Coming to grips with mega-catastrophe risks is at the top of the insurance agenda for state lawmakers and regulators in 2006 in the wake of back-to-back years of massive hurricane losses.
Commissioners from two of the most catastrophe-prone states–California and Florida–kicked off a national debate in November with a controversial proposal that would require property insurers to cover all natural risks, including flood, in return for a state and federal backstop in the event of mega-losses.
Regulators and industry representatives both took a wait-and-see attitude at the National Association of Insurance Commissioners winter meeting last month.
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