Total bridge collapse in Baltimore...
- Thread starter *Jay*
- Start date
wait, so theres FOUR Gays and TWO Couples on this forum???
Im still waiting to hear statements or interviews from the Captain and Harbor pilot(s) as well as a solid explanation of the missing 2 minutes of data from the ships recorder prior to the collision.
I have not really paid attention. WSJ did have an article on fuel being a culprit. Specifically low sulfur diesel that is mandated for emissions. If you want to save the earth you can't be afraid of losing a few bridges.
I’d love for that to be the issue. I love anything that requires regards to do mental gymnastics.
EVs are for people that prefer flesh lights over vagene.
My firm is active in reinsurance markets and I have been following the impact there. It is complicated but the punchline is that FL homeowners are going to see rate increases because of this.
Baltimore bridge collapse – what’s the impact on P&C re/insurers?
It could be the highest ever for marine, equity research says
Those are with the epstein prison videos.
I skimmed your link, but didn't see anything related to our already outrageous rates. Did I miss something, or satire?My firm is active in reinsurance markets and I have been following the impact there. It is complicated but the punchline is that FL homeowners are going to see rate increases because of this.
Baltimore bridge collapse – what’s the impact on P&C re/insurers?
It could be the highest ever for marine, equity research sayswww.insurancebusinessmag.com
To connect the dots:
Reinsurance is the insurance of insurance companies. Insurance companies pay a rate to reinsurance to cover losses beyond a certain amount.
Reinsurance rates and by extention insurance rates are a function of losses and capital availability.
Low losses and high capital availability = low rates.
High losses and low capital availability = high rates.
FL markets have gotten hammered year after year. Reinsurers have left the market. Which means less capital availability for insurers and higher rates.
What this article details is the losses that reinsurers will face in marine markets. These losses mean they will be able to write less Reinsurance in FL because they will have less capital availability.
Because FL insurers will not be able to reinsure as much wind risk they will have to jack up rates.
Ergo, a boat in Baltimore will result in an increase in FL wind insurance.
Thanks, I think.
Yee haw. Looking forward to renewals in November.
Cliffs:
Less money for boats and hoes
EVs are for people that prefer flesh lights over vagene.
Curious- is there insurance for the re-insurance?
Yes. It is called retrocessional or "retro." This is the first loss of the capital stack. Reinsurers will also issue peril specific bonds.
It is in fact retro losses from marine policies that will wipe out reinsurance capacity which will wipe out primary insurance capacity which will cause rate increases.
The retro market is tiny so small losses in highly unpredictable risks cause problems. There was a similar situation in 2014 or 2015 when an Italian cruise ship called Costa Concorda capsized. This relatively small event caused havoc in reinsurance markets.
Retrocession
This definition explains the meaning of Retrocession and why it matters.
www.insuranceopedia.com
As my Daddy taught me nearly 60 years ago...
"Insurance is nothing other than legalized gambling... (back when gambling WASN'T on EVERYBODY'S phone)
They (Insurance Companies) are betting you WON'T need them...
You (the consumer) are betting that you are...
The only difference is...
They (Insurance Companies) take Your (the consumer) Money...
and they use it to pay Politicians...who in turn...make laws saying...
you "MUST HAVE INSURANCE...or WE WILL PUT YOU IN JAIL!"
Helping to GUARANTEE their (Insurance companies) "Bet'...
and if they DON'T like the game, for ANY reason...
those SAME Politicians grease the skids for them (Insurance companies) to raise their rates however they choose to do so...
and They (insurance Companies) work together instead of competing...
to set rates where shopping around for insurance is futile."
FWIW P&C insurance and reinsurance companies have gotten their asses kicked every year since 2016. It has been a horror show. The reason FL rates are so high is because there are so many leaving the market.
If anything LSD/ULSD is significantly cleaner than what is normally burned outside of coastal waters. When you get down to the levels of the less emissions friendly bunker fuel that many of them burn, that stuff is so thick they have to run heating systems to get it to flow well. Fuel quality may be an issue but not likely to be related to emissions requirements.
How much of this expense is legal vs real cost to repair? Heard horror stories out of Louisiana. I see so many places in America that need some form of tort reform.
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