Anita Lee covers Senator Wicker’s Insurance Roundtable. Slabbed adds a bit of analysis.

I count myself as a lucky guy this morning as a very busy day is still ahead for me and I really don’t have the time to write a comprehensive post on yesterday’s insurance roundtable sponsored by Senator Wicker and his staff. I’m lucky because Anita Lee was also there and she did a fantastic job reporting the events. Before I chime in with a bit of analysis and a personal touch let’s visit with Anita:

Frustrated by Senate inaction, U.S. Sen. Roger Wicker stepped up his role in the coastal insurance debate Thursday, hosting an insurance forum that presented ideas for an overhaul of the National Flood Insurance Program that were new to the audience.

Approaches to insure against catastrophic risk varied, but two thoughts appeared universal: The current insurance system does not work for low-frequency, high-severity events such as Hurricane Katrina, and property owners can expect a stable and affordable insurance market only if they fortify their homes against hurricane damage.

Wicker said after the forum he hopes to build momentum for a Senate hearing on comprehensive coverage for catastrophic events. Christopher Dodd, D-Conn., has not followed through on promises that the Banking Committee he chairs will hold a hearing on the issue.

Mentioning Chris Dodd here on Slabbed is like featuring Loyola Law Professor Dane Ciolino as it represents red meat for the slabbed nation. Luckily for everyone, the good people in Connecticut agree with our assessment as Dodd’s poor poll numbers spelled doom for any chance at re-election so he retires this year, no doubt to the revolving door. Continue reading “Anita Lee covers Senator Wicker’s Insurance Roundtable. Slabbed adds a bit of analysis.”

Slabbed Daily July 22-24. Lets tie a few things together

ying-yangThere have been a good number of news tidbits that do not necessarily constitute a post here on Slabbed on their own but when taken together tie up several loose ends and lend context to a story that does merit it’s own post in Mike Chaney’s recent insurance forum held last Thursday and Friday here on the coast.  So let’s backtrack a week and shake us up slabbed insurance cocktail by beginning with Anita Lee’s coverage of day 2:

Gov. Haley Barbour joined the coastal insurance debate Friday, telling an audience he believes regional compacts would be the best way to regulate wind coverage in coastal zones from Texas to Maine.

Barbour introduced The Travelers Insurance Cos. president, Brian MacLean, to explain the company’s proposal for improving the coast insurance market. Insurers have pulled back from coastlines in recent years, leaving state-run wind pools to fill the void.

Wind pools were intended as insurers of last resort, but their market shares have grown to levels that experts agree are unsustainable. Insurance works by spreading risk, not concentrating it.

Haley has been conspicuously absent from the insurance scene refusing to comment on the litigation while offering cheap lip service to Gene Taylor’s multi peril bill. I suspect he and the State GOP has been searching for a way to throw a bone to the people on the coast that helped elect him while working hard to preserve GOP big business bonafides with the campaign money machine that is big insurance. Continue reading “Slabbed Daily July 22-24. Lets tie a few things together”