Insurers Slam Miss. Attorney General Lawsuit To Force Flood Claim Payouts
"If other states follow Hood's lead, industry losses could reach $75 billion"
By Steven Tuckey
National Underwriter P&C
"While the property-casualty industry braces for a record tab for Hurricane Katrina, with some estimates as high as $60 billion, the possibility looms that the figure could jump to more than $75 billion with the stroke of a pen. A lawsuit filed by Mississippi Attorney General Jim Hood to force companies to cover flood damages in addition to those caused by wind-driven rain has prompted insurance industry representatives to lay out frightening scenarios not only for insurers, but for the nation as well..."
By Steven Tuckey
National Underwriter P&C
"While the property-casualty industry braces for a record tab for Hurricane Katrina, with some estimates as high as $60 billion, the possibility looms that the figure could jump to more than $75 billion with the stroke of a pen. A lawsuit filed by Mississippi Attorney General Jim Hood to force companies to cover flood damages in addition to those caused by wind-driven rain has prompted insurance industry representatives to lay out frightening scenarios not only for insurers, but for the nation as well..."
posted by AVRECO at 11:34 AM
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