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This article is bogus.
It states that it was the first “tropical cyclone” to hit the US in three years.
Idiots. I guess the NE US is the only location that counts and it was one weak ass tropical storm once it left the Carolinas. It was the flooding and most of that is tied into flood insurance not associated with the private carriers.
Besides that most of these carriers know where they can go. Being in Florida they have been trying to raise my premium @ 50% per year (and I am not even near the coast).
They wanted to raise my brothers premium (20 miles from ocean ) from $3200 to $9400 in one year.
If they don’t know how to manage their investments and reinsurance, they deserve to loose (yes, loose) $$.
Thanks Uncle Walter.
I feel better now.
Insurance companies never lose…that is a huge bump up in premium.
They started dropping people on the east coast 3 -4 years ago. People who had 20 and 30 year perfect payment records. They knew well in advance from weather models that this would happen on the east coast.
I concur they should lose $$$$