Tuesday, March 16, 2010
| Make Florida More Hurricane-Resistant
published: Sep 28, 2009
by: Eli Lehrer and John Hallman
As hurricane-ridden September passes by, much of the news in Florida appears good: Hurricanes, so far, have stayed away from U.S. coastlines, the Legislature has passed a few common-sense reforms to the state's property insurance system and state CFO Alex Sink says that the state's troubled Hurricane Catastrophe Fund (Cat Fund) has gained a firmer fiscal footing. more... |
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| A catastrophe waiting to happen
published: Sep 15, 2009
by: Jonathan Orszag
This month marks the fourth anniversary of Hurricane Katrina. That raises a simple question: Are we prepared as a Nation for the next mega-catastrophe (one, perhaps, worse than Katrina) that will inevitably strike our country? more... |
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| The Meltdown Next Time: The financial danger nobody knows about.
published: Sep 12, 2009
by: Eli Lehrer
When the insurance giant American International Group was threatened with collapse in late 2008, its credit default swap business and other international operations were cited as the heart of its troubles. But the largest consequence of AIG's uncontrolled failure on consumers' pocketbooks could have come from the domino-like collapse of its businesses writing insurance on boats, cars, homes, lives, and just about everything else. If these businesses fell apart as a result of AIG's overall collapse, the argument went, the contagion could have brought a collapse of everything from retirement savings plans to auto insurance claims payments from companies unconnected to AIG. (In theory, the operations were firewalled from AIG's other operations, but the extremely slow rate at which they've found buyers indicates that many had significant exposure to the company's other woes.) more... |
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Tell the President and Congress what you think.
Get monthly updates about Beach House Bailouts
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Is a Beach House Bailout Next? |
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''Tiger Woods, Sylvester Stallone, and John Travolta all own property near the coast in Florida. Donald Trump just sold his Florida mansion for $100 million, there's no way that taxpayers should work to support lower property insurance rates for the super-wealthy.''
With the taxpayer bill for government bailouts mounting every day, a Washington, D.C.-based free market think tank warns that the recent Wall Street giveaways might be the tip of the iceberg as it raised questions about proposals almost certain to come before Congress that would subject taxpayers to even larger liabilities. more...
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Sign the Petition
''No Beachhouse Bailouts''
As a taxpaying American, I don’t think our government should be subsidizing insurance for million dollar beach houses. I oppose the creation of a government-run national catastrophe fund. Much of our country's past economic success resulted from the ability of individuals and companies to purchase insurance--including catastrophic risk insurance--in a free-market system that provided actuarially-sound insurance rates.
The state government of Florida, for example, has foolishly made these exact mistakes by interfering with market processes. By keeping insurance premiums below market rates, the state government has encouraged the building of homes in hurricane-prone areas. Many of these subsidies have gone to wealthy celebrities who have foolishly built lavish mansions on Florida's beaches. The state's government-run insurance company, along with other companies, will soon be paying out billions of dollars in insurance claims in the coming months for these individuals, and the state will be taxing prudent, hard-working, homeowners to cover the costs of these reckless beachhouse residents... more...
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Make Florida More Hurricane-Resistant
by: Eli Lehrer and John Hallman
published: Sep 28, 2009
As hurricane-ridden September passes by, much of the news in Florida appears good: Hurricanes, so far, have stayed away from U.S. coastlines, the Legislature has passed a few common-sense reforms to the state's property insurance system and state CFO Alex Sink says that the state's troubled Hurricane Catastrophe Fund (Cat Fund) has gained a firmer fiscal footing.
More... |
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A catastrophe waiting to happen
by: Jonathan Orszag
published: Sep 15, 2009
This month marks the fourth anniversary of Hurricane Katrina. That raises a simple question: Are we prepared as a Nation for the next mega-catastrophe (one, perhaps, worse than Katrina) that will inevitably strike our country?
More... |
|
|
The Meltdown Next Time: The financial danger nobody knows about.
by: Eli Lehrer
published: Sep 12, 2009
When the insurance giant American International Group was threatened with collapse in late 2008, its credit default swap business and other international operations were cited as the heart of its troubles. But the largest consequence of AIG's uncontrolled failure on consumers' pocketbooks could have come from the domino-like collapse of its businesses writing insurance on boats, cars, homes, lives, and just about everything else. If these businesses fell apart as a result of AIG's overall collapse, the argument went, the contagion could have brought a collapse of everything from retirement savings plans to auto insurance claims payments from companies unconnected to AIG. (In theory, the operations were firewalled from AIG's other operations, but the extremely slow rate at which they've found buyers indicates that many had significant exposure to the company's other woes.)
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CEI Reacts to ‘Florida Preparedness Month’
by: Christian Cámara
published: Sep 01, 2009
TALLAHSSEE, SEPTEMBER 2, 2009—The Competitive Enterprise Institute, a free market think tank, today reacted to Governor Charlie Crist’s declaration of September, 2009 as “Florida Preparedness Month.” In recognition of the month, the state will partner with organizations to help educate the public about emergency preparedness.
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CEI Responds to Tower Hill Rating Downgrade: Over-Regulation Is Mostly to Blame
by: Richard Morrison
published: Aug 31, 2009
Tallahassee, Florida, August 31, 2009—The Competitive Enterprise Institute, a free market think tank, reacted to A.M. Best’s rating downgrade of Tower Hill Insurance Companies and Tower Hills’ subsequent decision to withdraw from Best’s rating process. The recent downgrade followed a decision by the Florida insurer to replace nearly worthless CAT Fund coverage with reinsurance from the private market, which A.M. Best found temporarily affected the company’s financial standing.
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CEI Suggests Questions for Florida Insurance Commissioner
by: Richard Morrison
published: Aug 25, 2009
Tallahassee, Florida, August 25, 2009—Scholars at the Competitive Enterprise Institute, a free market think tank, today urged Florida Insurance Commissioner Kevin McCarty to accept Rep. Scott Plakon’s invitation to appear before the House Insurance, Business, and Financial Affairs Policy Committee.
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Could Insurance Reform Lower Your Premium?
by: Elizabeth O'Brien
published: Aug 17, 2009
A hefty homeowner’s insurance bill has been the cost of living in paradise for years now, ticking off residents and insurance agents in coastal and other disaster-prone areas
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Changing winds aim at insurance
by: Paul Flemming
published: Aug 03, 2009
Heading into the most active months of the hurricane season, upcoming regulatory decisions will radically change Florida's property-insurance market and determine the future for millions of consumers.
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