What?
Adding Citizens to the mix of companies writing commercial multi-peril insurance is good for the competitive market,” said Insurance Commissioner Kevin McCarty. “Everyone is familiar with Citizens, but this is an important step, because it is the company’s first coverage offering away from what had been its main niche of offering homeowners insurance statewide and commercial wind-only insurance only in the high-risk areas of the state.”
What?
So the state is getting further into the insurance business. Yet another more costly assessable situation. “Everyone is familiar Citizens”. What? “Good for the competitive market”. What? What the hell is going on….?
The government there wants private companies to go away. I can’t imagine any other reason for the existence of Citizens. Oh, also it seems pretty easy for Citizens to get huge rate increases when private insurers can’t get little ones. No justification! Turn it down! This can’t be backed up with facts no matter how many facts are presented and no matter the source of the facts. I’ve said it many times, rate filing in Florida is political, not statistical. What a mess.
McCarty seems to believe that the market is disfunctional and that couldn’t be further from the truth. The Florida approach is to render the market disfunctional by trying to control prices anyway possible, including the expansion of the state insurance company to capture market share with inadequate rates and further pass the real risk to the taxpayer,…excuse me.. the consumer.
Citizens is once again late to the party.
What?
Adding Citizens to the mix of companies writing commercial multi-peril insurance is good for the competitive market,” said Insurance Commissioner Kevin McCarty. “Everyone is familiar with Citizens, but this is an important step, because it is the company’s first coverage offering away from what had been its main niche of offering homeowners insurance statewide and commercial wind-only insurance only in the high-risk areas of the state.”
What?
So the state is getting further into the insurance business. Yet another more costly assessable situation. “Everyone is familiar Citizens”. What? “Good for the competitive market”. What? What the hell is going on….?
The government there wants private companies to go away. I can’t imagine any other reason for the existence of Citizens. Oh, also it seems pretty easy for Citizens to get huge rate increases when private insurers can’t get little ones. No justification! Turn it down! This can’t be backed up with facts no matter how many facts are presented and no matter the source of the facts. I’ve said it many times, rate filing in Florida is political, not statistical. What a mess.
McCarty seems to believe that the market is disfunctional and that couldn’t be further from the truth. The Florida approach is to render the market disfunctional by trying to control prices anyway possible, including the expansion of the state insurance company to capture market share with inadequate rates and further pass the real risk to the taxpayer,…excuse me.. the consumer.
Bob, Very well put! You hit the nail right on the head….