INDIANAPOLIS (Jan. 31, 2008) – A balanced "what if" scenario is the flagship article for a special report on coastal insurance challenges in the current issue of IN magazine. Following interviews with many of the parties on both sides of the debate over homeowners insurance coverage in Florida, writer Tom Wetzel explores the predictions and payouts should another Category 5 storm or a series of small storms hit the state. Also in the special report are personal essays from two Gulf Coast insurance commissioners who outline the steps they have taken to work with the property/casualty insurance industry to ensure their citizenry is adequately covered.
Louisiana Insurance Commissioner Jim Donelon pointedly references the direction Florida has taken and explains the different path his state has taken. Since the devastation of Hurricane Katrina, Donelon and now-former Gov. Kathleen Babineaux Blanco have worked with the Legislature, business leaders, and agent associations to create innovative measures aimed at maintaining and expanding the existing private insurance market in Louisiana.
In South Carolina, Insurance Director Scott Richardson outlines how the state is working with the property/casualty insurance industry through a market-based approach made possible by the Omnibus Coastal Act enacted in June 2007. The Act provides consumer initiatives including catastrophe savings accounts, tax credits for retrofitting property, and mitigation supplies. Property/casualty insurers are also providing premium discounts for mitigation measures.
"As we said goodbye to the 2007 hurricane season and prepare for 2008, it was important to give these two insurance commissioners a forum to tell their stories of what their states are doing to collaborate with the property/casualty insurance industry and compare them to the approach taken in the state of Florida," said Jon Gorman, editor-in-chief.
Other topics covered in the winter issue include the high loss of honeybees and the effect it is having on farming; the effects of the California wildfires; and an update on the once-volatile medical malpractice industry.
IN magazine is the quarterly member and subscriber publication of the National Association of Mutual Insurance Companies. Read these and other archived stories today at www.namic.org/in/.
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