I believe he's saying that the year-over-year float won't go below 3%, not that a very big impact event won't hurt the float for a period of a few months. Part

I believe he's saying that the year-over-year float won't go below 3%, not that a very big impact event won't hurt the float for a period of a few months. Part of this is because policies are re-issued every year which means that they can increase premiums if needed and drop high risk customers as he's pointed out in previous letters.