(Via RiskProf) George Wallace on Declarations & Exclusions has posted a nice history behind California’s Prop 103.
It’s an interesting read, but one item in particular caught my eye — a quote from a Los Angeles Times profile of Mercury Insurance’s George Joseph:
‘I will bet $1 million that you can’t prove to a qualified actuary that Prop. 103 has saved people anything like $23 billion,’ he said. ‘If Garamendi believes it’s true, if Harvey believes it’s true, that offer is open.
If anyone wants to attempt that argument, I’m willing to listen. 