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Journal criticizes state, governor on insurance
By Times staff
Published April 21, 2007
Headlined "Florida's Folly," the Wall Street Journal's editorial on Friday delivered repeated body blows to Florida Gov. Charlie Crist for his irresponsible (says the WSJ) oversight of state-run Citizens Property Insurance and the larger property insurance crisis. "Large numbers of homeowners are now turning to Citizens, which itself is only able to offer lower premiums because of its implicit taxpayer guarantee, and because its actuarial assumptions reside in la-la land," the WSJ editorial said. And this: "In sum, what Mr. Crist has done is concentrate the risk of future hurricane losses within his own state government, rather than spreading it around the world through the insurance industry." It's the strongest-worded criticism in a national publication of Crist's approach to the insurance crisis yet.
[Last modified April 20, 2007, 22:48:03]
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by Mitch
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04/25/07 02:44 PM
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Our Governor is an idiot..first insurance..now watch him hack up taxes. Haha but he sure knows how to get you insurance/tax hating idiots to vote for him. People nothing in this world is free...realize that and you may have peace with yourselves
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by Lee
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04/23/07 05:31 PM
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Anyone dumb enough to think that insurance companies are gouging Floridians need only look at the scarce number of companies presently doing business in this state to tell otherwise. If they thought they could make a buck, they'd be in the game.
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by Lee
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04/23/07 05:30 PM
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Unless the State of Florida gets out of the insurance business and allows the "Free Market" to correct itself, we Floridians are in for some very difficult times. Crist's decision was bad politics, pure & simple.
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by sandy
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04/23/07 04:20 PM
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This article hit the nail on the head. We need to spread the risk not with Citizen's but with real reinsurance companies around the world. If we don't we as the taxpayers will ultimately foot the bill for the Citizen's mess.
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by Rich
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04/23/07 02:40 PM
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Kurt you are not very bright. When Citizen's has a deficit, they send an assessment to the Insurance companies, who bill their customers. We pay for Citizens' losses. Wake up man!
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by Sarah
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04/23/07 12:31 PM
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Trouble with insurance companies is:they don't spread the risk around the world or nation. They have stand-alone companies that gouge premiums out of Floridians. There's no shared risk and WSJ knows it. They are all about the boardroom.
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by Ben
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04/23/07 11:40 AM
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Has anyone stopped to wonder what they're assessments will be once a major hurricane hits? Not only will an assessment be levied by Citizens to pay claims, another will also be charged to fund the FHCF. These assessments will be massive.
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by Roger
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04/23/07 10:40 AM
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It's sad the number of people who have no concept of basic economics, including Mr. Crist. I've a radical idea - get government out of insurance entirely. If companies are allowed to operate in a free market, rates will decrease in the long run.
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by Juan
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04/22/07 01:31 PM
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Your critic on Gov Crist is absurd. No
Insurance co wants to provide coverage in Fl without overcharging Crist has done the best to bring competition by Ins companies to lower rates. The Feds refused to up a national catastrophy fund.Fl. is alone.
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by Break the hands
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04/22/07 01:00 AM
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Did they have any suggestions? How about criticism of the insurance companies? They are as bad as criminals.
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by Kurt
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04/21/07 08:13 PM
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Is it that maybe Florida is on to something and it just might keep money in the pockets of it's citizens and not the treasury of the insurance industry.. The editorial sure makes one wonder!!
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by BrokenBum
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04/21/07 07:55 PM
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If we can go long enough without major damages a surplus can be built up. If that doesn't happen it could ruin the Florida dream.
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by Eric
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04/21/07 08:34 AM
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hope and pray Florida does not have a major storm for years only the goverment can play this game like the craps table at vegas with the house guarentee the losses
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