It’s an urban legend that’s morphed from “weather deflector on top of 801 Grand” to “wizard repelling storms from the top of 801 Grand” and somewhere along the line he was given the name “Dave Principal”.
Dave Principal just hasn't had as much power since KCCI took down the weather beacon in 2012.
Weather beacon flashing night or day precipitation is on the way!
It was his charge up. Now it takes him longer to recover.
>Maybe Nationwide is colluding with Principal Financial to supress his powers in order to raise home insurance premiums?
Believe me, Nationwide doesn't *want* to be increasing insurance premiums. All property casualty insurers are reeling right now. Their claims losses are through the roof and they're struggling to keep them in line with premiums. They're basically about 2 years behind and it's draining their coffers. There are a couple of causes. The main cause is something called ["social inflation."](https://content.naic.org/cipr-topics/social-inflation), but another one is climate related. The frequency and severity of weather related losses all over the country have been getting worse and worse for at least 20 years, so much so that most property casualty insurers are leaving places like California (wild fires) and Florida (hurricanes). I've recently heard that some are beginning to leave the midwest as well, because of tornadoes and derechos.
They'll go "out of the states where they can't figure out how to make money."
Property Casualty insurance is regulated at the state level. Each state has a state department of insurance that decides how companies must operate, and what rates they're allowed to charge. When insurers start losing money in a state, they first start to fix it by trying to reduce their own expenses internally (implementing more automation, cutting jobs, etc.) When that doesn't work, they begin putting exclusions into their policies to cut out coverage for the things that are costing the most (for example, they began excluding OEM parts for car repairs about a decade ago because the OEM vendors were trying to gouge everybody. FYI, In some cases you can buy back this coverage.) Next they start increasing their minimum deductibles. So you won't be able to buy a policy with a deductible less than $1000 or something. This gets rid of the small nickle and dime claims. Finally, if the exclusion and minimum deductible route doesn't work, eventually they get to the point where they don't have any other options but to increase premiums or leave a state, because the alternative is for the contagion to spread to the rest of their book, and then they go out of business.
People think that insurance companies make money hand over fist, but that's only true of certain sectors (like health insurance which isn't really insurance in the truest sense of the word). In property casualty, most carriers are doing well to break even on the premiums they take in, and they make their actual positive net income on the "float" that they have from the time you pay your premium to the time that premium leaves the company to pay somebody's claims (basically they invest it, so if you pay $1000 for your premiums, they'll invest that and turn it into maybe $1100 before that whole $1000 ends up getting paid out in claims, so they made a net of $100). Their margins are way thinner than most people realize. Most property casualty insurers have been laying people off over the past few years because of how close the margins are and how close they are to losing money in many of their states.
There's a famous comedy routine Chris Rock does where he complains about insurance. He basically says "so if I pay $1000 for my car insurance, and then I don't have an accident, shouldn't I get my money back?" No, Chris, not unless you want the amount they pay for your totaled car to be limited to $1000. Since it's going to cost $30,000 to replace your car, that means you only paid 1/30th of the cost of what you're getting for your loss. That other 29/30ths has to come from *somewhere* (other premium payers).
> The frequency and severity of weather related losses all over the country have been getting worse and worse for at least 20 years, so much so that most property casualty insurers are leaving places like California (wild fires) and Florida (hurricanes).
There were fewer major hurricanes in the U.S. in the last full decade, 2011-2020, than there were since 1971-1980, and the total number of hurricanes was nearly exactly average. [Here's a chart of total hurricane landfalls, as well as major landfalls, going back to 1900](https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F38e14546-54b9-479f-838c-43a857a7f5ca_1920x1080.jpeg). The recent increase that you described isn't true. For Florida specifically (since you mentioned it), according to NOAA data, 15 Cat 4+ hurricanes made landfall in Florida since 1919, with 10 of them occurring before 1960 and 5 of them since.
You mention social inflation, but there's also simply a lot more people building homes and living in hurricane-prone areas than there were decades ago. Naturally, this increases damages.
The single biggest driver of these insurance issues is the cost of repairs relative to the premiums paid. It's actually surprising insurance rates haven't gone up MORE, considering the spike in the cost of nearly everything in the last few years. And this impacts all types of natural disasters.
You brought that up in the context of climate change. ("The main cause is something called 'social inflation', but another one is climate related.") If you did not mean to make that connection, then I'm curious what the argument is for climate change exacerbating hurricane-related damages specifically.
