Proponents and foes of a larger federal role in insuring mega-catastrophe risk clashed Saturday at a forum in Napa, Calif. during the annual meeting of the National Conference of Insurance Legislators.
The core disagreement centered on the general efficacy of state insurance funds, and by implication a new federal one, to backstop insurance risk posed by events on the scale of Hurricane Katrina.
Ed Collins, counsel for Allstate Insurance Company, said the Florida Hurricane Catastrophe Fund saved state policyholders an average of $500 on premiums last year.
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