The article fails to point out that the “biggest” obstacle would be regulators unwilling to let private insurers adequately price each exposure. The political courage they displayed when passing then caving on the aforementioned Biggert-Waters Act is the case on point.
This would just create back room deals for insurance companies to get subsidies. They can’t stop looking to the Gov to continue terrorism support and there has not been significant losses for decades. The term “Privatize” mean take the corporate welfare and hide the cost from the public.
Following similar article under the National Underwriter “Property casualty 360o” Titled “10 Models to Encourage Greater Private Market Participation in Flood Insurance” BY SAM J. FRIEDMAN, ADITYA UDAI SINGH April 18, 2014 I commented as below, ( I feel my comments are equally applicable to the 16th April 2014 Article by Kim Tallon
18th April 2014
Congratulations to both Authors of the Article “10 Models to Encourage Greater Private Market Participation in Flood Insurance”.
Effectively, virtually all possible permutations have been mentioned…..the enthusiasm in the presentation is to be commended, especially from Mr Friedman view point, a seasoned North American respected Senior on the scene for so many years, with such a vast experience.
Sadly, looking at the future of the Market, it is difficult not to be negative on the subject, in terms of actual progress or long terms achievements…..I dare elaborate, that during my 50 years in the industry of Insurance-Reinsurance I have seen so many failures in the various attempts at convincing the overall US Market to rally and support a variety of schemes, all I hasten to add equally viable in proposing solutions to the North American Flood problems. These submitted by the largest Groups of World Insurers and via the largest Groups of Reinsurers……and irrespective of these having being addressed directly at Government Entities or to Leading Market Insurance or Reinsurance Associations and Groups. Even Brokers of the largest entities in the World also tried. Unfortunately, although numerous Reports, established with full Data and backed up by full statistics were advanced to various parties, the great majority of schemes either Direct or Reinsurance just fizzled out to no effect. I would be so delighted to see this status change……
The article fails to point out that the “biggest” obstacle would be regulators unwilling to let private insurers adequately price each exposure. The political courage they displayed when passing then caving on the aforementioned Biggert-Waters Act is the case on point.
This would just create back room deals for insurance companies to get subsidies. They can’t stop looking to the Gov to continue terrorism support and there has not been significant losses for decades. The term “Privatize” mean take the corporate welfare and hide the cost from the public.
Following similar article under the National Underwriter “Property casualty 360o” Titled “10 Models to Encourage Greater Private Market Participation in Flood Insurance” BY SAM J. FRIEDMAN, ADITYA UDAI SINGH April 18, 2014 I commented as below, ( I feel my comments are equally applicable to the 16th April 2014 Article by Kim Tallon
18th April 2014
Congratulations to both Authors of the Article “10 Models to Encourage Greater Private Market Participation in Flood Insurance”.
Effectively, virtually all possible permutations have been mentioned…..the enthusiasm in the presentation is to be commended, especially from Mr Friedman view point, a seasoned North American respected Senior on the scene for so many years, with such a vast experience.
Sadly, looking at the future of the Market, it is difficult not to be negative on the subject, in terms of actual progress or long terms achievements…..I dare elaborate, that during my 50 years in the industry of Insurance-Reinsurance I have seen so many failures in the various attempts at convincing the overall US Market to rally and support a variety of schemes, all I hasten to add equally viable in proposing solutions to the North American Flood problems. These submitted by the largest Groups of World Insurers and via the largest Groups of Reinsurers……and irrespective of these having being addressed directly at Government Entities or to Leading Market Insurance or Reinsurance Associations and Groups. Even Brokers of the largest entities in the World also tried. Unfortunately, although numerous Reports, established with full Data and backed up by full statistics were advanced to various parties, the great majority of schemes either Direct or Reinsurance just fizzled out to no effect. I would be so delighted to see this status change……