Robert Hartwig
Robert Hartwig
evidence frequent hurricane season storms
There's overwhelming evidence that the 2006 hurricane season will be longer, and storms will be more frequent and intense. We could see 20 years of this.
active expected hurricane season twice
The 2006 hurricane season is expected to be twice as active as usual.
looking top worst
Projections that this is going to be the worst ever are probably off... we're probably looking at something that's in the top five.
activities added alternate buying customers cycle grow home insurance likely offered paperwork reduce revenue stream
Home mortgages offered through insurers are likely to grow in the future. Customers get the added convenience of coordinating their home buying activities and reduce the paperwork while insurers get an alternate revenue stream uncorrelated with the insurance cycle and unaffected by catastrophe losses.
activities added alternate buying customers cycle grow home insurance likely offered paperwork reduce revenue stream
Home mortgages offered through insurers are likely to grow in the future, ... Customers get the added convenience of coordinating their home buying activities and reduce the paperwork while insurers get an alternate revenue stream uncorrelated with the insurance cycle and unaffected by catastrophe losses.
assume came charitable dinner enjoy house immunity invited liability liable sad stranger total
You should assume that as charitable as it is, you have total liability for these individuals, in the same way as if a stranger came to your house just invited for a dinner party. If they slipped and fell, you're going to be liable for them. You do not enjoy any immunity from liability. It's a sad statement, but that's the world we live in today.
claims directly fewer increase lower overall rate translate
Fewer claims translate directly into a lower overall rate increase for consumers.
billion money talking
we'd be talking about $4.5 billion as a lot of money - and it is a lot of money.
adjustment certainly cycle expecting frequent intense next
We are certainly expecting that for the next 20 years or so we will be in a cycle of more frequent and intense storms. There's going to have to be an adjustment in the industry.
billion country depending far high hurricane insurance katrina losses situation
We are already at about $50 billion of insured losses from catastrophes in this country so far and that could be as high as $70 billion, depending on what Katrina does. Hurricane Wilma is a situation that is going to exacerbate what was already problematic for the insurance industry.
chaos complete explosions looking
We're looking at complete chaos in New Orleans, with explosions and uncontrolled fires,
cost
We dodged a bullet, ... But it's still probably going to cost insurers in the vicinity of $4.5 billion.
cost
We dodged a bullet. But it's still probably going to cost insurers in the vicinity of $4.5 billion.
continued insurance price problems relative risk unless
Unless there is some rationalization of the price of insurance relative to the risk assumed, there will be continued problems of availability.