One question that immediately comes to mind is the terms of the treaty as regards reimbursement procedures; i.e. are reimbursements on paid claims only, or may case reserves breaching the attachment point of $4B be billed to the pool?
My second question is prompted by the list of reinsurers in the pool. Have any of the 8 Lloyd’s Syndicates listed published their estimates of the NFIP cover on their results for UY(TY) 2017? Are any of them now in positions of potentially imperiled solvency?
I’m not wishing for insolvency of any Syndicate. But I prefer to see accountability, once and for all, in regard to potential fraud and waste by FEMA. And the NFIP happens to be at the center of this issue, which may force needed long-term changes.
Ideally, Syndicates and the other insurers will scrutinize the reimbursement request claim runs and point out all instances of fraud and waste and demand push inflation.
My question would be, did FEMA submit for reimbursement of claims made to people that didn’t buy insurance to begin with. Are non-insured claims being submitted to reinsurance carriers?
The government has been out of control for a very long time and we live in an entitlement society where many think the government will always bail them out no matter what happens. California is burning down as we speak and the government will be out there providing assistance when it should be the responsibility of the insurance industry to make people whole again.
Says the guy from Texas, the leading state in federal disaster relief aid. Busting a gut right now!
December 8, 2017 at 5:29 pm
AlJohn FranKonyers Hypocrite Groapologists says:
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@Platitude: how does the aid to TX discredit Agents comment?
December 12, 2017 at 8:59 am
Captain Planet says:
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Who said anything about trying to discredit Agent? Assume much, Yogi? I just love the irony of his statement and was acknowledging it accordingly. But once again, we thank you for trying out!
December 8, 2017 at 9:39 am
PolarBeaRepeal says:
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Knowing about government waste and fraud, why bother asking such a question to which the answer is nearly always ‘yes’? Hopefully, reinsurers’ begin to question such claims and publish reports on the extent of the fraud.
Did you read the article about millions in overtime being paid to FEMA workers when it was against the law to do so? Go figure….FEMA screwing the tax payer again.
One question that immediately comes to mind is the terms of the treaty as regards reimbursement procedures; i.e. are reimbursements on paid claims only, or may case reserves breaching the attachment point of $4B be billed to the pool?
My second question is prompted by the list of reinsurers in the pool. Have any of the 8 Lloyd’s Syndicates listed published their estimates of the NFIP cover on their results for UY(TY) 2017? Are any of them now in positions of potentially imperiled solvency?
I have no doubt FEMA has paid at least $4B in claim payments already in the Houston area alone. So, the rest doesn’t matter.
Even if some Lloyd’s Syndicates go belly up?
I’m not wishing for insolvency of any Syndicate. But I prefer to see accountability, once and for all, in regard to potential fraud and waste by FEMA. And the NFIP happens to be at the center of this issue, which may force needed long-term changes.
Ideally, Syndicates and the other insurers will scrutinize the reimbursement request claim runs and point out all instances of fraud and waste and demand push inflation.
‘other reinsurers’, not ‘other insurers’. bear culpa.
My question would be, did FEMA submit for reimbursement of claims made to people that didn’t buy insurance to begin with. Are non-insured claims being submitted to reinsurance carriers?
Jack, during Katrina, FEMA was down there handing out $2,500 checks to people that never heard of insurance, let alone Flood Insurance.
Hey it’s not there money…” what difference does it make” ?
The government has been out of control for a very long time and we live in an entitlement society where many think the government will always bail them out no matter what happens. California is burning down as we speak and the government will be out there providing assistance when it should be the responsibility of the insurance industry to make people whole again.
Says the guy from Texas, the leading state in federal disaster relief aid. Busting a gut right now!
@Platitude: how does the aid to TX discredit Agents comment?
Who said anything about trying to discredit Agent? Assume much, Yogi? I just love the irony of his statement and was acknowledging it accordingly. But once again, we thank you for trying out!
Knowing about government waste and fraud, why bother asking such a question to which the answer is nearly always ‘yes’? Hopefully, reinsurers’ begin to question such claims and publish reports on the extent of the fraud.
Did you read the article about millions in overtime being paid to FEMA workers when it was against the law to do so? Go figure….FEMA screwing the tax payer again.