The Mississippi Press headline Dale: Insurance needs change offered a glimmer of hope; but, to paraphrase the immortal words of former Texas governor Ann Richards, Poor George! He was born with a insurance money in his mouth!
The insurance industry must change as a result of Hurricane Katrina, but most of the solutions being offered on the coast are not the answer, former Insurance Commissioner George Dale said Thursday at a luncheon.
“The way insurance is being delivered today is not working,” Dale told members of the Southeast Mississippi chapter of National Association of Insurance and Financial Advisors…
Dale said that one of the most popular proposed solutions to the insurance crisis on the coast is to offer a multi-peril option as part of the National Flood Insurance Program.
But he said that the national flood program built up more than $15 billion in debt during Katrina, and emphasized that this was without having to pay for wind-related damages.
Poor George! He still doesn’t get it. The flood program did indeed pay for wind-related damages – and, the word for that is fraud. Continue reading “SLABBED Daily – April 19”