The event, Lessons Learned from Recent Catastrophes, featured a presentation from Stephen Clark, Insurance Services Office (ISO), on how catastrophe losses have impacted availability, pricing and loss modeling. This presentation was followed by a panel discussion moderated by Alabama Insurance Commissioner Jim Ridling. State insurance regulators participating on the panel included Commissioners John Doak of Oklahoma and David Altmaier of Florida, as well as California Deputy Commissioner Ken Allen.
"We've gathered to share lessons learned from recent catastrophes," said Jennifer Hammer, Director of the Illinois Department of Insurance and chair of the Property and Casualty (C) Committee. "These discussions are very timely as the Northeast experienced their fourth nor'easter in three weeks. Insured loss estimates on the previous nor'easters have been estimated as high as $1 billion. In 2017, more than two dozen natural catastrophes struck across the U.S., many of which were billion-dollar disasters."
Presenters discussed pre-storm preparedness, consumer protection and assistance, data needs, innovative state approaches to facilitating mitigation and the effectiveness of building codes and standards over time.
"Many of our coastal property owners have struggled with high premiums and lost coverage following hurricanes," Ridling said. "In response, my department established new wind mitigation discounts for policy holders who have built or retro-fitted to Insurance Institute for Business & Home Safety (IBHS) Fortified standards. Alabama now leads the nation in the number of IBHS mitigated homes, which lowers our clean-up costs and allows business to resume post-event without further disruption."
The CIPR's mission is to serve federal and state lawmakers, federal and state regulatory agencies, international regulatory agencies and insurance consumers by enhancing intergovernmental cooperation and awareness, improving consumer protection and promoting legitimate marketplace competition.