Terror insurance premium goes where all insurance premiums go – pay expenses, required reserves, and (dare I say) profits.
Actually the market would like to provide this risk ourselves as we have always been more efficient and continue to be so… the mere existence of TRIA stifles the growth of a private market. And while US companies may not be able to provide all capacity or underwriting expertise, other markets, such as Lloyd\’s and Bermuda have far more experience and expertise than the US government and can pick up the slack and then price the product accordingly.
Regarding NJR\’s comments of Nov.14,2005:
1}TRIA was established by Congress be- cause the private market,after careful
evaluation of the risks and their
potential impact on results, concluded
that it would not assume the cover
without backup available only from our
U.S. government.
2)As a long-time insurance underwriter,
I find it foolish that any primary
underwriter would have the temerity
to expose his company to risks for
which he or she lacks experience and
expertise.
3)Reading George\’s comments (11/15/05)
you should be encouraged to delve
further into this subject.
4)The private sector does NOT have
solutions for everything. Therefore,
this democracy has every right to
assist its citizens in those areas
where the private sector is either
unable or unwilling to assume the
risk.
Best regards.
do not kid yourself W.G. the money is in the coffers of the insurance company and they will use it when they need to or if and when something happens they will be frantically searching for what happened to the funds. oops it was a CEO bonus!!!!!!!
This is the biggest hoax the insurance indutry has ever pulled since the last hard market two years ago!
Who\’s kidding who it\’s all about ROI, it\’s going come from the stock market or underwriting.
Stop the wasting money, automate, tort reform and make our court system tougher to control claim cost. All of these will ease the process of doing business.
Take attorneys out of the worker\’s compensation system, we\’ve always preach it\’s a no fault system, what wrong with this lie!
If we don\’t change the insurance industry will drive business right out of the country quicker than we can say Bill Clinton and Greorge Bush!
does anyone know where this money is going? ask a company person and most do not know or pretend not to know.
It goes directly into the companies bank accounts for the Greenberg\’s of the world to pocket as a person dividend!!! the fed\’s are allowing the companies to hold the money and we know how much we can trust the insurance company executives.
Contrary to comments of Glenn and Bob Simon,neither Greenberg nor Bill Clinton/W.Bush have anything to do with the future of this program.As a matter of fact,the insurance-reinsurance industry requires backup as long as terrorism continues to be a potentially catastrophic exposure.
W.G. is more than likely an insurance executive with a carrier that is banking the money. Please note there is no provision in TRIA preventing a carrier from declaring bankruptcy should an event occur requiring them to expend the millions they are collecting and may never pay out.
Dear gh, Sorry,but you struck out on both of your assertions.1)Declaring insolvency will not excuse a carrier from prior losses to the full extent of its assets including reinsurance,2)Since W.G.has been retired from our business for almost 11 years,there is no way he could have been with a carrier that \”banked\” any premium for the exposure.Best Regards.
I\’m confused. What money is going where? TRIA hasn\’t paid anyone a dime since there hasn\’t been a terror attack since it was enacted. Any money set aside for TRIA goes where all government money is held, US bonds, and is spent on everything else.
Terror insurance premium goes where all insurance premiums go – pay expenses, required reserves, and (dare I say) profits.
So what\’s the scam?
Actually the market would like to provide this risk ourselves as we have always been more efficient and continue to be so… the mere existence of TRIA stifles the growth of a private market. And while US companies may not be able to provide all capacity or underwriting expertise, other markets, such as Lloyd\’s and Bermuda have far more experience and expertise than the US government and can pick up the slack and then price the product accordingly.
At least 7 countries have similar backstop programs such as the UK, South Africa, Spain, etc.
We haven\’t rejected the flood, crop, nuclear, export and other insurance mechanisms why not support this?
Regarding NJR\’s comments of Nov.14,2005:
1}TRIA was established by Congress be- cause the private market,after careful
evaluation of the risks and their
potential impact on results, concluded
that it would not assume the cover
without backup available only from our
U.S. government.
2)As a long-time insurance underwriter,
I find it foolish that any primary
underwriter would have the temerity
to expose his company to risks for
which he or she lacks experience and
expertise.
3)Reading George\’s comments (11/15/05)
you should be encouraged to delve
further into this subject.
4)The private sector does NOT have
solutions for everything. Therefore,
this democracy has every right to
assist its citizens in those areas
where the private sector is either
unable or unwilling to assume the
risk.
Best regards.
do not kid yourself W.G. the money is in the coffers of the insurance company and they will use it when they need to or if and when something happens they will be frantically searching for what happened to the funds. oops it was a CEO bonus!!!!!!!