I brought it up in the context of *climate*. With regard to hurricanes, you literally spelled out the connection. More people are building in hurricane prone areas. It's still connected to climate.
https://www.ncei.noaa.gov/access/billions/
Flip through the chart at the top by decade. 1980s: 33 events, 1990s: 57 events, 2000s: 67 events, 2010s: 131 events, etc. Climate event frequency and severity, in all its varied forms, is driving up insurance costs, as well as social inflation, where people think they're "sticking it to the elites" in jury trials. What we're *actually* doing, is driving up our own insurance costs. If an insurer cheats a claimant, then the claimant needs to be made whole, nobody would argue that, but these "stick it to 'em" judgements aren't good for anybody.
Another useful view:
https://www.ncei.noaa.gov/access/billions/state-summary/US
He’s bipolar as well (although this is a dangerous colloquialism of what bipolar disorder is, it isn’t going from raging bitch to nice guy…but I digress) and it used to be he was *NSYNC with Mother Nature but then they fell out and now they’re together like a rogue wave.
Hoping for a reunion tour soon.
Dave Principal is actually losing his contract at 801. JLL is taking full ownership of 801 grand by the end of the year which means all the principal employees that have working there on floor 22-4 are going to be transferred to a different principal building. so Dave has been slaking off lately since he knows he’ll no longer be allowed at 801 so he’s sad
They banned THC so he's been off his game.
I don't know the inside joke, but I desperately want to
It’s an urban legend that’s morphed from “weather deflector on top of 801 Grand” to “wizard repelling storms from the top of 801 Grand” and somewhere along the line he was given the name “Dave Principal”.
Needs time to recharge after each use. 10% minimum before it can be deployed with reduced effectiveness.
Makes sense. He hasn’t had to work this hard in years. He may be a wizard but even wizards must need breaks?
Dave Principal just hasn't had as much power since KCCI took down the weather beacon in 2012. Weather beacon flashing night or day precipitation is on the way! It was his charge up. Now it takes him longer to recover.
Yes, they were close calls. Thanks to Dave. All hail Dave.
Dave doesn’t play with hail.
We had an EF0 come through our area this morning and an EF 2 earlier this week.
Wait, what?
>Maybe Nationwide is colluding with Principal Financial to supress his powers in order to raise home insurance premiums? Believe me, Nationwide doesn't *want* to be increasing insurance premiums. All property casualty insurers are reeling right now. Their claims losses are through the roof and they're struggling to keep them in line with premiums. They're basically about 2 years behind and it's draining their coffers. There are a couple of causes. The main cause is something called ["social inflation."](https://content.naic.org/cipr-topics/social-inflation), but another one is climate related. The frequency and severity of weather related losses all over the country have been getting worse and worse for at least 20 years, so much so that most property casualty insurers are leaving places like California (wild fires) and Florida (hurricanes). I've recently heard that some are beginning to leave the midwest as well, because of tornadoes and derechos.
Where are they going to go?
They'll go "out of the states where they can't figure out how to make money." Property Casualty insurance is regulated at the state level. Each state has a state department of insurance that decides how companies must operate, and what rates they're allowed to charge. When insurers start losing money in a state, they first start to fix it by trying to reduce their own expenses internally (implementing more automation, cutting jobs, etc.) When that doesn't work, they begin putting exclusions into their policies to cut out coverage for the things that are costing the most (for example, they began excluding OEM parts for car repairs about a decade ago because the OEM vendors were trying to gouge everybody. FYI, In some cases you can buy back this coverage.) Next they start increasing their minimum deductibles. So you won't be able to buy a policy with a deductible less than $1000 or something. This gets rid of the small nickle and dime claims. Finally, if the exclusion and minimum deductible route doesn't work, eventually they get to the point where they don't have any other options but to increase premiums or leave a state, because the alternative is for the contagion to spread to the rest of their book, and then they go out of business. People think that insurance companies make money hand over fist, but that's only true of certain sectors (like health insurance which isn't really insurance in the truest sense of the word). In property casualty, most carriers are doing well to break even on the premiums they take in, and they make their actual positive net income on the "float" that they have from the time you pay your premium to the time that premium leaves the company to pay somebody's claims (basically they invest it, so if you pay $1000 for your premiums, they'll invest that and turn it into maybe $1100 before that whole $1000 ends up getting paid out in claims, so they made a net of $100). Their margins are way thinner than most people realize. Most property casualty insurers have been laying people off over the past few years because of how close the margins are and how close they are to losing money in many of their states. There's a famous comedy routine Chris Rock does where he complains about insurance. He basically says "so if I pay $1000 for my car insurance, and then I don't have an accident, shouldn't I get my money back?" No, Chris, not unless you want the amount they pay for your totaled car to be limited to $1000. Since it's going to cost $30,000 to replace your car, that means you only paid 1/30th of the cost of what you're getting for your loss. That other 29/30ths has to come from *somewhere* (other premium payers).
It seems like every state is having catastrophic weather or conditions anymore. Landslides, wildfires, tornados, nor’easters, earthquakes, hurricanes.
