I don’t want to pretend that I know what the right decision should have been in the Katrina insurance case decided yesterday. But I found this quote from insurance-industry flack Joseph Annotti, reported by the Associated Press, to be astonishing:
From our perspective, it lifts a very large cloud of uncertainty that has been hanging over the insurance market of the Gulf Coast. A healthy insurance market is absolutely key to a rejuvenated economy down there.
Except that, to Annotti, a healthy insurance market requires not paying people for the losses they suffered. How is that going to rejuvenate the economy?