Proponents and foes of a larger federal role in insuringmega-catastrophe risks clashed here during a meeting of theNational Conference of Insurance Legislators.
The core disagreement centered on the general efficacy of stateinsurance funds–and, by implication, a new federal one–to backstopinsurance risk posed by events on the scale of HurricaneKatrina.
Ed Collins, counsel for Allstate Insurance Company, said theFlorida Hurricane Catastrophe Fund saved state policyholders anaverage of $500 on premiums last year.
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