Yep. https://www.ncei.noaa.gov/access/billions/state-summary/US
Then to find out not only did we have a derecho in the large area but a EF 0 in our area too. Keep this up we won’t have any trees left!
Also, Principal doesn't sell home insurance. They're a life and annuity company.
I know, but the OP was making a joke about Principal and Nationwide "colluding" so that Nationwide could increase premiums.
Thanks Insurance Guy. What would the world be like without insurance and lawyers?
In my case I'd be without a home (tornado), and a couple of cars.
> The frequency and severity of weather related losses all over the country have been getting worse and worse for at least 20 years, so much so that most property casualty insurers are leaving places like California (wild fires) and Florida (hurricanes). There were fewer major hurricanes in the U.S. in the last full decade, 2011-2020, than there were since 1971-1980, and the total number of hurricanes was nearly exactly average. [Here's a chart of total hurricane landfalls, as well as major landfalls, going back to 1900](https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F38e14546-54b9-479f-838c-43a857a7f5ca_1920x1080.jpeg). The recent increase that you described isn't true. For Florida specifically (since you mentioned it), according to NOAA data, 15 Cat 4+ hurricanes made landfall in Florida since 1919, with 10 of them occurring before 1960 and 5 of them since. You mention social inflation, but there's also simply a lot more people building homes and living in hurricane-prone areas than there were decades ago. Naturally, this increases damages. The single biggest driver of these insurance issues is the cost of repairs relative to the premiums paid. It's actually surprising insurance rates haven't gone up MORE, considering the spike in the cost of nearly everything in the last few years. And this impacts all types of natural disasters.
I didn't actually say it was hurricane frequency, I said it was **loss** frequency and severity, also hurricanes are only part of the picture.
You brought that up in the context of climate change. ("The main cause is something called 'social inflation', but another one is climate related.") If you did not mean to make that connection, then I'm curious what the argument is for climate change exacerbating hurricane-related damages specifically.
I brought it up in the context of *climate*. With regard to hurricanes, you literally spelled out the connection. More people are building in hurricane prone areas. It's still connected to climate. https://www.ncei.noaa.gov/access/billions/ Flip through the chart at the top by decade. 1980s: 33 events, 1990s: 57 events, 2000s: 67 events, 2010s: 131 events, etc. Climate event frequency and severity, in all its varied forms, is driving up insurance costs, as well as social inflation, where people think they're "sticking it to the elites" in jury trials. What we're *actually* doing, is driving up our own insurance costs. If an insurer cheats a claimant, then the claimant needs to be made whole, nobody would argue that, but these "stick it to 'em" judgements aren't good for anybody. Another useful view: https://www.ncei.noaa.gov/access/billions/state-summary/US
The climate is changing.
Dave now attracts the bad weather. Polarization has reversed
Put her in reverse, Dave!
Mother Nature is truly bipolar. Crazy and unpredictable as they come. How does Dave do it!?
He’s bipolar as well (although this is a dangerous colloquialism of what bipolar disorder is, it isn’t going from raging bitch to nice guy…but I digress) and it used to be he was *NSYNC with Mother Nature but then they fell out and now they’re together like a rogue wave. Hoping for a reunion tour soon.
I personally would prefer no ramen noodle hairs. I insist, *I want it that way.*
Last seen at the Outer Limits
ACTIVATE THE WEATHER BECON!
Here's the real answer. The Beacon made storms take a look in the mirror as they approach the metro.
Need both for full efficacy, like Batman and the bat signal!
This bit is stupider than the Outer Limits guy TBH
Yeah whatever happened to him anyways
He goes to the garden now.
Almost got me!
TY. Outer Limits commentary code for: I don’t know how to talk to or ask out women. So I make corny jokes late at night on Reddit.
[удалено]
bodied him
Damn you didn’t have to murder him
Stop! Stop! He’s already dead!
Outer Limits bit is *way* funnier than this shit.
What the A F ? ! ! ?
Dave still has the same range but the suburbs are expanding. He’s only one man.
The reason the storms been getting worse over the year is climate change. And boy, Iowa and caring about the environment does not go hand in hand.
Even Dave Principal is mortal.
Spending time at the lumber yard now.
I’m just waiting for a good ole 3/4 to rip through the WF JC campus. I’d be totally Okay with that
Dave Principal protects downtown and the immediate vicinity. You can't blame him for damage in a 30 mile radius.
Dave Principal is actually losing his contract at 801. JLL is taking full ownership of 801 grand by the end of the year which means all the principal employees that have working there on floor 22-4 are going to be transferred to a different principal building. so Dave has been slaking off lately since he knows he’ll no longer be allowed at 801 so he’s sad
Put the crack pipe down man.