Conceding that "the stars have lined up to give us some very difficult challenges," Alex Soto, president of the Independent Insurance Agents and Brokers of America, has set his sights on two legislative targets critical to the industry–disaster coverage and regulatory reform. Mr. Soto, just past the halfway point of his one-year administration, outlines his goals and vision in an exclusive interview with National Underwriter.
"We can go two ways on catastrophe management," he said during a recent interview in Washington, D.C., right before a major Congressional hearing on the industry's claims-handling performance in Hurricane Katrina. "We can keep going as we've been–just addressing disasters as they occur, waiting for the [federal] cavalry to arrive for the rescue. Or we could be more proactive and fund for these catastrophes before they hit."
Mr. Soto believes that "ultimately, from a political standpoint, we need a federal reinsurance facility for hurricanes, earthquakes and other disasters–perhaps building on the system in place for terrorism."
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