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From: (no name) (no email)
Date: Sun Feb 17 2008 - 11:43:20 EST
In a message dated 2/17/08 12:00:55 AM, Tim writes:
> This makes perfect sense to me. My trawler is located at Punta Gorda, Fl.
> They got clobbered a couple years ago. So my rates should go down because that
> location is now "UNDERdue" for a hurricane - right ?
>
> This is great news for all of us in Florida !
>
>
>
I wish it were that simple. I asked a couple of people I knew in the
insurance industry and they said the insurance companies that want to abandon the
Northeast coastal regions are deliberately confounding the probability of a
hurricane hitting the area (very low) with the certainty of huge claim payouts if
one does actually hit. Their actuaries do the math and come to the conclusion
that more profit is to be made elsewhere.
Historically the New York coastal area gets hit by a hurricane or a severe
storm with hurricane strength winds about once every 10 years. But if one does
hit, the potential for loss will be significantly greater than that of New
Orleans.
It has been 70 years since the great hurricane of '38 reshaped the Northeast
coastline and I guess they figure that another superstorm is overdue. Since
that time the coastal regions have been densely populated with extremely
expensive houses and the marinas with comparably expensive boats. They want to get
out of this risky situatuion before experiencing another Florida.
I doubt that New York's potential plight will do much for the rates in
Florida though.
Larry Z
**************
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