Government can in theory set insurance prices closer to the long-run expected loss for hurricanes and other natural disasters because tax revenue eliminates concerns about insolvency. However, the study says government officials can face political pressure to subsidize one group over another, or set premiums too low. As a result, low insurance rates could encourage the construction of buildings in high-risk areas that are not sufficiently wind resistant. Government intervention may also compound the problem by reducing private insurers’ willing to provide insurance.
The study identifies
Lets give all insurance to the goverment that is were it is head . MAYBE THE SNAKE IS CUTTING OFF ITS OWN TAIL….
applaud Gene Taylor’s efforts to have wind damage covered under the National Flood Insurance program. In fact, why not have a national insurance program and do away with private insurance companies who pick and choose what coverage they will provide, along with the multimillion-dollar bonuses they give their senior executives each year.
applaud Gene Taylor’s efforts to have wind damage covered under the National Flood Insurance program. In fact, why not have a national insurance program and do away with private insurance companies who pick and choose what coverage they will provide, along with the multimillion-dollar bonuses they give their senior executives each year.
January 23, 2007, 1:06 pm CST
Posted By: ED
Comment:
If State Farm Insurance is at trial for Katrina I would like to talk with Scrugg and Hood about the 2004 Ivan Hurricane. I was denied 90% of our claim because they said it was water damage.. The water damage was caused from Storm Surge which is caused by wind. I would like to get back some of our loss.
yOU SEE WHAT IS GOING ON LET,S OPEN THE BOOKS ON THIS . LETS KEEP ALL THE INS IN THE GOVERMENT BY GETTING SO MUCH MONEY WE CAN TAKE CARE OF EACH OTHER I DO NOT MEAN THE WAY THINGS ARE RIGHT THIS MIN BUT IF THE PEOPLE WILL WAKEUP AND TELL THE WORLD WE CARE ABOUT EACH OTHER WE KNOW WHAT IS GOING ON AND WE CAN SAY IT CAN BE SO MUCH MORE REMMBER IF WE STAND WE WILL NOT REPRINT THE PATH OVER AND OVER REMMBER NO END TO GREED.STOP ALL THE FEAR AND YOU WILL NOT NEED ALL OF THIS INURANCE.. FEED PEOPLE FEAR AND YOU CAN MAKE THE MARKET
I don’t know–if the tail (windstorm) continues wagging the dog, I’ll be able to continue to control my coastal clients (I need some more of them!)and charge more on all lines. Then I can easily pay all my bills, including my homeowners insurance.
If the government gets involved, my income will drop as my commercial premiums drop. (I’ll still get to collect commissions on government wind and flood insurance, though). But, with insurance indiscrimnately and surely available, there will be more development along the coast. It is where people want to be. So, I’ll get new clients and auditable sales and payroll will increase, and income will increase. We call this economic growth, I think. Maybe our use of the word “growth” is too generous or indiscriminate–after all, fungus and cancer form growths also, and does this growth really further human progress?, but who’s to say?.
Government insurance programs often run at a loss, so maybe a bit of my taxes will increase, but I can’t tell if it will be more or less than insurance increases in my premiums and in my income in my particular case.
Overall, the chaos of the current situation seems to benefit me the most (I have decided to confuse chaos with freedom and opportunity and profit potential), so the heck with the common good or even with thinking about the common good–make hay while the sun shines, right? Follow your own interests and the aggregate result will be good, right?
Market forces. How wonderful. And so many places for intelligent debate and policy formation to work with market forces effectively for the common good.
I’m getting a headache just thinking about it. Let’s not have a method or mechanism for business-like analysis of the situation–let’s just pose and posture for short term political gain. I mean, can’t we use the Government Accounting Office (GAO) for this? Sorry, it’s been so politicized by the current regime and is so busy violating the Hatch act for Karl Rove, that it can no longer be trusted. Sigh!
Well, then, what to do? Let’s let interested lobbyist draft the regulations and legislation. It’ll be OK.
No wonder we are in the mess we are in. Sigh, again.
As Jean Paul Sartre always used to say–“huis clos!” (no exit) or was it “c’est l’absurd!”?
“Eh, bien,” as I say, “Je mange France.” Oops-that last bit was yoplait. Now back to my DVD, icre cream, internet and the Simpsons. I’m tired of it and I just can’t take it anymore. Lead me Big Brother, please.
I have read all the rants about government intervention in: FLOOD, WIND, why not include EQ, and it comes to this: Government is bad and free enterprise is good or free enterprise charges to much and we need the government.
MAYBE, the governmentS (states) say, you want to insure here “insure: WIND, FLOOD and EQ” then those that want to will and those that don’t, won’t.
