Tag Archives: Citizens Mission Review Task Force

Rates are the “Elephant in the Room” with Government Sponsored Property Insurance Programs

One of my TWIA slab case clients was very happy about the proposed resolution of her claim. Her tone changed when she mentioned that TWIA raising rates five percent. I have often felt that our elected leaders are in a no-win situation when the people electing them to office hold a noose over their neck … Continue Reading

An Insurance Risk Manager Gives Fantastic Advice to Policyholders Getting Ready for a Potential Hurricane Claim

At the Greater Delray Beach Chamber of Commerce Hurricane Seminar this morning, Brent Winans of the Plastridge Agency gave a fantastic presentation, "10 Ways to Get Ready for a Hurricane Claim in 10 Minutes." Winans holds the coveted CPCU designation and is Vice President of Risk Management Services.… Continue Reading

State Farm Small Competitors

Americans love to root for underdogs. It is part of our value system that anybody can become successful in this Country through hard, honest work and perseverance. Floridians are rooting for the small competitors of State Farm since State Farm’s announcement that it is leaving Florida’s property insurance market. The St Petersburg Times noted that … Continue Reading

Fair And Balanced

Nobody calls my office telling me what a great job their adjuster has done to fairly maximize their recovery in a prompt manner. Why should they? Risk managers, property managers, insurance agents, attorneys, public adjusters and policyholders, generally call our firm because they need help with claim delay or a denial. Their stories usually have … Continue Reading

Late Reported Claims, Public Adjuster Fee Caps, And Sinkhole Coverage

I really suck at politics. It is why I have not one, but two, lobbyists help me. Jon Moyle and Chris Floyd stick out in Tallahassee because they are two of the few lobbyists who are trying to help consumers. Most lobbyists are the "bad guys" from the consumer’s standpoint, although insurance lobbyists create propaganda to … Continue Reading

Why Causes Of Loss Are Important To You

The probability of a ruinous event happening may change behavior or cause you to insure to reduce the misery. The greater the financial misery, the more likely you are to insure yourself when it strikes. The greater the chance of the event happening, the more likely you will take measures to avoid the misery. The … Continue Reading

Responding to the Media About The Insurance Financial Crisis

The Tampa Tribune ran an editorial on January 12th regarding the Citizens Mission Review Task Force. As usual, I had something to say about their opinion, and wrote the the following reply, which was published in Sunday’s paper: Florida Dangerously Vulnerable This is in response to the Jan. 12 editorial, "New Ideas Could Bring Sound Hurricane Coverage." … Continue Reading

Headlines And Reality

The Citizens Mission Review Task Force made a significant recommendation at its meeting on Tuesday. Prior testimony was that the average Florida rate hike, which would be approved by the Office of Insurance Regulation, would almost certainly be higher than 30%. We recommended to the Florida Legislature that they to pass a statute to cap … Continue Reading

Actuaries Are Underwriters With No Personality

My Tuesday morning last week started with an early interview with a Tampa radio station, WFLA, regarding the Citizens Mission Review Task Force. Insurance rates, caps to rate increases, bankruptcy of the state, and hurricanes could only make the morning radio news in Florida. What happened to the debate about Sarah Palin’s sexiness? Anything is more exciting … Continue Reading

The Only Thing We Have to Fear Is…

Every now and then, I come across something in the media that is simply wrong and feel compelled to do something about it. I recently came across an editorial in the Bradenton Herald, linked below, which is simply fear mongering. Accordingly, I responded with my opinion for all to contemplate on this very important issue in … Continue Reading

The Ongoing Work Of The Citizens Task Force

The Governor, Charlie Crist, who appointed me to the Citizens Mission Review Task Force has gotten married to a beautiful woman. While I am certain he was planning their honeymoon this past week, I was pouring over insurance rate data, market share analysis, and a reinsurance presentation regarding Citizens Property Insurance Corporation. I bet his work was a … Continue Reading

Citizens Gives Business Away

As a member of the Citizens Task Force, I am charged with trying to find suggestions for Citizens to become less competitive with private industry. At the end of the first meeting, one obvious, but possibly not appreciated answer, is to raise rates. Charging more money for the same product and service would be less … Continue Reading

Citizens Task Force Materials

Florida is a supposed to be a state where government is conducted in the public domain. Even I am skeptical about that, but there exist Sunshine Laws that afford the ordinary citizen the right to inspect documents and information that government uses to conduct its affairs.  The Task Force members were provided a number of materials … Continue Reading

If The Big One Hits, Who Gets Stuck Holding The Bag?

Alex Sink may have been very wise to have paid Warren Buffet so much money for an option to have ready access to money if a major hurricane hit Florida.  (She paid Berkshire Hathaway $224 million for the option of borrowing $4 billion this hurricane season).  A recent St. Petersburg Times article highlighted the problems … Continue Reading