For creating anxiety and stress for people on the East Coast. Exactly what good is this piece of information? Until and unless a warning is issued nobody cares. Even then, the best people can hope to do is evacuate and hope their insurance is sufficient. Too much money is wasted playing with hurricanes. When something definitive is know, issue the alert. Otherwise……..shut up. We don’t care about “what if’s” or “chances”.
Easy Ritchie. I understand completely “the sky is falling” menatality and how useless it can be, however, some of us in the insurance industry like to know exactly what is happening out there and the more advanced notice we can get, the better. I’m not so sure it creates that much “anxiety” or “stress” in people at this stage as you seem to think.
I agree with Relaxed… all the time spent “playing” with Hurricanes actually comes in quite handy in predicting what they’ll do… giving people time to take care of business and prevent loss
Most carriers with any policy volume have a well-oiled catastrophe response plan and team in place. It doesn’t rely on “what if” scenarios. When it becomes a reality, the plan is implemented to respond. We all know that any insurance response is “after the fact”. The”CAT” coordinator monitors the NOAC websity and makes decisions without all the media hype.
Those of us in the property insurance end of the business need to hear the developments & potential timeframes so that we can alert clients who are in the process of scheduling closings. It provides us the opportunity to advise them that if a moratorium is issued, we cannot issue binders or increase coverage until the moratorium is lifted. I did this just this morning for a client.
Name an instance when a storm has been a direct cause of a hard market? Andrew? No. Katrina and all those other storms of that year? No. Storms do not cause a hard market.
Some element of truth i all previous comments, but — way too much pandering of events which may or may not occur, may or may not be of real concern, all evidentiary of the “too much information” syndrome we’re in. For the vast majority of these hurricane alerts, a day or two advance notice if sufficient, to the extent that one may do anything meaningful to avoid the consequences. If people and organizations are too stupid or inept to plan for these events in advance, to to think logically, so be it.
Andrew most certainly did create a hard market if you were in Florida. Before that storm Nationwide, State Farm, Auto Owners, Hartford were all writing oceanfront Condo’s with wind to write thereselfs out of the windstorm pool assessment. Independent Fire insurance company would write a $200K home within blocks of the ocean for $300. with a $250 flat deductible. Oh yes, Hurricanes do create a hard market, depending on where you live.
So for some apparently reading about Earl was a waste of time but the still had time for commenting on it. If you’re not interested, just move on to the next story. Some of us are interested in tracking these storms.
INS guy’s comment was refering to the national market. Huricanes don’t harden up rates in areas not affected by storms, which is most of the US. Doesn’t the SE usually harden up around hurricane season and whenever a CAT hits?
For creating anxiety and stress for people on the East Coast. Exactly what good is this piece of information? Until and unless a warning is issued nobody cares. Even then, the best people can hope to do is evacuate and hope their insurance is sufficient. Too much money is wasted playing with hurricanes. When something definitive is know, issue the alert. Otherwise……..shut up. We don’t care about “what if’s” or “chances”.
Easy Ritchie. I understand completely “the sky is falling” menatality and how useless it can be, however, some of us in the insurance industry like to know exactly what is happening out there and the more advanced notice we can get, the better. I’m not so sure it creates that much “anxiety” or “stress” in people at this stage as you seem to think.
Well if Earl does batter the East Coast, it might be the catalyst for the market to harden….finally!
I agree with Relaxed… all the time spent “playing” with Hurricanes actually comes in quite handy in predicting what they’ll do… giving people time to take care of business and prevent loss
Most carriers with any policy volume have a well-oiled catastrophe response plan and team in place. It doesn’t rely on “what if” scenarios. When it becomes a reality, the plan is implemented to respond. We all know that any insurance response is “after the fact”. The”CAT” coordinator monitors the NOAC websity and makes decisions without all the media hype.
Those of us in the property insurance end of the business need to hear the developments & potential timeframes so that we can alert clients who are in the process of scheduling closings. It provides us the opportunity to advise them that if a moratorium is issued, we cannot issue binders or increase coverage until the moratorium is lifted. I did this just this morning for a client.
Name an instance when a storm has been a direct cause of a hard market? Andrew? No. Katrina and all those other storms of that year? No. Storms do not cause a hard market.
Oh but it will this year when all those small homeowners companies go bankrupt as soon as one hits. And I agree with Ritchie on this.
Some element of truth i all previous comments, but — way too much pandering of events which may or may not occur, may or may not be of real concern, all evidentiary of the “too much information” syndrome we’re in. For the vast majority of these hurricane alerts, a day or two advance notice if sufficient, to the extent that one may do anything meaningful to avoid the consequences. If people and organizations are too stupid or inept to plan for these events in advance, to to think logically, so be it.
Ok. But, there is no history to back up the thinking that storms will cause a hard market.
We need $50B of losses to turn the market according to the experts, so dont get too excited yet!
Anyone check the NHC website instead of dated media blurbs?
Andrew most certainly did create a hard market if you were in Florida. Before that storm Nationwide, State Farm, Auto Owners, Hartford were all writing oceanfront Condo’s with wind to write thereselfs out of the windstorm pool assessment. Independent Fire insurance company would write a $200K home within blocks of the ocean for $300. with a $250 flat deductible. Oh yes, Hurricanes do create a hard market, depending on where you live.
So for some apparently reading about Earl was a waste of time but the still had time for commenting on it. If you’re not interested, just move on to the next story. Some of us are interested in tracking these storms.
INS guy’s comment was refering to the national market. Huricanes don’t harden up rates in areas not affected by storms, which is most of the US. Doesn’t the SE usually harden up around hurricane season and whenever a CAT hits?