It's the underwriting process. And portfolio analysis: how much money do I need to have in store to be able to pay for the claims?

The problem is that none of this is market-based. If individuals were responsible for insuring their homes and individual communities were responsible for restoring their beaches, it would be a whole different scenario.

Unfortunately, we've seen this over and over. We have these disastrous storms and people say, 'Oh my God this is terrible,' and then within a few years those memories fade.

We don't agree with their ends, but they are not madmen. They have a logic, we can understand it.

Some people would come out here and say, 'This is a tragedy. Look what it did to these houses,' ... I'd say, 'This is normal' and 'Look at what these houses are doing to the beach.'

You can go 20 years without a hurricane. All it takes is one.