Insurers Shift costs to owner
Palmetto BAY, Fla. - Charles R. Williams was near the glass sliding doors in his house south of Miami and has pointed out, part of the ceiling and walls, chiffonnées of Hurricane Andrew tore open the roof of 15 years.
The damage caused by the visible weather, the worst of the century, is largely disappeared. But Mr. Williams and Germany are homeowners nor in its perception of the impact on their pocketbooks.
The storm knocked insurance companies and the payment of more than $ 22 billion owed to the inflation units of dollars, she began to rewrite the policy to protect themselves as much as landowner. Furthermore, developed computer programs to limit debt payments.
Accordingly, American owners have much less coverage on the constant increase in prices. In Miami and other places along the coast, insurance prices above sea level, deepening the deceleration of turnover national home.
Insurers say they have to take defensive measures to remain in business and pay the debt as operating costs rose. “If you do not have too generous risks have been widely covered and are being premium is not enough, it has no business sense,” said Richard Ward, CEO of Lloyd’s of London, a large insurer of homes and businesses in the USA.
But some industry experts and consumer advocates say that efforts by insurers to increase profits, after years of losses, insurance-house, others are shifting the burden of repair and rebuilding the house owner. The reductions in insurance, consumer advocates say, have helped the slow recovery of the Gulf Coast from Hurricane Katrina and will most likely be an obstacle to the resumption of recent forest fires in California.
“They have a different mentality in insurance companies,” said Andrew Barile, a consultant has spent his life in industry. “They are more concerned about the aspect of public law. They are concentrating on the bottom line. ”
Sub-bars have been recently. The damage to industry, including workers at home, car and retail space, reported a record profit of $ 44 billion in 2005, after payment of $ 41 billion in damages from Katrina. The industry set a new record for profits in 2006 to $ 64 billion. And as the second hurricane to end season without a hurricane takes the coasts, 2007 is design to one year’s most lucrative.
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