This is really interesting.

As the seas warm up for what is predicted to be another above average Hurricane season (aren't they all?) check out this for a bit of extra moral hazard to spice things up.

Thanks AM Best - for giving us one more thing to worry about!

It's a simple fact of life that people with foreclosed houses have much less of an incentive to look after them in the same way as those who have 100% equity in their own beachfront pile.

More than 100,000 properties are in some stage of foreclosure in the state of Florida..

Good old Florida - world capital of wind hazard, then world capital of political hazard, and now world capital of moral hazard too - nice going!

The report is full of plenty of other Credit crunch related insight the Cat funds can't raise the cash they used to because the credit markets are up the creek.

In fact, it gives me no pleasure to say this, but it looks like my predictions of early 2006 are coming true.

They've only got themselves to blame.

They shouldn't have trusted one market and not another