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Shortage of Capacity even in Non-Hurricane Areas

September 8, 2006

Analysis of:The Insurance Market One Year After Hurricane Katrina | fpn.advisen.com

It is understandable that the re-insurance market has gone into another furor over real and potential future losses. What is unique about this particular time period, is that this furor has created a shortage of risk takers, less overall capacity and enormous rate increases for California Earthquake coverage, a totally unrelated source of potential claims. Increases of 100% for renewals are not uncommon, and many property owners searching for coverage are being turned away at the inn. Word has come at last that more players are entering the marketplace, sensing an opportunity for significant profit due to the rate increases. These increases have nothing to do with increased risk or exposure, but are caused by shortage of the ultimate "supply" of coverage.

Potential Federal Regulation of Ins Industry a Net Positive

August 23, 2006

Analysis of:Insurers look to Congress to regulate their industry | home.hamptonroads.com

After 39 years in the industry, working in several states and selling insurance across state lines, I agree with the tenor of the article, that state regulation of insurance is archaic, wasteful, and needlessly protective of in-state competitors. The control of policy forms, pricing models, licensing of agents and brokers, and oversight of foreign insurers would be much more efficient, and less costly with Federal regulation. States could not be restrained from passing restrictive legislation regarding torts-- which would allow them to have some control of coverage offerings in that jurisdiction. In short, states could maintain some control of unique issues and perils that are critical for that region, with the major structure of the industry functioning much more smoothly under Fed control.

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