Louisiana: Coastal Forum in New Orleans

A wide variety of panelists ranging from insurance regulators to congressmen to a private citizen covered “Insurability of the Coast,” the 4th Presidents’ Forum on Meeting Coastal Challenges held by Louisiana State University, its Ag Center, Louisiana Sea Grant, the America’s Wetland Foundation, and the Louisiana Department of Insurance. The conference took place in New Orleans yesterday, and Liz Reynolds, NAMIC Southeast state affairs manager, attended.

Whitney Bank Vice Chairman King Milling set up the bulk of the day’s discussion by remarking “there’s an elephant in the closet – when we get ready to rebuild, will insurance be available? Nothing gets built without insurance.” The six panels held during the forum returned often to the need for combined efforts, not just in the area of insurance, but when it comes to land-use planning, building codes, and mitigation efforts, as well.

“It was evident to most participants that insurance is a powerful tie that binds these issues together,” noted Reynolds. Milling pointed out “insurability dictates not only how we build, but if we build and where we build.”

Panel discussions covered activity at the federal level, an insurance marketplace overview, flood insurance, hazard mitigation, and possible solutions to insurance problems. Common themes were support for an all-perils policy, the desire for a national catastrophe fund or program of some sort, the need to update and expand the National Flood Insurance Program, and speculation about how the recent Midwest flooding may influence the issues. Louisiana Congressman Charles Melancon, who has an insurance background, was outspoken in his criticism of the industry.

Regulators from Florida, Mississippi, Alabama, Louisiana, and Puerto Rico discussed “Issues Du Jour” during a lunch panel. Many mentioned the importance of a strong, competitive private market to the continued availability of coverage on the coast. Of particular note was Florida Insurance Commissioner Kevin McCarty’s emphasis on pre-funding catastrophe risk, maximizing the private market, and encouraging personal responsibility. He said there is “no silver bullet” for solving coastal insurance issues and that we “need a whole menu of options” for addressing concerns.

Streaming video of the forum will be posted on the Louisiana Department of Insurance website. Plans for a similar conference next year in Biloxi were announced as the proceedings ended.

Direct questions to NAMIC State Affairs Manager Liz Reynolds.

Posted: Tuesday, June 17, 2008 12:00:00 AM. Modified: Friday, June 20, 2008 4:21:20 PM.

Salary Survey: Reports updated and available online 24/7/365.

(317) 875-5250 - Indianapolis | (202) 628-1558 - Washington, D.C.

Contact NAMIC | Press | Advertise | Sponsor

We are 1,400 property/casualty insurance companies serving more than 135 million auto, home and business policyholders, with more than $196 billion in premiums accounting for 50 percent of the automobile/homeowners market and 31 percent of the business insurance market. We are the largest and most diverse property/casualty trade association in the country, with regional and local mutual insurance companies on main streets across America joining many of the country’s largest national insurers who also call NAMIC their home. More than 200,000 people are employed by NAMIC members.