I.I.I. Testifies on Homeowners Insurance in Coastal New York
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This PowerPoint report, made by the Insurance Information Institute’s vice president and chief economist, was presented before the New York State Senate Insurance Committee. The presentation includes an overview of the history of hurricane damage in the Northeast and a discussion of potential losses in New York State if a major hurricane were to strike. It notes that commercial exposure in the state is three times higher than residential exposure and that the insured value of New York’s coastal properties rivals Florida’s $2 trillion. Sections of the report explain the reasons insurance buyers may misperceive the risk, the role of flood insurance and the role of profits for the homeowners insurance industry.
Steven N. Weisbart, Ph.D., CLU, I.I.I. Vice President and Chief Economist, testified before the New York State Senate Insurance Committee on "The Availability and Affordability of Homeowners Insurance in New York’s Coastal Areas" on October 9, 2007.
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