Insurance commissioners in Mississippi and Louisiana warn that buyers of property insurance will have a difficult time for now, but how quickly the market improves depends literally on how the wind blows.
Mississippi Insurance Commissioner George Dale said insurers writing property business have not made money for awhile.
No insurers said they plan to pull out, he noted, but carriers are complaining about the state's wind pool assessments to cover gaping losses. The pool bought $75 million in reinsurance, he said, but paid out over $700 million in claims.
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