jobs in insurance claims

The State of Florida's Smoke and Mirrors. Got to love the Florida governor, he attempted the impossible, which means that every homeowner happy with what they pay for their insurance premium." The government "and his merry band of legislators brews together a plan that was nothing more than a pacifier to the citizens of Florida. It is a dangerous plan a house of cards that are literally destroyed by the wind. In this plan, instead, the companies to write insurance using actuarially "sound" rates and build large reserves, the citizens pay for the losses at the expense of "reviews".

The citizens of Florida have been fed this load of crap, because it makes them feel good. Nobody has really explained what an assessment really is and will happen when the governor of the "host" goes bad and we have more than a catastrophic hurricane.

In such a case "all" property insurance policyholders (tenant, homeowner or commercial policy holder), the payment of a big test, the next few years will be eligible. In other words, when it comes to occur, would you not your insurance policy for the next year until you paid THAT YEAR'S Premium Plus assessment.

HOW MUCH?

How bad? The assessment is based on the amount of money that is derived from the hurricanes. A study by Towers Perrin estimates that the assessment be paid from bonds to save the State could have from $ 1,700 to $ 14,000 per policy. Floridians in return for an average savings of $ 265 on the 2007 property insurance rates, again just a good feeling after election dummies.

THE EVIL EMPIRE INSURANCE

The press and hapless radio talk show hosts who do not know what the industry is about have demonized the insurance companies. The industry has suddenly as rackets and racketeers. Agents have been uncaring moneygrubbers who complained about the profits on the backs of citizens.

Since my experience in the industry is now over 4 decades as I remember this rhetoric is nothing new. In the late 70s and in the 1980s, the supervisors beat their drums and laws on the border, how much money a carrier could, and also had an order for repayment of the premium, the "more than excited."

It seems that their reserve requirements enrichment profits and investment in such projects as the evil building, office complexes, hospitals, for the construction of the value of the company. Moreover, many of theses stock and mutual companies, "the" back in the form of dividends. I even remember hearing the same talk show hosts complain about the insurance rates then. Yes we are old.

HISTORY - 24 August, 1992

At that time I was for a property / casualty companies with a net value of $ 6000000000th It was a very quiet hurricane season and yes, Florida insurance companies were, their prices, which, incidentally, at that time were among the lowest in the United States. We have word that "Andrew" was. "Andrew" starts with an "A" our first storm of the season in August? The rest, as they say, was history. I was very proud of the company I worked, they fulfilled their promise and paid out more than $ 4000000000 rumor the company was sold the building to pay claims. And why they were able to do so because they were allowed to pay an actuarially "sound" and the fulfillment of their promises. For those who do not remember, here is a brief excerpt from Wikipedia:

Andrew a 17 ft (5.2 m) storm surge near the landfall in Florida.

Andrew was responsible for 23 deaths in the United States and three more in the Bahamas. The hurricane caused $ 26.5 billion (1992 USD) in damage in the United States, of which $ 1 billion in Louisiana and the rest in the south of Florida. Unlike most hurricanes, the vast majority of damage in Florida was the wind. The agricultural loss in Florida was $ 1.04 billion alone. Damage in the Bahamas was at $ 250 million. [15] [9]

Dade County in 90% of households had major roof damage. 117,000 were destroyed or had major damage.

THE FUTURE

In a word "Bleak". The governor of Florida has a huge commitment, I hope he wins but also believe that it is doubtful he will. His plan is nothing more that a casino bet. The real solution would be painful, but in the long run would prevent devastating financial consequences for the state of Florida. Invite all qualified insurers into the state and the cost of the premium without regulation, the one sentence that is actuarially "sound" based on the losses of the last 30 years. First, the rates are astronomically high, and people would get use to high deductibles, but in a few years Adam Smith's "invisible hand", the sentences to a true and companies on a joint basis, the risk is not the citizens of Florida . But before I leave I you with another notice from Wikipedia, the costs in 2005 U.S. Dollar hurricane damage.

Rank Hurricane Season Cost (2005 USD)

1 Katrina 2005 $ 81.2 billion

2 Andrew 1992 $ 44.9 billion

3 Wilma 2005 $ 20.6 billion

4 Charley 2004 $ 15.4 billion

5 Ivan 2004 $ 14.6 billion

Citizens of the State of Florida Welcome to the insurance industry.