Dino Falaschetti was kind enough to send me this op-ed he and Christopher Douglass published in yesterday's Orlando Sentinel. State Farm has decided not to insure Florida property anymore because they can't get the regulators to go along with a proposed increase in rates. In addition to being a tidy summary of how insurance markets work, Falaschetti and Douglass cust straight to the heart of the issue:

Choosing a short-term solution can lead to long-term problems. We often hear that Florida's problems come from insurers not wanting to be in a risky place. But what kind of risks are they worried about? Risk of the next catastrophe or risk that politicians will change the rules after the next catastrophe?