Very occasional in fact though Part 1 brought tears to the eyes of Mr CLS over at Yahoo ALL (and I bet he still has that old link) and remains one of our all time greatest finance posts considering Nowdy wrote it. That is not a knock on my partner-in-blog as much recognition that someone who was previously illiterate in high finance could “see-it” around the time we were 6 months old as a blog. This global insurance thing is a complicated critter.
There are people on the bottom of this critter who live here on Main Street. Included in that number are the insurance agents who live in our communities across the coast from Bar Harbor, Maine to Brownsville, Texas. A few years ago, at an insurance forum similar to the event held today at USM Gulf Coast, Congressman Taylor was heckled by an irate insurance agent who was forcibly removed from the building by security. Today during Q&A State Farm agent Elvis Gates told the panel he was behind their efforts 100% as he didn’t get paid on policies he didn’t sell. My own agent’s office mostly looks deserted during business hours. These days everyone is feeling the pain. Elvis seems like he is a sharp guy.
The marketplace demands a single solution in an all perils policy. With State Farm pulling out the NFIP after being caught with their hand in the taxpayer cookie jar agents like Mr Gates have been made a casualty along with the rate paying public in the communities where they live. My own personal observation is that Allstate agents are farther along the path to disillusionment after being sacrificed en mass during the evil reign of Ed Liddy. Our readers may remember ol’ Ed was brought in to right AIG during the financial implosion in 2008. Continue reading “My brother Darryl and my brother Darryl – and we’re all in this together Part Trois: The multiperil drumbeat continues. An occasional series.”
Being that I am a hard hat CPA a tie is not required in my line of work but I thought what the heck, I need to look my best for insurance commish Mike Chaney, who will certainly be at the RAND forum. Man o man was I disappointed though because I looked high and low for Mike, who we affectionately know as Mikey the Cook here on Slabbed due to his warm association with fellow Commish Jim “Jimbo the clown” Donelon.
Now there were several theories about Mikey the cook’s whereabouts. One theory goes that he was in Bloomington giving an interview with the Pantagraph which is State Farm’s hometown newspaper. Such is not a far-fetched theory as Mikey has graced the pages of the Pantagraph before waxing nonsensical. Here is a snippet from their Katrina coverage which featured Mikey the Cook’s remarks:
“It was a win-win for State Farm, the state and the courts,” said Mississippi insurance commissioner Mike Chaney, who monitored the mediation program. A probe of State Farm’s claims handling by his department found questionable decisions and irregularities, but no elaborate scheme or illegal actions, he said.
Now we’ve always said Mike Chaney wouldn’t know insurance fraud if it bit him on the ass, unless that is, Continue reading “So this time I actually put on a tie before the insurance forum…….”
The forum’s title, Gulf Coast Insurance Forum: What’s Wrong with the Insurance Market Along the Gulf Coast and How Do We Fix It? pretty much says it all. It is being held next Wednesday, October 20 9:00 AM sharp at the Fleming Education Center Auditorium at USM Gulf Park in Long Beach.
According to the folks at Source Watch RAND Corp “ranked fifth in the latest survey of think tank media citations by FAIR (Fairness & Accuracy in Reporting)” and is considered centrist. IMHO their work in the area of insuring right tail catastrophes like hurricanes has been very good as they tackle the issues from a broader standpoint that is not found in the insurance industry’s bought and paid for university research from places like U Penn.
The panel includes folks in the trenches with this issue everyday in David Treutel, Gene Taylor and Steve Scalise. Senator Wicker will have his policy guy there as well. This forum is sponsored by the Gulf Coast Business Council, the regional voice of the Mississippi coast business community.
I’d like to issue a special invite to the Slabbed Nation and especially our friend Lynda in central Mississippi to come join me and party the day away cussin’ and discussin’ the very real problem of the dysfunctional coastal wind insurance market.
I count myself as a lucky guy this morning as a very busy day is still ahead for me and I really don’t have the time to write a comprehensive post on yesterday’s insurance roundtable sponsored by Senator Wicker and his staff. I’m lucky because Anita Lee was also there and she did a fantastic job reporting the events. Before I chime in with a bit of analysis and a personal touch let’s visit with Anita:
Frustrated by Senate inaction, U.S. Sen. Roger Wicker stepped up his role in the coastal insurance debate Thursday, hosting an insurance forum that presented ideas for an overhaul of the National Flood Insurance Program that were new to the audience.
Approaches to insure against catastrophic risk varied, but two thoughts appeared universal: The current insurance system does not work for low-frequency, high-severity events such as Hurricane Katrina, and property owners can expect a stable and affordable insurance market only if they fortify their homes against hurricane damage.
Wicker said after the forum he hopes to build momentum for a Senate hearing on comprehensive coverage for catastrophic events. Christopher Dodd, D-Conn., has not followed through on promises that the Banking Committee he chairs will hold a hearing on the issue.
Mentioning Chris Dodd here on Slabbed is like featuring Loyola Law Professor Dane Ciolino as it represents red meat for the slabbed nation. Luckily for everyone, the good people in Connecticut agree with our assessment as Dodd’s poor poll numbers spelled doom for any chance at re-election so he retires this year, no doubt to the revolving door. Continue reading “Anita Lee covers Senator Wicker’s Insurance Roundtable. Slabbed adds a bit of analysis.”
Just to show you guys we’re not complete hicks how about I strike up some Yeats and bid a hale and hearty Mississippi coast welcome to Lloyd Dixon, Greg Toczydlowski, Howard Kunrether and Erwann Michel-Kerjan.
THE SECOND COMING
Turning and turning in the widening gyre
The falcon cannot hear the falconer;
Things fall apart; the centre cannot hold;
Mere anarchy is loosed upon the world,
The blood-dimmed tide is loosed, and everywhere
The ceremony of innocence is drowned;
The best lack all conviction, while the worst
Are full of passionate intensity.
Surely some revelation is at hand;
Surely the Second Coming is at hand. Continue reading “Slabbed welcomes our insurance industry visitors coming for Senator Wicker’s insurance forum.”