Robert Hartwig Quotations

Unless there is some rationalization of the price of insurance relative to the risk assumed, there will be continued problems of availability.

We are already at about $50 billion of insured losses from catastrophes in this country so far and that could be as high as $70 billion, depending on what Katrina does. Hurricane Wilma is a situation that is going to exacerbate what was already problematic for the insurance industry.

There are easily storm scenarios in New York that run to tens of billions of dollars. And structures on Long Island aren't as well built as new construction in Florida.

We're looking at complete chaos in New Orleans, with explosions and uncontrolled fires,

Many people would be surprised how many secret taxes are levied on automobile and homeowner insurance premiums, some of which have tenuous links on auto safety,

New Orleans is what it is because the federal government made it that way. And what it is today -- underwater.

Politicians are loath to do anything that would hurt development in their local district. Politically, it would be impossible to propose limiting development.

On one side will be people who want to rebuild quickly and inexpensively, and on the other will be those who say, 'We need to do something different. We need to build all these homes up higher and make them more resistant to wind,

Based on recent precedents, compensation payments to passengers' families are running at about $2.4 million per passenger, which suggests the total cost to insurers could be between $250 million to $350 million.

Rising medical costs are the principle driver behind higher auto insurance prices in the U.S. and a significant share of that pressure is due to abuse and in some cases outright fraud.

I'm skeptical that a lot of people will use them, and I'm even more skeptical that Congress is in a mood right now to pass anything that has a negative budget impact.

The 2006 hurricane season is expected to be twice as active as usual.

We don't want to promote 'serial rebuilding,' ... The industry does weigh in in post-disaster debates.

Typically, they want to know how many people are residents in your household. That creates a different liability situation, and you need to inform your insurance company about that.

We dodged a bullet. But it's still probably going to cost insurers in the vicinity of $4.5 billion.

We dodged a bullet, ... But it's still probably going to cost insurers in the vicinity of $4.5 billion.

The definition of 'flood' is fairly ironclad. It's essentially water that comes from below,

we'd be talking about $4.5 billion as a lot of money - and it is a lot of money.

What Katrina and Rita together are going to reveal is the shocking lack of flood coverage among homeowners, even those very likely to have their homes threatened by flood.

We are certainly expecting that for the next 20 years or so we will be in a cycle of more frequent and intense storms. There's going to have to be an adjustment in the industry.

Fewer claims translate directly into a lower overall rate increase for consumers.

There's overwhelming evidence that the 2006 hurricane season will be longer, and storms will be more frequent and intense. We could see 20 years of this.

These soldiers put their lives on the line and deserve the utmost respect. But even big companies haven't thought about their obligations to these people.

The state of Florida is living in denial. Florida is not living up to its obligation to control growth and shows no signs of living up to its obligation.

Projections that this is going to be the worst ever are probably off... we're probably looking at something that's in the top five.

You should assume that as charitable as it is, you have total liability for these individuals, in the same way as if a stranger came to your house just invited for a dinner party. If they slipped and fell, you're going to be liable for them. You do not enjoy any immunity from liability. It's a sad statement, but that's the world we live in today.

You're going to be on the hook. What if one of the people is a 17-year-old? That dramatically changes your risk profile.

This is an insurance adjuster's worst nightmare. We're seeing tens of millions of additional damage each day and the meter is still running.

This is not a new issue in the industry. For a number of years, insurers have found it necessary to adjust their exposure in certain catastrophe-prone segments of the United States.

There's evidence that many soldiers will exhibit mental stress from their experience, and it's important for employers to monitor them, particularly if they're operating heavy machinery or driving.

It's all location dependent. In the northern half of the states, it will be minimal. But in areas prone to hurricane-related risks, it's likely that insurance will rise substantially, probably for several years.

It's the price of paradise, ... People are drawn to landscapes.

It makes us all look like idiot savants.

They can't get behind the wheel once without your insurance company knowing about it.

If the nature of the report paves the way for some sort of permanent mechanism, that could help tremendously. But if its ambiguous or hostile towards the idea, then we will be in the exact same position as we were this time around.

Insurers have never collected a penny in flood-insurance premiums. If they're forced to pay, it could quite possibly be destabilizing and lead to the insolvency of smaller insurers in the area.

Insurers benefited from the rising short-term interest rates to generate $40.7 billion on their investment portfolio in the first nine months of the year.

Hopefully, in two years we're not in this same position again, in the 11th hour trying to negotiate terms for an extension.

Home mortgages offered through insurers are likely to grow in the future. Customers get the added convenience of coordinating their home buying activities and reduce the paperwork while insurers get an alternate revenue stream uncorrelated with the insurance cycle and unaffected by catastrophe losses.

Home mortgages offered through insurers are likely to grow in the future, ... Customers get the added convenience of coordinating their home buying activities and reduce the paperwork while insurers get an alternate revenue stream uncorrelated with the insurance cycle and unaffected by catastrophe losses.

The industry is obviously happy and grateful. It backs the most important lines -- worker compensation and commercial property.

The industry is largely satisfied with the way the TRIA extension has taken shape although there is some consternation over the increase in trigger. But six months ago, even the possibility of extending TRIA was looking grim.

A lot will depend not just on where you live, but who your insurer is.

Allstate's facing a conundrum where it can't raise rates because state regulators won't let it, yet the rating agencies such as Standard & Poor's are telling it to keep more capital in the event of multiple catastrophes. They are taking the only outlet available.

The clock is ticking loudly. Insurers are about to enter negotiations with commercial clients to renew their policies for 2006.

The clock is ticking loudly, ... Insurers are about to enter negotiations with commercial clients to renew their policies for 2006.

The local, state and federal government are still at quite a distance away from a financially feasible solution. While there needs to be a way to assure the financial recovery of hurricane victims, you also need to make sure the risk is reflected in the price that people that live in high-risk areas pay.