Somewhat of a paradox.
[Estimates of insured losses from Wilma range from $4 billion to $10 billion. The four hurricanes last year and the same number so far in 2005 in the state indicate that] there might be more years like this ahead, ... That means that the risks associated with insuring properties in these areas have substantially increased.
Fewer claims translate directly into a lower overall rate increase for consumers.
We'd be talking about $4.5 billion as a lot of money - and it is a lot of money.
We don't want to promote 'serial rebuilding,' ... The industry does weigh in in post-disaster debates.
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.
It's the price of paradise, ... People are drawn to landscapes.
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.
New Orleans is what it is because the federal government made it that way. And what it is today -- underwater.
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