The looming homeowners' insurance crisis has both the insurance industry and policyholders sending out a distress call. The Hartford is proposing a collaborative public policy solution within the current state-based regulatory framework. To learn more about the effort and examine its viability, Claims' Eric Gilkey had a candid discussion with The Hartford's Robert Paiano.
Briefly describe The Hartford's Coastal Catastrophe Partnership. Why do you feel this plan is important to the industry?
One only needs to examine history to see the financial train wreck ahead if we don't change how we prepare for and recover from hurricanes. The coastal states are facing a looming economic crisis that could be triggered by the next major hurricane. Basically the threat is higher, the risk is greater, and consumers and taxpayers are more exposed. Whether it happens during this hurricane season or the next, the reality is that a big storm is inevitable, so we can't act fast enough to address the problem.
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