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.

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