I agree with the general tone of this article, which is somewhat trivial. There is some insight into the risk borne by reinsurers relative to the higher relative loss borne by insurers.
What is unclear at this point is how well reinsured / protected were regional carriers with relatively lower surplus. All digits on my paws are crossed that no more lives are lost, and that regional carriers important to the market all survive.
Sherriff, most carriers I represent do not write in Tier 1 & Tier 2 counties. Yes, there are several carriers who write property and exclude Wind & Hail which goes to the TWIA. Carriers all share in that fund. Flood is the major issue and many will be wiped out with no coverage. Low interest loans to rebuild will be important.
If you remember on Katrina, State Farm had a lot of that loss and they didn’t have re-insurance since they thought being the big dog, they would never see a big catastrophie. Then, they tried to dodge paying out because they said it was rising water instead of wind. Thousands of lawsuits later, they were forced to pay up.
Let us all listen to what Agent says regarding flooding … the guy who said he hoped the weathermen were right for once that Harvey was supposed to be a major flooding event because wind & tornadoes would cause much worse damage than flooding would. end sarcasm.
Great idea! Go ahead and email your buddy Andrew and make this happen!
September 1, 2017 at 4:46 pm
Sherriff Joe Bearpaio says:
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Oh, glory days ahead!
August 30, 2017 at 5:58 pm
Sherriff Joe Bearpaio says:
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State Farm probably thought their self-insurance was adequate because of their size. They survived, but prob spent more than they should have on legal fees in defense of their (bad faith?) claim practices. Buy property cat res and avoid shark fees!
Agent you must not have very many companies because there really aren’t many that are not writing in 1 and 2, and I have lots that will include wind in zone 1. I even have private companies writing stand alone wind in zone 1. I feel bad for your customers getting bad information from you day in and day out.
oktober, I represent many of the top standards in the industry and they look at Tier 1 & 2 with a jaundiced eye. I couldn’t care less if you have carriers willing to write in that area. They will be getting hurt big time down there.
Will management of personal lines insurers fail to buy enough cat protection?
Will retentions be too higb? Will Board not understand why CEO of personal insurer did not purchase adequate reinsurance? Read those press releases coming from insurers carefully.
I agree with the general tone of this article, which is somewhat trivial. There is some insight into the risk borne by reinsurers relative to the higher relative loss borne by insurers.
What is unclear at this point is how well reinsured / protected were regional carriers with relatively lower surplus. All digits on my paws are crossed that no more lives are lost, and that regional carriers important to the market all survive.
Sherriff, most carriers I represent do not write in Tier 1 & Tier 2 counties. Yes, there are several carriers who write property and exclude Wind & Hail which goes to the TWIA. Carriers all share in that fund. Flood is the major issue and many will be wiped out with no coverage. Low interest loans to rebuild will be important.
If you remember on Katrina, State Farm had a lot of that loss and they didn’t have re-insurance since they thought being the big dog, they would never see a big catastrophie. Then, they tried to dodge paying out because they said it was rising water instead of wind. Thousands of lawsuits later, they were forced to pay up.
Let us all listen to what Agent says regarding flooding … the guy who said he hoped the weathermen were right for once that Harvey was supposed to be a major flooding event because wind & tornadoes would cause much worse damage than flooding would. end sarcasm.
Let’s all ask for a revamped message board from IJ IT Geeks so we can click an ‘ignore’ button for certain posters.
Great idea! Go ahead and email your buddy Andrew and make this happen!
Oh, glory days ahead!
State Farm probably thought their self-insurance was adequate because of their size. They survived, but prob spent more than they should have on legal fees in defense of their (bad faith?) claim practices. Buy property cat res and avoid shark fees!
Agent you must not have very many companies because there really aren’t many that are not writing in 1 and 2, and I have lots that will include wind in zone 1. I even have private companies writing stand alone wind in zone 1. I feel bad for your customers getting bad information from you day in and day out.
oktober, I represent many of the top standards in the industry and they look at Tier 1 & 2 with a jaundiced eye. I couldn’t care less if you have carriers willing to write in that area. They will be getting hurt big time down there.
Will management of personal lines insurers fail to buy enough cat protection?
Will retentions be too higb? Will Board not understand why CEO of personal insurer did not purchase adequate reinsurance? Read those press releases coming from insurers carefully.