No, just like the people that complain about the fat people in their same insurance pool, you’re facing less risk in the larger pool with everyone kicking in premiums. That’s what the actuaries say time and time again. Making the pool smaller is far riskier than excluding the “bad” bets. Our workplace insurance did that, separating everyone into the “healthy” and “unhealthy” pools. As I predicted, EVERYONE’s rates went up. It is a similar principle on why countries with socialized medicine have far, far cheaper costs than the US.
The Gulf facing states have always had issues with hurricanes. Insurance bailing at the scale we’re seeing in Florida is new.
Texas at least has wind storm insurance which is by the state and for hurricanes. So insurance companies don’t have to worry about that at all. Also flood is similar in that it’s handled by the national flood insurance program.
AKA insurance companies don’t have to worry about climate related risks in TX… Thus they are not leaving Texas.
No, just like the people that complain about the fat people in their same insurance pool, you’re facing less risk in the larger pool with everyone kicking in premiums. That’s what the actuaries say time and time again. Making the pool smaller is far riskier than excluding the “bad” bets. Our workplace insurance did that, separating everyone into the “healthy” and “unhealthy” pools. As I predicted, EVERYONE’s rates went up. It is a similar principle on why countries with socialized medicine have far, far cheaper costs than the US.
The Gulf facing states have always had issues with hurricanes. Insurance bailing at the scale we’re seeing in Florida is new.
Texas at least has wind storm insurance which is by the state and for hurricanes. So insurance companies don’t have to worry about that at all. Also flood is similar in that it’s handled by the national flood insurance program.
AKA insurance companies don’t have to worry about climate related risks in TX… Thus they are not leaving Texas.
Florida needs to consider these things.