Have the GOVERNMENT provide reinsurance that is actuarilly sound and the market place can take a risk and underprice the government reinsurance.
People who live in a trailer park in Florida(or in the path of a Noreaster in MA,on the Wabash in In, or the San andreas fault in Ca), because that is what they can afford, need insurance so they can rebuild their lives and not look for a hand out when the next storm comes. if they can’t afford insurance, then the government can give them a subsidy BEFORE THE STORM, rather than a hand out after the storm.
The insurance industry has not shown leadership in these problems, that is why law makers are coming up with the only solutions they know. and those law makers who do not support government intervention, just don’t care about the dispossessed.
I believe in responsibility and I believe in help. I don’t believe in victims!
The state run facility justified a rate increase of 65%. For abstract reasons that I beleive most people will be able to read between the lines on, the state settled for a 35% increase.
Yes, it is still a very large increase but the state managed to undercut what was a justifiable increase to say “we saved you 30%”.
Why should private insurers put up with this? If an increase is justified, let it be approved. If anohter carrier feels that they can offer the same coverage for less… then that is the free enterpirse system at work.
Wouldn’t you think reasonably intelligent people would realize that continually doing the same thing you’ll continue to get the same result? Instead of wasting billions every year to replace roofs that are just going to get blown off in the next storm, why doesn’t somebody develop a roof to withstand the NORMAL high winds on the coasts? I’m sure with all our technology, engineering, and funding somebody could do that. It would be a lot less expensive than replacing roofs for the rest of the millenium. Look what happens in Fl. The building association recommended “hurricane strapping” be required on all new construction. It wasn’t approved because consumers didn’t want to pay the extra $300 to have them installed. Anyone who refused shouldn’t qualify for insurance coverage. Anyway, it’s short-sighted morons like this that complain about escalating insurance premiums when they’re too cheap to do anything to protect their property.
Eh, bien,” as I say, “Je mange France.” Oops-that last bit was yoplait. Now back to my DVD, icre cream, internet and the Simpsons. I’m tired of it and I just can’t take it anymore. Lead me Big Brother, please.
I wish I could go back to the cream of things. But I have grand little people in my life I will not look away MY PRAY IS WE ALL CAN MAKE THINGS BETTER MY LIFE IS NOT FOR– EVER-. WHEN WE DO THINGS RIGHT WE ALL WIN IF NOT WE WILL ALL PAY.
Government can in theory set insurance prices closer to the long-run expected loss for hurricanes and other natural disasters because tax revenue eliminates concerns about insolvency. However, the study says government officials can face political pressure to subsidize one group over another, or set premiums too low. As a result, low insurance rates could encourage the construction of buildings in high-risk areas that are not sufficiently wind resistant. Government intervention may also compound the problem by reducing private insurers’ willing to provide insurance.
The study identifies
Lets give all insurance to the goverment that is were it is head . MAYBE THE SNAKE IS CUTTING OFF ITS OWN TAIL….
applaud Gene Taylor’s efforts to have wind damage covered under the National Flood Insurance program. In fact, why not have a national insurance program and do away with private insurance companies who pick and choose what coverage they will provide, along with the multimillion-dollar bonuses they give their senior executives each year.
applaud Gene Taylor’s efforts to have wind damage covered under the National Flood Insurance program. In fact, why not have a national insurance program and do away with private insurance companies who pick and choose what coverage they will provide, along with the multimillion-dollar bonuses they give their senior executives each year.
January 23, 2007, 1:06 pm CST
Posted By: ED
Comment:
If State Farm Insurance is at trial for Katrina I would like to talk with Scrugg and Hood about the 2004 Ivan Hurricane. I was denied 90% of our claim because they said it was water damage.. The water damage was caused from Storm Surge which is caused by wind. I would like to get back some of our loss.
Ed
yOU SEE WHAT IS GOING ON LET,S OPEN THE BOOKS ON THIS . LETS KEEP ALL THE INS IN THE GOVERMENT BY GETTING SO MUCH MONEY WE CAN TAKE CARE OF EACH OTHER I DO NOT MEAN THE WAY THINGS ARE RIGHT THIS MIN BUT IF THE PEOPLE WILL WAKEUP AND TELL THE WORLD WE CARE ABOUT EACH OTHER WE KNOW WHAT IS GOING ON AND WE CAN SAY IT CAN BE SO MUCH MORE REMMBER IF WE STAND WE WILL NOT REPRINT THE PATH OVER AND OVER REMMBER NO END TO GREED.STOP ALL THE FEAR AND YOU WILL NOT NEED ALL OF THIS INURANCE.. FEED PEOPLE FEAR AND YOU CAN MAKE THE MARKET
I don’t know–if the tail (windstorm) continues wagging the dog, I’ll be able to continue to control my coastal clients (I need some more of them!)and charge more on all lines. Then I can easily pay all my bills, including my homeowners insurance.
