Danny heads up D&O in the US for Trans Re, one of the market leaders in reinsurance for Director's and Officers liability.  In this episode we run through all the big issues in D&O: -Silicon Valley Bank and bank runs and how Directors and Officers liability underwriters are incorporating lessons Dana Hojnowski’s favorite claim. (0:00) What’s wrong with securities fraud allegation? (2:42) How do you know when a company is violating their duty of care to their shareholders? (5:14) What are the lessons learned from Silicon Valley Bank as an underwriter? (7:51) How is the US differe ..read more

Amy Finkelstein is Professor of Economics at MIT. Amy’s research focuses on market failures and government intervention in insurance markets and she has won numerous awards include a MacArthur Fellowship and the John Bates Clark Medal. Amy is co-author with Liran Einav and Ray Fisman of the forthcoming book: “Risky Business: Why Insurance Markets Fail and What to do about it”. Buy the book https://www.amazon.com/Risky-Business-Insurance-Markets-About/dp/0300253435/ Amy on wikipedia  https://en.wikipedia.org/wiki/Amy_Finkelstein episode on youtube: https://youtu.be/nvVlNSolE3s show notes ..read more

Nobody knew how to price volatility until now. I bet you're surprised!  This isn't hyperbole, Steve Mildenhall and John Major have a deep and thorough understanding of all the relevant literatures and have been part of a loosely collaborative team of academics and actuaries working out the details of a coherent, actionable theoretical foundation for pricing insurance for their entire careers. Now that they're both retired they've delivered us the tome the actuarial profession needs.  Their new book: *Pricing Insurance Risk: Theory and Practice* is an absolute masterpiece. It is the ..read more

Mark Friedlander returns to talk through the changes to Florida's insurance laws. It's just about the most comprehensive reform anyone could imagine, even if all it does is put Florida residents on a similar footing to many other states! Assignment of Benefits Removal won’t be enforced until January 1, 2023. 3:35 What’s the risk of a political backlash from insurance companies? 8:52 The problem with the May special session was the senate was willing to take the similar steps that were just passed, but the House leadership was against it 13:38 What’s next for reinsurance in Florida? 16:59 How ..read more

Do you think Florida is weird? Most everyone does. Why? Gary is the man to answer this question. Gary is Professor Emeritus of the University of South Florida and has dedicated his career to studying the social history of Florida. Here is Gary on wikipedia  Here is Gary on Amazon  Quote of the show: "Do crazy people immigrate to Florida or do perfectly normal people come here, and then be a little goofy and go crazy." What is the most unusual social characteristic of Florida? 0:00 What are some of the most distinctive features of Florida? 9:37 Florida’s “Florida Man” reputation. 1 ..read more

Joe Petrelli founded Demotech, the rating agency that dominates the solvency assessment market for Florida's homeowners insurance market. This year (2022) he has found himself the bearer of bad news: that many of Florida's domestic insurance companies have not met Demotech's standards. At least six insurance companies went insolvent this year with others being downgraded, which meant that many thousands of Florida residents have to scramble to get their insurance replaced.  I should note that all of this happened before Hurricane Ian, the costliest hurricane to make landfall in Florida's ..read more

Dave DeMott is President-Elect of The Florida Surplus Lines Association, Chair of the Legislative committee and sits on the national Wholesale & Specialty Insurance Association committee. Most importantly for today, Dave DeMott is a real, legit, on-the-ground insurance practitioner in Florida. He gets into the real details and war stories about insurance claims in Florida.  Dave’s introduction to the Florida insurance market. 0:00 What is a lodestar fee multiplier? 5:23 The problem with AOB 12:29 What work is being done to curb predatory behavior by carriers? 19:03 Water damage and l ..read more

I worry about whether we can improve the insurance system. I once wrote an essay arguing that all insurance is compelled, so the only way to get someone to buy insurance is to force them to do it. The implication is that nobody will ever do anything good without being forced. We learn some lessons the hard way but then quickly forget. What's more we hate this compulsion! We chafe at the rules and many of us shirk them when we can. It's a mess.  Joe Edelman has a better vision. In his vision (in my words), we have values that give us a sense of meaning. Connecting with other people who sh ..read more

Mark Friendlander is Director of Corporate Communications at the Insurance Information Institute a think tank focusing on insurance education. In this episode we dig into a bunch of detail of the ways in which the insurance ecosystem in Florida is doing Floridians harm and why the world is like that.  What are the root causes of the fraud in Florida? What are the outcome? What happens if nothing changes? What are some special powers you have as an insured in Florida and how are they ultimately harmful? youtube: https://youtu.be/g63n9Kgq4CY show notes: https://notunreasonable.com/?p=7641 ..read more

Joe Petrelli founded Demotech, the rating agency that dominates the solvency assessment market for Florida's homeowners insurance market. This year (2022) he has found himself the bearer of bad news: that many of Florida's domestic insurance companies have not met Demotech's standards. At least six insurance companies went insolvent this year with others being downgraded, which meant that many thousands of Florida residents have to scramble to get their insurance replaced.  I should note that all of this happened before Hurricane Ian, the costliest hurricane to make landfall in Florida's ..read more