Letter from Washington: Cat fund reform, floor time for flood and Michigan ...

With October drawing to a close, it appears Florida has, once again, managed to avoid a serious hurricane strike. Since it remains the most hurricane-prone piece of real estate on Earth (or, at least in the Western hemisphere), however, its luck won’t last forever. Eventually, a major hurricane will make landfall in Florida and do billions of dollars in damage.

Even amidst the longest period without a serious hurricane since the 1980s, the state’s insurance environment has not stabilized. The Citizens Property Insurance Corp. continues to grow, the Florida Hurricane Catastrophe Fund still doesn’t have nearly enough money to pay the bills that would come due after a major storm hit and many of the state’s domestic insurance carriers have very unstable finances. Moreover, since Florida’s legislature will have to deal with redistricting during its sixty-day session, many simply believe there’s no strong opportunity to move forward with property insurance reform in 2012.

I think this is wrong. In fact, there are two major things that indicate that 2012 is a good time to change property insurance.

First, Jack Nicholson, the cat fund’s chief operating officer, has a pretty good plan to remake the fund and reduce its liabilities. It’s not perfect and I would prefer something that went further. But it’s still something I think just about everyone, regardless of political leanings, ought to support since it’s simply an admission of fiscal reality. With the right support, it can pass.

Second, low interest rates, along with a sagging economy, mean that a flood of new business would actually lead to more price competition. There’s lots of excess capital both in reinsurers themselves and in the economy as a whole. (The reinsurers per s e, because of share buybacks, probably have less capital than they did a year ago.)

***

Flood insurance reform legislation, which once seemed a sure thing—the House and Senate are closer together than ever before—appears to have stalled in the Senate. I’m bummed out. The real problem here seems to be dysfunctional politics—and Senate rules—rather than anything about the bill.

Home Insurance Lead Washington - News


Still No Relief in Sight for Long-Term Needs
Still No Relief in Sight for Long-Term Needs

He kept her at home until August, when caring for her became so overwhelming that he moved her into the same facility with her parents. Although long-term care insurance was offered by his employer, Mr. Eriksen had not purchased it “because we had



Lenders Hope HARP 2.0 Changes 2012 Production Volume Forecasts;...
Lenders Hope HARP 2.0 Changes 2012 Production Volume Forecasts;...

And it updated the eligible mortgage insurance (MI) provider list to include CMG Mortgage Insurance Company (CMG). CMG provides MI for credit union lenders. What did the HARP news do to mortgage rates? When the plan was initially leaked early on,



Letter from Washington: Cat fund reform, floor time for flood and Michigan ...

Even amidst the longest period without a serious hurricane since the 1980s, the state's insurance environment has not stabilized. The Citizens Property Insurance Corp. continues to grow, the Florida Hurricane Catastrophe Fund still doesn't have nearly



AP U.S. NewsBrief at 12:46 p.m. EDT

Dr. Steven Shafer is being cross-examined by Dr. Conrad Murray's lead defense attorney, Ed Chernoff . Shafer's testimony is expected to conclude Monday and the defense will begin its case. WASHINGTON (AP) _ Seeking to circumvent congressional



AP Top News at 10:15 am EDT

WASHINGTON (AP) _ The Obama administration's decision to pull the plug on a financially flawed long-term care insurance plan is likely to worsen a dilemma most middle-class families are totally unprepared for. A nursing home can cost more than $200 a




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Home Insurance Lead Washington - Bookshelf

Washington, a life

Washington, a life

Creator: Ron Chernow | Biography & Autobiography -
The National Book Award-winning author of The House of Morgan offers a comprehensive account of the life of George Washington, disposing of the stereotype of a ...
Publisher: Penguin Pr

Washington

Washington

Creator: Meg Greenfield | Biography & Autobiography -
A national bestseller and a timeless classic on the ways and mores of our nation's capitol
Publisher: PublicAffairs

Home, A Memoir of My Early Years

Home, A Memoir of My Early Years

Creator: Julie Andrews | Biography & Autobiography -
Featuring over fifty personal photos, many never before seen, this is the personal memoir Julie Andrews' audiences have been waiting for.
Publisher: Hyperion Books

Insurance for Dummies

Insurance for Dummies

Creator: Jack Hungelmann | Business & Economics -
Explains how to buy and save on every kind of insurance, including life, health, auto and home insurance, and offers tips on how to get the best coverage for ...
Publisher: For Dummies

The new life insurance investment advisor

The new life insurance investment advisor

Creator: Ben G. Baldwin | Business & Economics -
"For anyone who needs to understand different types of life insurance, as well as considerations forpurchasing and managing policies, this book should be on ...
Publisher: McGraw-Hill Professional