While one industry representative blasted states' decisions to bar insurers from invoking hurricane deductibles after superstorm Sandy as an act of "political expediency" that will result in higher rates, another says he believes the state officials "acted within the letter of the law."
Jimi Grande, senior vice president, federal and political affairs for the National Association of Mutual Insurance Companies, says, "The uncertainty created as politicians or bureaucrats simply change the rules makes providing coverage more difficult and expensive for everyone."
Furthermore, he says that "basing these decisions on a ruling from the National Weather Service—a ruling process with no transparency—only adds to the uncertainty."
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
