I.I.I. Testifies on Insurance & Coastal Risk in Florida
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This PowerPoint presentation is from testimony by Robert Hartwig, chief economist of the Insurance Information Institute, before the state of Florida’s Coastal High Hazard Study Committee. The presentation provides an historical review of catastrophic hurricane losses in Florida, a forecast suggesting more of the same in the future and a summary of current exposure in terms of insured value relative to other Atlantic and Gulf states. Financial performance and capacity constraints related to the sale of homeowners insurance in the state is reviewed. The presentation then explains Florida’s excessive catastrophe exposure as an outcome of a rational economic and political decision making process involving property owners; local, zoning and planning officials; and politicians at all levels of government, all of whom act in their own self-interest. The impact of private insurers’ market-based signals on development patterns is discussed and contrasted with government-run insurers. The presentation continues with a review of population growth trends in Florida since 1960 with projections through 2030. Final sections provide a summary of successful tools for controlling hurricane exposure, recommendations and a review of the National Association of Insurance Commissioners’ National Catastrophe Plan.
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