Florida's CFO Tom Gallagher recently proposed a list of ideas aimed at salvaging the state's insurance industry and protecting consumers from huge premium increases.
Among the suggestions were: removing exemptions in the state's building codes to weaken claims in the future; allowing homeowners tax-free savings to use for hurricane expenses; and encouraging reinsurance investors to help insurance companies deflect some of their losses from sizeable events.
He also joined a growing list of insurance leaders in the state and around the country in calling for Congress to create a national, government-backed catastrophic reinsurance fund, much like the state-backed hurricane reinsurance fund created after Hurricane Andrew. Gallagher has lobbied for this national fund for years.
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