bookie71 Posted May 23, 2011 Share Posted May 23, 2011 Since this board has some very smart insurance folks as members, I have a question: What is the exposure of the different companies that are talked about on this board to the Mississippi flood and the horrific tornadoes? Thanks Link to comment Share on other sites More sharing options...
gfp Posted May 23, 2011 Share Posted May 23, 2011 Most private insurers don't have direct flood exposure. Tornadoes tend be very localized and not very costly as a result. Link to comment Share on other sites More sharing options...
ERICOPOLY Posted May 23, 2011 Share Posted May 23, 2011 That what I thought too but why did Fairfax lose money in Australia's flooding? Link to comment Share on other sites More sharing options...
gfp Posted May 23, 2011 Share Posted May 23, 2011 Yeah, sorry - I should have said "In the United States." The question was about the Mississippi floods. I think there will be crop insurance claims and that type of thing. Plus some insurers will write supplemental Flood coverage above the Federal limits. Link to comment Share on other sites More sharing options...
Guest misterstockwell Posted May 24, 2011 Share Posted May 24, 2011 That what I thought too but why did Fairfax lose money in Australia's flooding? If there is a fender bender in Maine, C&F will have a combined ratio of 110. Link to comment Share on other sites More sharing options...
Myth465 Posted May 24, 2011 Share Posted May 24, 2011 That what I thought too but why did Fairfax lose money in Australia's flooding? If there is a fender bender in Maine, C&F will have a combined ratio of 110. Lol, that was pretty funny. Link to comment Share on other sites More sharing options...
bookie71 Posted May 24, 2011 Author Share Posted May 24, 2011 BUT what about all the cars damaged via floods and tornadoes? Link to comment Share on other sites More sharing options...
SharperDingaan Posted May 25, 2011 Share Posted May 25, 2011 Most folks are not going to be covered as the possibility of a loss seemed to remote to warrant paying the premium. Then when it occurrs, they will be too poor to buy it after replacing the house. Net result is that most of the damages will bypass the market. The costly great white (or wind) combine claims are those from car/farm equipment dealers, as the inventory financing requires the stock to always be insured. For the most part, average Joe will swallow the bulk of the damage to avoid pushing their premiums up. Couple of claims with a lot of PR attached, but thats about it. SD Link to comment Share on other sites More sharing options...
ERICOPOLY Posted May 25, 2011 Share Posted May 25, 2011 Some of those houses may have already been underwater (in the mortgage sense) even before the floods hit. Given that hardly anyone carries flood insurance, I figure the banks and other mortgage holders take a big hit here right? I mean, who is going to repay the mortgage at that point if the house is destroyed, whether previously underwater or not. I suppose I'm assuming the house is completely ruined, which may not be the case at all. Link to comment Share on other sites More sharing options...
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now