There I was, being driven in a plush limo from the airport to the exclusive Boca Raton Resort & Club to make a speech on the industry's image and its impact on the bottom line before a group of insurance company financial types, when the driver, after asking why I was in town, went on to lament how “insurance is ruining my life.”
The driver shared his tale of woe of how soaring insurance costs were forcing him to sell his family's “nest egg”–a second home he rents to tourists. He also pointedly noted that here he was, working on a Sunday–normally his day off–to help pay for skyrocketing homeowners premiums for his primary residence. Many friends, he said, were paying more for insurance than for their mortgage.
He asked if I thought Congress would “bail us out” by establishing a federal catastrophe fund. I told him frankly I had my doubts, mainly because people off the coasts don't want to be stuck with the tab for those living in a hurricane zone.
Recommended For You
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
