Skip to main content

Insurance companies run the world

 What will kill the California and Florida real estate market: insurance.

Already, no national insurance company will insure homes in California, State Farm the last one quit a few weeks ago and is no longer writing new policies.  The same for Florida where hurricanes, fraud and government interference is almost certain to ensure that the last national insurance company will leave the market before the end of 2023.  Nature is to blame as is fraud, Florida accounts for nearly 70% of all insurance lawsuits in the US but only 7% of the market in terms of premiums.  But the real killer here are the hurricane. 80% of hurricanes hit Florida.  The last one cost the insurance industry $62 billion.  That’s a lot of premiums, if insurance companies cannot make money in a market they leave. Right now the US government offers homeowners insurance, but after the latest debt limit increase negotiations it has seen its budget cut by 90%  it too will have to stop offering insurance in California and Florida.  The GOP is certainly happy that there will be less big government programs!

Florida legislators have passed new laws to make claim refusal harder and have the inspector general audit claims procedures.  The only outcome here:  getting out!

It’s always the same thing is the quiet boring dude in the back corner of the dark room that runs the shoe.  Never underestimate the insurance broker he and his cohorts run the world.

As for China, it is entirely dependent on others to insure freedom of the sea, although it has the largest navy in the world, it is almost entirely a costal navy.  Like Germany it assumes that others will insure their global market security!  That seems idiotic now!


Comments

Post a Comment

Popular posts from this blog

Spray painting Taylor Swift G650 aircraft (updated)

 First, a bit of paint will not harm anyone.  These climate activities are going to learn two things in the next few days:  (1) Trespassing at an airport is a felony almost anywhere in the world.  That means criminal prosecution.   (2) removing paint from an aircraft is expensive.   So these climate activists are about to find out the reach of the British criminal system and it will not be pleasant, the UK has very strict laws about that, I would be surprised if cleaning the aircraft of all the paint will cost less than $100,000.     I am sure that when they planned (premeditation) this little show they had a very valid logic to doing this.  Tonight, they are probably realizing the depth of their troubles.   I understand that in the UK it's a minimum one-year jail sentence.    Also, good luck travelling with a criminal trespass charge against you.  I am relatively certain that the airline industry will ...
Post a Comment
Read more

Tariffs on inhabited Island

 Two seldom-visited islands, part of Australia, saw a massive increase in the tariffs they will face when exporting to the United States.   The 32,000 residents did not have much to say...being Penguines.   NO kidding, massive tariffs were imposed on Heard Island and McDonald Islands.  According to the Australian government, the last visitor to Heard was about a decade ago.   Never mind the 47% tariff on Madagascar, where the principal export is Vanilla and the GDP per capita is less than $500 a year. Not only a Stable Genus but evidently an administration that took all of two hours to proof the list of countries.    They also treated St Pierre & Miquelon, two islands part of France in the middle of the St Lawrence Gulf...
Post a Comment
Read more

Britain, France and Egypt

 The voters realize now that the Conservative Praty desire to return to 19th-century dominance has driven its hatred of the EU.  The voters realize now that departure from the EU has accelerated Britain's decline and may soon make it irrelevant.  At best it will have to kiss American arses to maintain its standing.  For this, the conservatives were punished.  The decline of Britain was inevitable, competition from Frankfurt and Germany in Finance was bound to grow.  The core of Europe (aka Germany) is aging quickly Macron seems to be winning his bet, the left alliance that won the legislative elections will not remain united for long, since they disagree on about everything.   The Far right though it was about to assume power is once again relegated to the back of the bus.   It may draw its own conclusions, but not all of these are good for France.  The far-right has won nearly 1/3rd of the electorate, that is not something to be ig...
Post a Comment
Read more