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Advice Pool - Florida Insurance Market - A Must Read For Anyone In Florida
The State of Florida’s Smoke and Mirrors. Got to love the Florida Governor, he is trying the impossible; that is make every homeowner happy with what they are paying for their insurance premium. “The Gov” and his merry band of legislators concocted a plan that w
According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product
as nothing more than a pacifier to the citizens of Florida. It is a dangerous plan a house of cards that literally will be destroyed by the winds. In this plan instead of encouraging companies to write insurance using actuarially “sound” rates and build large res
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
rves, the citizens will pay for losses by being charged “Assessments”.
The citizenry of Florida have been fed this load of crap because it makes them feel good. No one has really explained what an assessment really is and will happen if the Governor’s “BET” goes
The citizenry of Florida have been fed this load of crap because it makes them feel good. No one has really explained what an assessment really is and will happen if the Governor’s “BET” goes
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
bad and we have more than one cataclysmic hurricane.
If this were to happen “EVERY” property policyholder (renter, homeowner or commercial policy holder ) will have to pay a huge assessment, which will be added on to next years premium. In other words if this wa
If this were to happen “EVERY” property policyholder (renter, homeowner or commercial policy holder ) will have to pay a huge assessment, which will be added on to next years premium. In other words if this wa
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
to occur you would not get your insurance for the next year until you paid THAT YEAR’S premium PLUS assessment.
HOW MUCH?
How bad? The assessment will be based on the amount of money that will be paid out from the hurricanes. One study conducted by Towers Per
HOW MUCH?
How bad? The assessment will be based on the amount of money that will be paid out from the hurricanes. One study conducted by Towers Per
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
rin estimates the assessment to pay off bonds to bail out the state could range from $1,700 to $14,000 per policy. Floridians in return get an average saving of $265 on their 2007 property insurance rates, again only a feel good post election pacifier.
THE EVIL
THE EVIL
ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc
NSURANCE EMPIRE
The press and hapless radio talk show hosts who have no clue on what the industry is all about have demonized the insurance companies. The industry has suddenly been characterized as racketeers and thugs. Agents have become uncaring moneygrubber
The press and hapless radio talk show hosts who have no clue on what the industry is all about have demonized the insurance companies. The industry has suddenly been characterized as racketeers and thugs. Agents have become uncaring moneygrubber
easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi
who are making excess profits on the backs of the citizenry.
Since my experience in the industry is now spanning 4 decades as I remember this rhetoric is nothing new. In the late 70’s and through out the 1980’s the regulators were beating their drums and legisl
Since my experience in the industry is now spanning 4 decades as I remember this rhetoric is nothing new. In the late 70’s and through out the 1980’s the regulators were beating their drums and legisl
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
ting limit on how much money a carrier could make and had even mandated a repayment of premium that was “over charged”.
It seems that companies were fortifying their reserve requirement and investing profits in such evil endeavors such as building, office comple
It seems that companies were fortifying their reserve requirement and investing profits in such evil endeavors such as building, office comple
and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ
xes, hospitals, to build the value of there entity. In addition many of theses stock and mutual companies were “giving” back in the forms of dividends. I even remember hearing the same talk show hosts complain about the insurance rates then. Yea we are old.
HIST
HIST
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
RY – AUGUST 24, 1992
At this time I was working for a property/casualty company who had a net value of $6,000,000,000. It was a very calm hurricane season and yes, Florida insurance companies were defending their rates that, incidentally, at that time were
At this time I was working for a property/casualty company who had a net value of $6,000,000,000. It was a very calm hurricane season and yes, Florida insurance companies were defending their rates that, incidentally, at that time were
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
mong the lowest in the United States. We got word that “Andrew” was coming. “Andrew” starts with an “A” our first storm of the season in August? The rest as they say was history. I was extremely proud of the company I worked for, they fulfilled their promise and
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
aid out well over $4,000,000,000 rumor was the company was selling building to pay claims. And why were they able to do that because they were allowed to charge an actuarially “sound” rate and fulfilled their promise. For those who don’t remember here is a short
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
excerpt from Wikipedia:
Andrew produced a 17 ft (5.2 m) storm surge near the landfall point in Florida.
Andrew was responsible for 23 deaths in the United States and three more in the Bahamas. The hurricane caused $26.5 billion (1992 USD) in damage in the Unite
Andrew produced a 17 ft (5.2 m) storm surge near the landfall point in Florida.
Andrew was responsible for 23 deaths in the United States and three more in the Bahamas. The hurricane caused $26.5 billion (1992 USD) in damage in the Unite
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
States, of which $1 billion occurred in Louisiana and the rest in south Florida. Unlike most hurricanes, the vast majority of the damage in Florida was due to the winds. The agricultural loss in Florida was $1.04 billion alone. Damage in the Bahamas was estimate
t?
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
at $250 million.[15][9]
In Dade County 90% of homes had major roof damage. 117,000 were destroyed or had major damage.
THE FUTURE
In a word “Bleak”. The Governor of Florida has taken an enormous bet, one I hope he wins but also believe it is doubtful he will.
In Dade County 90% of homes had major roof damage. 117,000 were destroyed or had major damage.
THE FUTURE
In a word “Bleak”. The Governor of Florida has taken an enormous bet, one I hope he wins but also believe it is doubtful he will.
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
His plan is nothing more that a casino bet. The real solution would be painful now but in the long run would prevent devastating financial consequences for the state of Florida. Invite all qualified insurers into the state and charge without regulation the premiu
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
m that reflects a rate that is actuarially “sound” based on losses of the last 30 years. At first the rates will be astronomically high and folks would have to get use to high deductibles but in a few years Adam Smith’s “invisible hand” will move the rates to a t
.
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
ue level and companies on a collective bases take the risk not the citizens of Florida. But before I leave I leave you with another note from Wikipedia, the cost in 2005 dollars hurricane losses.
Rank Hurricane Season Cost (2005 USD)
1 Katrina 2005 $81.2 b
Rank Hurricane Season Cost (2005 USD)
1 Katrina 2005 $81.2 b
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
llion
2 Andrew 1992 $44.9 billion
3 Wilma 2005 $20.6 billion
4 Charley 2004 $15.4 billion
5 Ivan 2004 $14.6 billion
Citizens of the State of Florida Welcome to the insurance industry.
NEXT ARTICLE FROM KAZOR - Insurance is socialis
2 Andrew 1992 $44.9 billion
3 Wilma 2005 $20.6 billion
4 Charley 2004 $15.4 billion
5 Ivan 2004 $14.6 billion
Citizens of the State of Florida Welcome to the insurance industry.
NEXT ARTICLE FROM KAZOR - Insurance is socialis
tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products
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