Insurance Law

RiskProf takes the dare

Posted on April 27, 2009
I could be wrong about a number of things, but I try --in this forum --to be correct in applying economics to situations involving risk and insurance. My opinions are based upon economic theory which includes the theory of how...

Metrological Disaster Waiting to Happen

Posted on April 21, 2009
That is USA Today's take on Florida. According to its editorial, the increasing risk to the nation due to Florida's hurricane insurance market mismanagement is ... "At bottom, Florida's underfunded, state-run program is a cynical ploy to get people in...

Another Example of Government Getting Involved In Markets

Posted on April 21, 2009
to an industry's detriment. State/Local dealerships laws restrict the ability of GM to relieve itself of inefficient dealerships. (L.A. Times, 4/13). via Craig Newmark "The possibility of bankruptcy looms for GM and Chrysler after President Obama rejected their latest financing...

Some Basic Risk Management

Posted on April 20, 2009
Don't own animals that can eat you. (via IP) My vegetarian daughter also agrees and her response is ?Well Duh?.

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Should Insurance Be Free?

Posted on April 15, 2009
See the parallels from "Should Water Be Free?". Gosh, darn it...why do we have to pay for necessities? Also, the U.S. Treasury doesn't want to make Florida insurance free (or cheaper) by exporting the cost to the federal taxpayer. Actually,...

MFA (Again)

Posted on April 15, 2009
I am in favor of eliminating the McCarran-Ferguson Act's antitrust exemption of the insurance industry. In theory, there is no real reason to have it anymore. Bob Klein and I wrote a paper last year for the Searle Center on...

Observations on Consumer Advocates II

Posted on April 14, 2009
While putting together the previous post, I noticed a report on the Americans for Insurance Reform Website (which appears defunct, but is part of the Center for Justice and Democracy website). In a 2006 report, the AIR called for the...

Observations on Insurance Related Consumer Advocates I

Posted on April 13, 2009
I just saw a post by Claire Wilkinson at the I.I.I. about the 2008 property-casualty industry profits. It made me think about past disagreements with the Center for Justice and Democracy and other consumer advocate groups. Profits are down... substantially...

The clucking of chickens coming home to roost

Posted on April 04, 2009
Evidently Florida Gov. ?Good riddance? Crist is admitting insurance prices need to rise. Miami Herald 4/4/09 Technorati Tags: hurricane,insurance,regulation .

The clucking of chickens coming home to roost

Posted on April 04, 2009
Evidently Florida Gov. ?Good riddance? Crist is admitting insurance prices need to rise. Miami Herald 4/4/09 Technorati Tags: hurricane,insurance,regulation .

We'll probably be seing a lot more of this

Posted on April 01, 2009
Two AIG directors are not seeking reelection to the board. (IJ) Think about potential D&O issues that haven't been brought up yet. Is is a violation of the firm's fiduciary duty to a lender to give out employee bonuses? Maybe...

Remember Us?

Posted on March 28, 2009
We've had a busy year here at RiskProf. Things are settling down and posting will resume next week. it is hard to believe that we've missed all the excitement with AIG, financial services regulation, and liability reform. However, as the...

Insurance Credit Scoring on Insurance Journal

Posted on September 29, 2008
Insurance Journal began posting the testimony I gave on insurance scoring (5/21/2008) last week here. The comments posted by viewers are "funny." Some of the less-informed comments appear to come from insurance agents (CIC, etc). It is interesting that agent...

Slow Catastrophe Risk Management

Posted on August 11, 2008
We normally thing of Cats as step function events--everything is fine then a disaster occurs. However, is it possible to manage the death by 1000 cuts type of Cat? This would be one where each individual event is not that...

Portland Is Great

Posted on August 08, 2008
As the last post showed I didn't see many papers. There were too many new beers to taste! I also had the pleasure of having lunch with David Rossmiller. A good time was had by all. We didn't even spend...

School is Starting up Soon

Posted on August 08, 2008
Riskprof will be posting more regularly now that school is supposed to start. Lars, Ty and I were out in Portland, OR for the American Risk and Insurance Association's Annual Meeting. Papers can be found here. Here are a few...

Ruminations (Part II)

Posted on July 18, 2008
Time Magazine takes a look at Florida ... Greetings from Florida, where the winters are great! Otherwise, there's trouble in paradise. We're facing our worst real estate meltdown since the Depression. We've got a water crisis, insurance crisis, environmental crisis...

Ruminations on Florida (Part I)

Posted on July 18, 2008
By now everyone is aware of State Farm's recent 47.1 percent rate increase for Florida Homeowners insurance. I received a number of e-mails about it including one from State Farm which pointed me to two items. The first is their...

Friends in High Places

Posted on July 15, 2008
My former GSU colleague Arthur Brooks is named AEI President replacing Chris DeMuth. Congrats Arthur.

Optional Federal Regulation

Posted on July 14, 2008
Last week we had a great conference at the AEI hosted by Peter Wallison. The program and papers are here. Video is here. I sound so much better on fast forward! Bob Klein and I also were interviewed by Ray...

Private Flood Insurance

Posted on June 30, 2008
Nationwide Mutual Insurance Co is lobbying Congress for permission to sell flood coverage in its homeowners policies. This is exciting. Their proposal indicates that they plan to sell flood insurance at the same price as NFIP policies, but with the...

What Florida Really Wants -- Other Peoples' Money

Posted on June 19, 2008
This IJ article points out that Mr. McCain and some governors (two of which are mentioned as possible running mates) are at odds over a national disaster fund. If we just focus on one principle that is supposedly an important...

The Future of Insurance Regulation

Posted on June 17, 2008
Georgia State University, The Brookings Institution and the American Enterprise Institute are putting on a Conference at the AEI on July 9th. There my be some room left if you want to come (click here for details), but in case...

Iowa and Katrina Floods

Posted on June 17, 2008
One of the co-bloggers here at RP is confined to his house out (on a hill luckily for him) in Iowa City. He spent the weekend making sandbags to protect the University. I asked Ty why there isn't the Katrina-like...

Fascinating What if Question.....

Posted on June 16, 2008
What if cars with bumper stickers were more likely to be involved in accidents involving road-rage?. Here is the Washington Post's summary. Watch out for cars with bumper stickers. That's the surprising conclusion of a recent study by Colorado State....

Where have I been?

Posted on June 06, 2008
If ?constantly behind schedule? is a place, I have been there for about a year. The fruits of my labor will find their way to RiskProf in the next few weeks, starting with this posting. On May 21st I performed...

Temporary Post Used For Style Detection (579274cf-cd93-4b54-848f-0c6539d61c1f)

Posted on June 06, 2008
This is a temporary post that was not deleted. Please delete this manually. (5e3122d0-0e8d-4430-b68d-bdb14d3c936b)

AEI/Brookings Georgia State Conference

Posted on May 15, 2008
.... On the future of Insurance regulation will be held at the AEI on July 9. Be there or be square. Here is the link to the program. The conference is sponsored by the Risk Foundation.

Georgia Deregulates (mostly) Auto Insurance

Posted on May 15, 2008
Yesterday, Governor Perdue, singed a law recently passed (SB 276) by the legislature that would allow insurers to set prices in a free market for automobile insurance. My colleague Rich Phillips and I made a couple of presentations to legislative...

Gotta Love Them Experts

Posted on April 22, 2008
From the 12/16/2005 edition of the Insurance Journal comes this headline: Experts Quibble Whether New Madrid Fault Poses Threat

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