Last week's posting from my visit to Capitol Hill for the first of what promises to be many Congressional hearings about insurer handling of Hurricane Katrina claims only scratched the surface of what was discussed during that long afternoon for an industry on the hot seat. Read on for some more highlights (or lowlights, depending on your perspective).
–Rep. Gene Taylor, D-Miss., used the forum to plug his plan to allow the National Flood Insurance Program to write an all-perils policy. “If insurers are going to systematically pull out of coastal areas…has a vacuum been created that the government should fill like it did before by creating the NFIP?” he asked.
My answer would be, absolutely not! Look how poorly the feds run the NFIP! Why in the world would you want them to expand their coverage? A more productive discussion might be whether all homeowners policies should offer all-peril coverage–but only at actuarially-sound rates, please!
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