Filed Under:Markets, Personal Lines

Ala. Legislation Offers Insurers $2.5M to Take Wind Risk

Updated: 4:52 p.m. EDT

NU Online News Service, March 19, 3:32 p.m. EDT

An Alabama representative is proposing to offer a $2.5 million incentive to insurers that remove wind risks from the state’s assigned-risk pool.

Chris Hackett, director of personal lines policy for the Property Casualty Insurers Association of America, says that the association is in favor of any government “incentive for insurers to take out business” from a state run homeowners program, typically known as the insurer of last resort, and place it in the private market.

These state companies were created when the private market was no longer willing to assume property risks, usually high-risk coastal areas.

Featured Video

Most Recent Videos

Video Library ››

Top Story

Hosting a Super Bowl 50 party? Watch out for these 5 risks

Follow these five tips to keep your guests and your home safe during your Super Bowl 50 party.

Top Story

Win big with these 7 food safety tips for your Super Bowl 50 party

Avoid food safety penalties at your Super Bowl party by following these seven tips.

More Resources


eNewsletter Sign Up

PropertyCasualty360 Daily eNews

Get P&C insurance news to stay ahead of the competition in one concise format - FREE. Sign Up Now!

Mobile Phone

Advertisement. Closing in 15 seconds.