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HHII MEETS WITH GOVERNOR'S STAFF
On March 18, 2015, about 30 people crowded into a small
Montgomery conference room to demonstrate to the Governor's
staff that coastal insurance premiums are unjustly high and ask
him to appoint Coastal Insurance Working Group to immediately
begin crafting a Plan for Fair Property Insurance Premiums,
Deductibles and Availability in Alabama. In addition to five
members of the governor's staff including his chief of staff,
most of our coastal legislators, representatives from the Cities
of Mobile and Fairhope and Baldwin County Commission, four
members of HHII, and three members of the Department of Insurance.
The meeting went very well. Although the time was limited, HHII was able to present its key
Power Point slides, which helped impress the idea that DOI methods (and attitudes) are systemically biased against the coast. At the conclusion of the meeting , David Connor, the Baldwin County lawyer, gave the “closing statement” which captured everyone's attention. Finally, the Governor’s Chief of Staff said he would make sure that Governor Bentley saw the request for the working group by the end of that day.
HHII is grateful to Representative Joe Faust, who has taken a hard stand and vowed that "we're not backing up," for helping to set up this meeting.
Since then, Insurance Commissioner Ridling has been trying to meet with coastal legislators to pry them away from taking the next steps, and undo the progress and momentum built in that meeting.
INSURANCE INDUSTRY PROFITS SURGE
Net profits in the U.S. property/casualty insurance industry increased 91.5% to $69.9 billion in 2013 compared to $36.5
billion in 2012. The surge in profits stemmed from vastly improved underwriting performance as moderate rate increases
and lower catastrophe losses propelled the industry to a net underwriting gain of $20.8 billion and produced a combined
ratio of 95.7%
measures not seen since 2007. In addition to the impressive underwriting performance, the industry rec-
orded a net investment gain of $64.9 billion despite a pro
longed period of low interest rates that has only slightly low-
ered investment yields. Policyholders’ surplus rose to $665.2 billion as net income, along with net unrealized gains of
$22.9 billion were partially offset by stockholder dividends totaling $40.8 billion. The remarkable profits generated in
2013 attributed to a return on surplus of 14.6%
a ten year high. The increase in earned premiums coupled with lower
incurred losses led to a 51.1% increase in net cash provided by operating activities to $58.6 billion. The industry’s li-
quidity position was further strengthened by the positive cash flow and resulted in a liquidity ratio of 78.0%/p>
Kelly, an advocate for insurance reform, and others say that coastal counties are carrying an unfair load of insurance premium increases partially as a result of faulty underwriting models. She worked with
NC Sen. Cook to craft the legislation, which addresses numerous other aspects of property insurance.
The legislation takes aim at the type of models used to predict risk and set rates, Kelly said in an interview last week. It also would increase transparency in the rate-setting process and change how the North Carolina Insurance Underwriters Association handles premiums and reserves in the event of catastrophic losses.
HHII has just (3/4/2015) learned the MS Clarity Bill passed both houses!! It now just needs the Governor's signature to become law. Congratulations to
MAWIC, Rep. Richard Bennet, and other coastal legislatures for making this happen.
HHII WELCOMES SPEAKING ENGAGEMENTS
HHII can fully inform your community or fraternal organization,
or church group, small or large, about what is happening with
homeowners' insurance. The presentation can be as short as
ten minutes or as long and in depth as you would like.
Call 251-928-3430 if you know of any who would be interested.
DON'T DROP YOUR FIRE & THEFT INSURANCE!
HHII has heard reports of homeowners who have dropped
insurance coverage because of unaffordable premiums. HHII urges
homeowners to maintain mult-peril (fire & theft) coverage even if they
can no longer afford wind coverage.
This toolkit includes links to detailed information to help answer questions about the changes coming to the NFIP.
ACT-II was developed by Baldwin County pastors in conjunction
with Ecumenical Ministries, Inc. Together we work on a wide variety of
problems in both poor and affluent communities around the county. Our
mission is to develop leaders and empower people to take democratic
action to improve the quality of life in our communities using our
dialogue to action church-based model and principles.
History of ACT-II.
This site is maintained for HHII by Colin Keleher, who is solely
responsible for its content. In general, posts with upper case headings
originate with HHII; posts with lower case headings are aggregated from
the cited sources. Please report errors and make suggestions to email@example.com