If the government gets involved, my income will drop as my commercial premiums drop. (I’ll still get to collect commissions on government wind and flood insurance, though). But, with insurance indiscrimnately and surely available, there will be more development along the coast. It is where people want to be. So, I’ll get new clients and auditable sales and payroll will increase, and income will increase. We call this economic growth, I think. Maybe our use of the word “growth” is too generous or indiscriminate–after all, fungus and cancer form growths also, and does this growth really further human progress?, but who’s to say?.
Government insurance programs often run at a loss, so maybe a bit of my taxes will increase, but I can’t tell if it will be more or less than insurance increases in my premiums and in my income in my particular case.
Overall, the chaos of the current situation seems to benefit me the most (I have decided to confuse chaos with freedom and opportunity and profit potential), so the heck with the common good or even with thinking about the common good–make hay while the sun shines, right? Follow your own interests and the aggregate result will be good, right?
Market forces. How wonderful. And so many places for intelligent debate and policy formation to work with market forces effectively for the common good.
I’m getting a headache just thinking about it. Let’s not have a method or mechanism for business-like analysis of the situation–let’s just pose and posture for short term political gain. I mean, can’t we use the Government Accounting Office (GAO) for this? Sorry, it’s been so politicized by the current regime and is so busy violating the Hatch act for Karl Rove, that it can no longer be trusted. Sigh!
Well, then, what to do? Let’s let interested lobbyist draft the regulations and legislation. It’ll be OK.
No wonder we are in the mess we are in. Sigh, again.
As Jean Paul Sartre always used to say–“huis clos!” (no exit) or was it “c’est l’absurd!”?
“Eh, bien,” as I say, “Je mange France.” Oops-that last bit was yoplait. Now back to my DVD, icre cream, internet and the Simpsons. I’m tired of it and I just can’t take it anymore. Lead me Big Brother, please.
I have read all the rants about government intervention in: FLOOD, WIND, why not include EQ, and it comes to this: Government is bad and free enterprise is good or free enterprise charges to much and we need the government.
MAYBE, the governmentS (states) say, you want to insure here “insure: WIND, FLOOD and EQ” then those that want to will and those that don’t, won’t.
Have the GOVERNMENT provide reinsurance that is actuarilly sound and the market place can take a risk and underprice the government reinsurance.
People who live in a trailer park in Florida(or in the path of a Noreaster in MA,on the Wabash in In, or the San andreas fault in Ca), because that is what they can afford, need insurance so they can rebuild their lives and not look for a hand out when the next storm comes. if they can’t afford insurance, then the government can give them a subsidy BEFORE THE STORM, rather than a hand out after the storm.
The insurance industry has not shown leadership in these problems, that is why law makers are coming up with the only solutions they know. and those law makers who do not support government intervention, just don’t care about the dispossessed.
I believe in responsibility and I believe in help. I don’t believe in victims!
The state run facility justified a rate increase of 65%. For abstract reasons that I beleive most people will be able to read between the lines on, the state settled for a 35% increase.
Yes, it is still a very large increase but the state managed to undercut what was a justifiable increase to say “we saved you 30%”.
Why should private insurers put up with this? If an increase is justified, let it be approved. If anohter carrier feels that they can offer the same coverage for less… then that is the free enterpirse system at work.
Wouldn’t you think reasonably intelligent people would realize that continually doing the same thing you’ll continue to get the same result? Instead of wasting billions every year to replace roofs that are just going to get blown off in the next storm, why doesn’t somebody develop a roof to withstand the NORMAL high winds on the coasts? I’m sure with all our technology, engineering, and funding somebody could do that. It would be a lot less expensive than replacing roofs for the rest of the millenium. Look what happens in Fl. The building association recommended “hurricane strapping” be required on all new construction. It wasn’t approved because consumers didn’t want to pay the extra $300 to have them installed. Anyone who refused shouldn’t qualify for insurance coverage. Anyway, it’s short-sighted morons like this that complain about escalating insurance premiums when they’re too cheap to do anything to protect their property.
Eh, bien,” as I say, “Je mange France.” Oops-that last bit was yoplait. Now back to my DVD, icre cream, internet and the Simpsons. I’m tired of it and I just can’t take it anymore. Lead me Big Brother, please.
I wish I could go back to the cream of things. But I have grand little people in my life I will not look away MY PRAY IS WE ALL CAN MAKE THINGS BETTER MY LIFE IS NOT FOR– EVER-. WHEN WE DO THINGS RIGHT WE ALL WIN IF NOT WE WILL ALL PAY.