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Post by k on Aug 16, 2004 13:49:02 GMT -5
Liberals blame conservatives for bad things and want a government solution to problems. So maybe if Janet Reno was governor and Spotted Owl Gore was president, this hurricane wouldn't have happened? It is about big oil!
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Post by Robb Klaty on Aug 16, 2004 23:40:43 GMT -5
Isn't the standard party line that it is Richard Cheney and Haliburtons fault?
Robb ;D
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Post by Robb Klaty on Aug 16, 2004 23:43:37 GMT -5
AHHHHHHHHHhhhhhhhhhhh, the conservatives are censoring me again! I can't even call Mr. Cheney by his real first name. ;D Robb
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Post by HA on Aug 17, 2004 4:23:33 GMT -5
Charley could benefit insurers Analysts say next year's premium rises will more than offset hurricane claims
Julia Finch, city editor Tuesday August 17, 2004
The Guardian
Insurers worldwide yesterday began counting the cost of the damage wreaked by Hurricane Charley, but shares in Lloyd's of London companies were helped by hopes of higher premiums next year. The initial estimate of the economic loss caused by the category 4 storm, which came ashore with 145mph winds on Florida's Gulf Coast on Friday night, is $20bn (£10.8bn).
Munich Re, the world's biggest reinsurer, said insured losses were likely to be in the range of $7bn-$14bn, although some UK analysts thought the final bill would be lower at $4bn-$10bn. The storm killed 16 people and left thousands homeless. Several hospitals were badly damaged and entire counties left without power.
If the worst estimates prove accurate, Charley becomes the second most expensive storm of all time, after Hurricane Andrew in 1992, and the fourth most expensive insured event, after Andrew, the 9/11 terror attacks and the Los Angeles earthquake of 1994.
After Andrew 12 years ago, many insurers pulled out of providing hurricane cover to the affected areas and various quasi-governmental funds stepped in. They will now limit exposure faced by the private insurance sector. Munich Re said it expected claims of about £100m from Charley. A spokesman said: "A first rough estimation for Munich Re is in the low three-digit million euro range."
He added that it was too early to say whether the reinsurer would be forced to revise its net profit target of €2bn (£1.3bn) for the full year. Hannover Re said it expected claims of up to €100m while Allianz predicted a maximum of €50m. Shares in the big reinsurers tumbled as the markets opened yesterday but by the close most had recovered to be flat on the day or slightly up. In the UK, Lloyd's insurer Hiscox did not expect its bills from Charley to be outside reserves put aside for such events. Robert Childs, underwriting director at Hiscox, said Lloyd's insurers should take Charley in their stride: "It is likely that if it [exposure] is within budget for us it is going to be in budget for other people."
Hiscox shares climbed 2.75p to finish at 173p. Lloyd's insurer Wellington closed down 0.5p at 80p while Atrium, which provides property insurance and reinsurance in the US, was down 5p at 167.5p. Analysts pointed out that the Lloyd's companies might benefit from higher than expected premium rates next year.
"There is no doubt that Hurri cane Charley had a devastating impact on central Florida, but its cost to the insurance industry will be less than some of the more lurid headlines would suggest," said analysts at brokers Bridgewell in a note. "There will be a negative impact on the second-half earnings, but the effect on the insurance industry for next year should be to hold rates at a higher level than would otherwise prove to be the case."
Allstate - Florida's second biggest home and car insurer - said it expected its full-year results to be hit by Charley losses. State Farm, Florida's biggest home insurer, said it had received nearly 20,000 claims from householders.
Guardian Unlimited © Guardian Newspapers Limited 2004
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Post by wow on Aug 17, 2004 12:57:10 GMT -5
Your premiums always increase in the event of a national catastrophy.
Ask your insurance agent how much 911 affected your rates. Even if you didn't live in an area like NY or PA, or DC.
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