Alpe, is right twice..first about hacking.. nobody cares.. Trump folks already have fall guy lined up..he probably already spoke with Ollie North about what to expect when you take one for the team.
Insurance is not very complicated.. they win
most times..like all other casinos the profits keep the bonuses flowing and the lights on at all there glimmering corporate office towers.. they place few bets on mobile homes in Oklahoma or homes in flood plains or below the water line.. those risky for sure losers are hedged by the US government.
Most " riskies." wait for the disaster and then some government relief money.
It's relative. Insurance companies take risk that you are unwilling to take in exchange for premium. Nobody has a gun to your head.
In a 25-year span leading up to 2005, homeowners insurers in Louisiana wrote a total of $13 billion in homeowners insurance premium, from which they earned $1 billion in profit, according to the chief actuary at the state insurance department.
But in one day, Aug. 29, 2005, the day Hurricane Katrina made landfall on the southeastern shores of Louisiana, homeowner insurance carriers there lost $8 billion, said Richard Piazza with the Louisiana Department of Insurance.
That’s just one statistic out of many from the recent “State of Insurance Markets Ten Years Post-Hurricanes Katrina and Rita Summit” hosted by the Louisiana Department of Insurance on Aug. 11, 2015, that illustrate the magnitude of the storm and its impact on the state of Louisiana.
Hurricane Katrina was “the worst insured loss event in the history of insurance anywhere in the world. Bigger than 9/11, bigger than the earthquake and tsunami in Japan. Bigger than Hurricane Andrew, which had always been the benchmark event,” said Louisiana Insurance Commissioner Jim Donleon, speaking at the summit. “Katrina was the worst of all. Then three weeks later, our second worst event of all time, Hurricane Rita, visited the southwest corner of our state.”
Hurricane Katrina resulted in a combined $41 billion in insured losses in all states it affected, which in addition to Louisiana and Mississippi included Alabama, Florida, Georgia and Tennessee. Out of the more than 1.7 million Hurricane Katrina insurance claims filed, around 56 percent were in Louisiana, 29 percent were in Mississippi, according to the Insurance Information Institute.
Combined, Hurricanes Katrina and Rita accounted for $29 billion in insured losses in Louisiana alone — $25.5 billion in insured losses from Katrina, $3.5 billion in insured losses from Rita. Those figures exclude flood losses.
A total of 930,000 claims were filed in the state resulting from the two storms — 725,000 from Katrina and 205,000 from Rita.
Before the dual 2005 hurricanes, the largest insured loss in Louisiana was from Hurricane Andrew in 1992, which prior to Katrina had been the source of the largest catastrophe loss in the United States. Louisiana suffered one-half billion dollars in insured losses from Andrew.
Katrina was “devastating not only to Louisiana policyholders, but the insurance industry too. I don’t think they expected something this severe. But they stood up and did a great job in Louisiana to maintain the marketplace,” Piazza said in a presentation at the summit.
Probably would be better if we just nationalized big property insurance kinda like what we are going to do in the health industry. Not fair that companies devise a way to turn a profit over covering risk that you don't want. Of course if we just nationalize housing then we won't need big insurance for property.