Retired executive for a major insurance company. Conversation went to the fires in California and called it the biggest chain of FUs in history.
The insurance companies were aware of the issues with water, DEI in city leadership, irresponsibility at the state level etc. The real estate losses so far are over 3 billion but the fires are still burning and spreading. The state, like the Fed govt is out of money and they are supposed to have an emergency fund of at least a billion dollars for large scale emergencies. ONLY emergencies. Strangely a large portion of that money is gone. Without knowing it the insurance companies are amazingly overexposed.
My friend anticipates the insurance companies will go belly up without Federal help and again strangely the Feds have spent all of their money on the migrants. It’s his personal opinion, that leaves it to us. He thinks they will pass the buck to the insured in the other 49 states in the form of much higher premiums. That’s his opinion anyway and Biden will get one more shot in on all of us before he leaves office. Again his opinion.
Add to story. Biden just approved another 500M for Ukraine.
The insurance companies were aware of the issues with water, DEI in city leadership, irresponsibility at the state level etc. The real estate losses so far are over 3 billion but the fires are still burning and spreading. The state, like the Fed govt is out of money and they are supposed to have an emergency fund of at least a billion dollars for large scale emergencies. ONLY emergencies. Strangely a large portion of that money is gone. Without knowing it the insurance companies are amazingly overexposed.
My friend anticipates the insurance companies will go belly up without Federal help and again strangely the Feds have spent all of their money on the migrants. It’s his personal opinion, that leaves it to us. He thinks they will pass the buck to the insured in the other 49 states in the form of much higher premiums. That’s his opinion anyway and Biden will get one more shot in on all of us before he leaves office. Again his opinion.
Add to story. Biden just approved another 500M for Ukraine.
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