I think these two storms are going to put an end to the big insurance industry. Even if congress and all managed to come up with enough to bail out the big insurance sector, it wont be enough.
This is going to be the big obvious trigger or lynch pin to send the economy into collapse mode. Remember 2008, it was AIG and other big insurance that started rolling over first.

Could be true...insurance is such a scam anyway...we need something better

Makes you wonder why State Farm and Geico stopped writing new policies and started dropping existing policies last year in Florida and California....

State Farm and Geico did not expect the mountains to get hit with a Hurricane. hey stopped Florida because of the hurricanes, they stopped California because of the communist policies.

State Farm, was already Billions in the red last year. This scenario may do exactly what you're talking about. The massive amounts of claims they will have combined with an already sketchy economy ( and that's being optimistic ) would about have to do some of them in.

I honestly do not think the Fed would allow the US government to borrow the amount needed to do a bail out this time.

The kicker is that if they stopped sending billions to the Ukraine, funding illegal immigration, and launching proxy wars all over the globe there would be plenty to do what's needed.

They will probablyl fight tooth and nail to pay out in the mountains. How many of those folks you think had "flood insurance"?

I’ve always been told you have to be in a flood zone before you can get flood insurance.

Ya'll need to think bigger. Entire factories and large businesses were destroyed. City and state infrastructure, which is insured, is destroyed on a major scale. When its all totaled up, that number will be measured in percentage of the total global money supply. Plus, think of all the different kinds of insurance. I imagine those $10k accidental death policies they give away with each new credit card offer is already bankrupt.

I understand exactly what you’re saying

If I recall correctly during the last crap out in 08 China continued building vacant cities excedera to help float the economy and build while materials were in the cheap. My BIL company builds average 1 million sq ft warehousing solutions. He said prices to build have quadrupled since then.

One of the biggest reasons for insurance rate increases is replacement cost. Look at what housing and vehicle replacements cost are then apply it to municipalities, businesses and factories. The insurance bailouts after Katrina was huge. This will be unprecedented

Might get real sooner than later

I bet its starting right now. Think about the tunnels that no longer exist around Bat Cave. What is the replacement cost for that kind of engineering these days? I know what a flat 50 Foot standard two-lane bridge cost down here where its a lot easier to build.
When was the last time a large volume dam was built in this country? They have to replace at least two of them. Start at $50 billion for each Dam. Add $1 billion for every pay period behind the plan goes.

State Farm is not going to pay not one single claim in the mountains and not many in FL or GA related to Helene. 98% of the damage was water/flood related and State Farm does not write flood insurance. State Farm will legally be able to deny all claims that are water related. Bad news is that I'm relatively certain that the majority of those homeowners and businesses in the Carolinas did not have flood insurance through the National Flood Insurance Program because who, living on a mountain, well away from the coast, would think that they would need flood insurance. Those people lost everything and there will be no insurance money coming to assist them. There will be wind damage from Milton and SF will have to pay something there but it will not be anywhere close to enough to break the bank.

I bet Ukraine and Lebanon will help us out with some funding… just got to get through congress first…

I’ve been pondering the past few months and especially few weeks. Have we reached the point of no return. I mean you get to a price point where things just can’t go forward. I’m thinking that is what you’re saying and I’m agreeing. A this not what a depression is made of.

I mean is that what Jamie Dimon was getting at and that was before the natural disasters
https://finance.yahoo.com/news/ceo-jpmorgan-warns-us-economic-205558688.html#

Exactly correct. Expect to hear reports that even the legitimate wind claims and non-flood claims will be slow worked, lowballed, or instant denied so that appraisal policy provisions will be triggered and it takes years to get resolutions.

Insurance companies DOMINATE the Florida real estate markets. Everything about them. Intrusive as hell. I'd never want to buy or sell there, much less inspect.

If State Farm bankrupted tomorrow, I'd not give a single shucks. Not one. I steer business away from them whenever I can. They aren't a good neighbor. They're the worst.

Latest estimate I've seen for Helene damage is right at $50 billion (both insured claims and uninsured). That's just a couple months worth of Ukraine war and just a rounding error in the overall annual budget. They spend/waste that much on grants to study cow farts and the mating habits of polar bears. We get conditioned to hearing these huge numbers in the trillions and billions on a daily basis but a billion is 1,000 million dollars. You could probably rebuild an entire small state from the ground up with just what we've given to Ukraine.
If Trump is correct in saying that we are going to end up spending 250 billion on Ukraine, you could build 1 million $250,000 houses for that same amount of money. That's roughly 1% of all the houses in the United States of America for just what we are willing to spend on a historically corrupt country on the other side of the world.

State Farm was not doing well financially before the first hurricane hit. They tried to deny a ton of Katrina claims when it hit for "flooding' instead of wind damage that in many cases it obviously was. They had a class action lawsuit filed and did have to pay eventually. This storm isn't just hitting the coast. It's going to split Florida in half from Gulf Coast to East Coast and they will pay out a fortune eventually.

The same thing could happen in the Carolina's. They may deny the "flood" damage but another class action lawsuit could, and should be filed if they do. Those houses at the bottom of the valley's were flooded, but those on the hillsides got mudslides and debris so there may be a loophole there.

I believe State Farm is owned by the policy holders , not shareholders.