The record-setting insured losses from the 2004 and 2005 hurricane seasons have prompted government and private industry leaders to rethink how to maintain the viability of the private insurance system when losses reached unprecedented levels.
At a symposium in Miami last month sponsored by the National Association of Insurance Commissioners, regulators and property-casualty industry players pondered both the challenge and possible solutions to the era of expected atmospheric turbulence.
Florida Insurance Commissioner Kevin McCarty's absence from the event due to the pressing deliberations in the Florida Legislature over rate reform regulation (see related story, page 7) underscored the fact that real world events and pressures were changing the face of the industry even as players looked at the issues in theory.
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