Insurance commissioners will meet Nov. 15-16 to discuss new strategies for spreading catastrophic risk.
California Commissioner John Garamendi said the event, planned before Hurricane Katrina hit the Gulf Coast, will focus on "devising a single methodology for risk-sharing," in the wake of natural disasters and terrorism.
In addition to Mr. Garamendi, Florida Insurance Commissioner Kevin McCarty and New York Superintendent of Insurance Howard Mills are organizing the event.
The conference will take place in San Francisco at a site not yet determined.
"The ultimate toll of Hurricane Katrina will be unimaginable in both loss of human life and financial ruin," Mr. Garamendi said. "The tragedy makes our work at the summit even more urgent."
Mr. Garamendi said that Florida and California have insurance pools to deal with catastrophes particular to their region, which helps make insurance affordable to those residents.
He noted, however, that since few states have such insurance programs, "most Americans have no affordable way to protect themselves financially if catastrophe strikes."
The commissioner said his counterparts from other states, along with insurance industry representatives and federal and state legislative officials, will take part in the conference.
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