Leslie Scism
speaker
504 appearances
9 recordings
1 series
first heard Sep 2017
last heard May 2023
Leslie Scism’s voice in public audio — every appearance, attributed to the second.
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Appearances
WSJ Your Money Briefing · The Hottest Thing in Life Insurance Has Serious Risks · 6 Jan 2020
podcast
After interest rates hit those peaks in the 1980s, they basically began a descent that ultimately became
historic lows after the financial crisis of 2008.
So people who own those universal life policies saw their interest go from the mid-teen, or excuse me, from above 10% down to contractual minimums of 3% or 4%.
That's a big disappointment.
Those policies did not generate nearly as much interest buildup as the owners had anticipated, and they were counting on that interest to help them pay some of the future policy costs.
as the costs were rising over time.
My pleasure.
Thank you.
This is Your Money Matters from The Wall Street Journal.
Yes, that's right.
The story begins really back in 1992 when Hurricane Andrew hit the southern part of Florida.
It delivered such huge losses that insurance companies were unprepared for.
Insurers back in 92 said, we have a lot more risk in this state than we thought we did, and we need to turn it back.
Those withdrawals picked up steam after then 2004 and 2005 when there were seven
hurricanes that hit Florida, including Katrina, the best known of them.
In 2006, the Florida market nearly collapsed because so many insurers were saying they needed to really retrench quickly and they wanted big rate increases.
Regulators didn't want to give them the increases as large as requested because that was going to be so disruptive to ordinary families' budgets.
So as those companies cut back, the state-run Citizens Property Insurance Corporation took on a bigger and bigger role.
It's a so-called insurer of last resort.
The state also began efforts to help some small companies take on more Florida residential homeowner business and to become bigger insurers.
Showing 461–480 of 504 · page 24 of 26
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