New York–The chairman of Travelers said his company prepared a four-pronged solution to solve coastal insurance problems, and federal lawmakers can dust it off and grab onto it when the inevitable crisis in Florida propels them into action.
Jay Fishman, chair and chief executive officer of Travelers, reviewed the details of a "private market-based approach" to the coastal insurance crisis during a speech Friday at the 20th annual Executive Conference for the Property-Casualty Industry, presented by The National Underwriter Company, in conjunction with Ernst & Young and Dewey & LeBoeuf.
Since there is so much else for federal lawmakers to deal with right now, it will take a "crisis" to spur any action on coastal coverage proposals in Washington, Mr. Fishman said, referring specifically to a potential Florida crisis described in a question from Peter Porrino, global director of insurance industry services for Ernst & Young, one of the conference hosts.
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