Robert Hartwig
Robert Hartwig
collected forced lead penny possibly quite smaller
Insurers have never collected a penny in flood-insurance premiums. If they're forced to pay, it could quite possibly be destabilizing and lead to the insolvency of smaller insurers in the area.
continued insurance price problems relative risk unless
Unless there is some rationalization of the price of insurance relative to the risk assumed, there will be continued problems of availability.
billions built easily island run scenarios storm structures york
There are easily storm scenarios in New York that run to tens of billions of dollars. And structures on Long Island aren't as well built as new construction in Florida.
billion country depending far high hurricane insurance katrina losses situation
We are already at about $50 billion of insured losses from catastrophes in this country so far and that could be as high as $70 billion, depending on what Katrina does. Hurricane Wilma is a situation that is going to exacerbate what was already problematic for the insurance industry.
abuse auto behind cases costs driver due higher insurance medical outright pressure prices principle rising share
Rising medical costs are the principle driver behind higher auto insurance prices in the U.S. and a significant share of that pressure is due to abuse and in some cases outright fraud.
budget congress mood negative pass people skeptical
I'm skeptical that a lot of people will use them, and I'm even more skeptical that Congress is in a mood right now to pass anything that has a negative budget impact.
active expected hurricane season twice
The 2006 hurricane season is expected to be twice as active as usual.
disaster industry promote weigh
We don't want to promote 'serial rebuilding,' ... The industry does weigh in in post-disaster debates.
company creates inform insurance liability people
Typically, they want to know how many people are residents in your household. That creates a different liability situation, and you need to inform your insurance company about that.
behind company insurance knowing wheel
They can't get behind the wheel once without your insurance company knowing about it.
among coverage flood homes katrina lack likely reveal rita shocking threatened together
What Katrina and Rita together are going to reveal is the shocking lack of flood coverage among homeowners, even those very likely to have their homes threatened by flood.
adjustment certainly cycle expecting frequent intense next
We are certainly expecting that for the next 20 years or so we will be in a cycle of more frequent and intense storms. There's going to have to be an adjustment in the industry.
claims directly fewer increase lower overall rate translate
Fewer claims translate directly into a lower overall rate increase for consumers.
evidence frequent hurricane season storms
There's overwhelming evidence that the 2006 hurricane season will be longer, and storms will be more frequent and intense. We could see 20 years of this.