It's so commonplace. Every company with huge data processing needs is going to look at this.
While formidable, Isabel will fall generally within the range of catastrophic risk that insurers anticipated and built into insurance premiums for homeowners and businesses along the East Coast. I would not expect the storm by itself to have a significant effect on insurance rates.
These are not the recommendations we will make to the school board. These are three options to start a dialogue at the public meetings.
We had not just one event but several that eventually caused 3 million claims. It caused an exceptional strain on claims-handling resources.
We can price for the probability of certain events. But we can't price for what amounts to political risk.
These structures, no matter how they are constructed, cannot withstand these winds. There are large numbers of mobile homes in the state of Florida and the state has to think seriously about the suitability of these structures going forward.
Thankfully, Hurricane Isabel as a Category 2 storm did not approach the level of damage of Hurricane Floyd, which hit the same general area in 1999.
This sounds like a small percentage, but you're talking about hundreds of millions of dollars that were added in there.
Clearly people do not figure natural disaster risks into their decisions of where to live and where to retire.
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