Its articles like this that make me wonder why I got into this industry in the first place.
While I obviously don’t wish any physical harm to anyone, if a massive hurricane is what it takes to right this hellish market, sobeit.
I don’t know about you all but I can’t take another 5 yrs of no talent assclowns pushing dirt cheap pricing over coverage. I can’t wait to see all those carriers burn up and pull out of the market b/c their underwriters were nothing more than monkeys throwing darts at a board full of “cheap, cheaper, dirt cheap….suicide-cheap” just to buy business.
I am a coastal insurance agent…so this article is good news? If my client was paying $1 five years ago, they are now paying $2.50…and prices are going to go up after the next storm? So I guess I am making more money either way. That will be if there are any markets left. There is no soft market along the coast, excess capacity or not.
And our industry wonders why the public has a bad perception of us. Sure, no one WANTS a hurricane to hit, but hey, if it does, think of how much money we can make!
A little category 3 hurricane would not only “right” the insurance market, it would also help the slumping FL economy altogether!
Think about it; the roofer has to eat so he goes to a restaurant. The restaurateur due to demand now needs to hire new employees. These new employees will now have money to spend on local stores, and so on….
I bet even Obama couldn’t come up this brilliant strategy!
A bad hurricane season would come on top of an already catastrophic storm season for many insurers. For those with heavy exposure in the Midwest, there have been heavy early losses. Also in the Northeast.
Super Regionals and nationals will weather this, but reinsurance costs rising could force the mutuals to finally pay the piper and retrench.
Joker, judging by your comments you are running up against Indiana and Peerless a whole lot. Do they know how to spell underwriting?
but then, they’ve been at this for 5 or more years now, pricing cheap with no underwriting. Shouldn’t their results be horrendous by now? Liberty Mutual is stupid, but not that stupid?
Bastiat called this the ‘broken windows’ theory. Break some windows and look at the work that is produced! Moving money from one thing to the other is a shell game. Premiums are lower not just due to the lower risk but more to the excess of capital-it will cause more money to go into the market in search of a return and compete for returns at a lower rate.
Its articles like this that make me wonder why I got into this industry in the first place.
While I obviously don’t wish any physical harm to anyone, if a massive hurricane is what it takes to right this hellish market, sobeit.
I don’t know about you all but I can’t take another 5 yrs of no talent assclowns pushing dirt cheap pricing over coverage. I can’t wait to see all those carriers burn up and pull out of the market b/c their underwriters were nothing more than monkeys throwing darts at a board full of “cheap, cheaper, dirt cheap….suicide-cheap” just to buy business.
rant/
You mean you don’t have a name your price gun that is accurate? Shame.
I am a coastal insurance agent…so this article is good news? If my client was paying $1 five years ago, they are now paying $2.50…and prices are going to go up after the next storm? So I guess I am making more money either way. That will be if there are any markets left. There is no soft market along the coast, excess capacity or not.
a little pd, no bi – is that so wrong?
And our industry wonders why the public has a bad perception of us. Sure, no one WANTS a hurricane to hit, but hey, if it does, think of how much money we can make!
A little category 3 hurricane would not only “right” the insurance market, it would also help the slumping FL economy altogether!
Think about it; the roofer has to eat so he goes to a restaurant. The restaurateur due to demand now needs to hire new employees. These new employees will now have money to spend on local stores, and so on….
I bet even Obama couldn’t come up this brilliant strategy!
A bad hurricane season would come on top of an already catastrophic storm season for many insurers. For those with heavy exposure in the Midwest, there have been heavy early losses. Also in the Northeast.
Super Regionals and nationals will weather this, but reinsurance costs rising could force the mutuals to finally pay the piper and retrench.
Joker, judging by your comments you are running up against Indiana and Peerless a whole lot. Do they know how to spell underwriting?
but then, they’ve been at this for 5 or more years now, pricing cheap with no underwriting. Shouldn’t their results be horrendous by now? Liberty Mutual is stupid, but not that stupid?
Haven’t you heard? Obama is keeping storms from hitting the U.S. Just read it on Drudge.
Bastiat called this the ‘broken windows’ theory. Break some windows and look at the work that is produced! Moving money from one thing to the other is a shell game. Premiums are lower not just due to the lower risk but more to the excess of capital-it will cause more money to go into the market in search of a return and compete for returns at a lower rate.