A quote from now Governor Ron Desantis, when he cast his Congressional vote against federal aid for the victims of Super Srotm Sandy. ” A federal bailout for the New York region after Hurricane Sandy was an irresponsible boondoggle, a symbol of the “put it on the credit card mentality” he had come to Washington to oppose.
“I sympathize with the victims,” he said. But his answer was no.
Shouldn’t the Federal Government support the wishes of Gov. DeSantis, and other then the minimum obligations for Federal Aid set forth in the Stafford Act, simply say NO to aid for Hurricane Ian.
I have confidence that Florida can find acturaries who can determine adequate insurance rates for future storm losses, and that the State can surcharge or levy the necessary taxes to clean up their mess.
I guess the Federal Government COULD technically sink to DeSantis’ level, but at the end of the day, we need to put lives ahead of politics. Red state, blue state…at the end of the day, we’re still talking about human lives.
At some point, both sides need to realize that sometimes there are more important things than getting back at the other guy.
DeSantis voted for the federal money for NY for damages due to Hurricane Sandy. He voted against the boondoggle that was money for Hurricane Sandy plus all kinds of pork added by Democrats in a separate bill. Nice try buddy.
Corelogic is an analytics firm and not a rating firm. So they don’t really need to name names. However anyone with a basic understanding of the FL HO market knows that it was on shaky ground and the direct losses coupled with certain higher reinsurance rates will drive at least a few regionals out of business.
In theory this will be a completely reinsured event. Barring no future events there should be no carriers going under in the short term. Watch for loss creep later on when people suddenly discover that their 20 year old roof had hurricane damage.
All insurers have some retention for cat events. Compared to total losses, that retention is pretty small but an extra $10 million hit to surplus could definitely push some players over the edge.
As others have said small insurer still have some exposure. Even if they have a complete reinsurance plan and no exposure (not realistic), their long term business model is reliant of access to reinsurance at a set cost. Some of the reinsurance capacity will surely dry up and the cost for what is available will raise by a lot.
So this isn’t about being able to pay claims now, its about being able to operate 6/12 months from now.
Well…they do have to name the companies. “Companies will go under!”. OK…who? Otherwise, don’t say it if you either don’t have the facts or are not at liberty to share.
The Federal Government takes an exorbitant amount of our money every day. Why wouldn’t they help out in disaster relief? The fact that Governor Desantis does not support wasteful spending is irrelevant.
A quote from now Governor Ron Desantis, when he cast his Congressional vote against federal aid for the victims of Super Srotm Sandy. ” A federal bailout for the New York region after Hurricane Sandy was an irresponsible boondoggle, a symbol of the “put it on the credit card mentality” he had come to Washington to oppose.
“I sympathize with the victims,” he said. But his answer was no.
Shouldn’t the Federal Government support the wishes of Gov. DeSantis, and other then the minimum obligations for Federal Aid set forth in the Stafford Act, simply say NO to aid for Hurricane Ian.
I have confidence that Florida can find acturaries who can determine adequate insurance rates for future storm losses, and that the State can surcharge or levy the necessary taxes to clean up their mess.
No, because FL is always a close race
I guess the Federal Government COULD technically sink to DeSantis’ level, but at the end of the day, we need to put lives ahead of politics. Red state, blue state…at the end of the day, we’re still talking about human lives.
At some point, both sides need to realize that sometimes there are more important things than getting back at the other guy.
They should do the same for Florida as they did for NY. Do you want to punish Floridians for something one Floridian said?
DeSantis voted for the federal money for NY for damages due to Hurricane Sandy. He voted against the boondoggle that was money for Hurricane Sandy plus all kinds of pork added by Democrats in a separate bill. Nice try buddy.
Ok CoreLogic, which carriers do you think will “sink”?
Corelogic is an analytics firm and not a rating firm. So they don’t really need to name names. However anyone with a basic understanding of the FL HO market knows that it was on shaky ground and the direct losses coupled with certain higher reinsurance rates will drive at least a few regionals out of business.
In theory this will be a completely reinsured event. Barring no future events there should be no carriers going under in the short term. Watch for loss creep later on when people suddenly discover that their 20 year old roof had hurricane damage.
All insurers have some retention for cat events. Compared to total losses, that retention is pretty small but an extra $10 million hit to surplus could definitely push some players over the edge.
As others have said small insurer still have some exposure. Even if they have a complete reinsurance plan and no exposure (not realistic), their long term business model is reliant of access to reinsurance at a set cost. Some of the reinsurance capacity will surely dry up and the cost for what is available will raise by a lot.
So this isn’t about being able to pay claims now, its about being able to operate 6/12 months from now.
Well…they do have to name the companies. “Companies will go under!”. OK…who? Otherwise, don’t say it if you either don’t have the facts or are not at liberty to share.
The Federal Government takes an exorbitant amount of our money every day. Why wouldn’t they help out in disaster relief? The fact that Governor Desantis does not support wasteful spending is irrelevant.