Times' editorial: McCarty and Crist's fuzzy math on property insurance
Monday's St. Petersburg Times' editorial:
It was bad enough to learn earlier this summer that the overwhelming majority of $4.9 billion in new capital in Florida's property insurance market — a number trumpeted relentlessly by Gov. Charlie Crist — had come from unregulated carriers. But here's an even more shocking number: $277 million. That's the paltry amount of capital provided by regulated companies that didn't get a taxpayer handout to set up shop in the state.
State lawmakers never heard that fact as they contemplated insurance reform during the last legislative session. Instead, they got relentless spin from Crist and Insurance Commissioner Kevin McCarty implying that the private homeowners insurance market was on a healthy rebound. Their pitch, in hindsight, was nothing less than deception. Read full editorial here.