Insurance conference brings industry insiders together

By Jeff Lawson - bio | email

BILOXI, MS (WLOX) - Some of the key players in the insurance industry were on the Coast this week. They came at the invitation of Mississippi Insurance Commissioner, Mike Chaney. Among those at the IP for the conference, were insurance commissioners from Louisiana, Alabama, South Carolina and the assistant commissioner from Virginia.

Conference attendees also heard a presentation from the CEO of Traveler's Insurance. His company has come up with a homeowners insurance plan he calls workable although not a panacea for all the insurance issues we face here.

Both Governor Haley Barbour and Commissioner Chaney said the plan is worthy of consideration.

On the subject of the state's windpool, Commissioner Chaney is confident the rates will continue to go down. He says homeowners can help with that process.

"You can lower the risk through mitigation, by building a stronger house and enforcing building codes," chaney said. "It is pretty simple."

The commissioner also sounded the alarm about a certain complacency he senses from some South Mississippians who seem to have forgotten what a hurricane can leave in its wake.

"What bothers me most is the fact we have had about five percent of coastal residents cancel their flood insurance," Chaney said. "That is not a good idea. If you live in a flood zone, you need flood insurance."

Chaney hopes the conference will help the coastal states work together the next time a major storm comes this way.

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