Smart Rainy Day Planning: Key Considerations in Coordinating and Maximizing Insurance Funding for CAT Loss Recovery

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1 Smart Rainy Day Planning: Key Cnsideratins in Crdinating and Maximizing Insurance Funding fr CAT Lss Recvery A Presentatin at the Natinal Assciatin f Insurance Cmmissiners Prperty & Casualty Insurance (C ) CAT Wrking Grup Prepared by Amy Bach, Executive Directr, United Plicyhlders S. Clleen Repett, Executive Directr, FIRM (Fair Insurance Rates in Mnre) Sunday, June 14, 2009

2 Fair Insurance Rates In Mnre (FIRM) FIRM is a grassrts rganizatin funded in Key West in February 2006 t address skyrcketing windstrm insurance rates in Mnre Cunty 5,000+ members cuntywide Run by vlunteers and funded by dnatins 501(c)(4) rganizatin Slide 2

3 FIRM s MISSION STATEMENT T advcate fr, prmte and encurage the prmulgatin f fair, impartial and actuarially sund windstrm insurance rates fr wners f cmmercial and residential prperties within the gegraphic bundaries f Mnre Cunty, Flrida. Slide 3

4 FIRM s Accmplishments Brught attentin t statewide windstrm insurance crisis Successfully challenged Citizens Prperty Insurance Crpratin (CPIC) 2006 rate filings which wuld have prduced windstrm rates in excess f $30/$1,000 f cverage fr Flrida Keys prperty wners FIRM prvided cnvincing factual evidence t the Office f Insurance Regulatin that the windstrm rates were t high The Office f Insurance Regulatin therefre rlled-back Mnre Cunty rates by 32% resulting in an effective rate f $13.44/$1,000 f cverage Wrked with a calitin f cnsumer grups arund the state fr insurance refrm Slide 4

5 Abut UP: UP is a 501(c)(3) nn-prfit funded in 1991 that helps slve insurance prblems Extensive resurces and infrmatin free f charge at (20k site visitrs per mnth n average) Wrk is funded by dnatins and grants. A natinal netwrk f vlunteers and limited paid staff. Slide 5

6 United Plicyhlders Prgrams and Tls Radmap t Recvery [Pst-disaster] Tls and resurces fr disaster victims, case managers/ aid wrkers. Radmap t Preparedness [Pre-disaster] Tls and resurces aimed at prmting financial preparedness and lss mitigatin. Amicus Prject and Advcacy wrk [Legal and Other] Advancing the interests f plicyhlders in curts f law, regulatry agencies and legislative prceedings Slide 6

7 United Plicyhlders At Wrk 08 Press cnference in San Dieg re: pst wildfire underinsurance Elected UP frum in New Orleans, 2006 re: exclusins defeating cverage (e.g. ACC clause) Slide 7

8 The Hurricane Insurance Challenge Tw simultaneus perils wind and water Wind insurance is prvided by private insurers and Citizens Prperty Insurance Crp. Fld insurance is a federal prgram Current risk mdels d nt separate the perils and, therefre, d nt accurately reflect prbable maximum lss fr damage caused by each All risk plicies wuld eliminate this prblem Slide 8

9 Delays are Cstly t the Cnsumer Currently, plicyhlders claims are delayed by each insurer until hurricane damage is assessed prprtinately t wind and fld Repair and rebuilding delays cause cnsiderable additinal financial burdens Lifestyle is cntinuusly interrupted It can take years t prperly settle claims Slide 9

10 Natinal Climatic Data Center (NCDC - Divisin f NOAA) Natins Screkeeper when addressing severe natural catastrphic events in their histrical perspective NCDC tracks and evaluates climate events in US and glbally that have great ecnmic and scietal impacts US has sustained 90 natural disasters ver the past 29 years in which estimated lsses, insured and uninsured, exceed $700 billin In 2008 alne, an estimated $58 billin was spent n weather related events in 44 states befre accunting fr the Nrtheast ice strms in December Surce: Natinal Climatic Data Center (NOAA) Slide 10

11 Layered Insurance Cverage If, in fact, a majrity f states suffer frm natural catastrphic events, then high risk areas shuld have 4 levels f all risk insurance cverage Level 1-Individual all risk plicyhlder pays premium and deductible Level 2-Private insurance all risk plicy pays claims t cap lss Level 3-State Catastrphe Fund pays all risk claims ver private insurance t cap lss limit Level 4-Federal Catastrphe Insurance Plan prvides a catastrphic financial bligatin guarantee t state fr amunts ver the state s cap lss limit Slide 11

12 US Rep. Rn Klein: A natinal catastrphe fund wuld allw natural disasters t be addressed thrugh a cmprehensive private-public partnership with private industry, state and lcal gvernments, and the federal gvernment, each playing an apprpriate rle. Such a system wuld allw the private insurance market and state prgrams t perate with increased efficiency by prviding a high level f prtectin t deal with catastrphic events. Reintrduced 2007 bill as Hmewners Defense Act f 2009, H.R with minimal mdificatins n May 21, Surce: U.S. Rep. Rn Klein (FL-22) Slide 12

13 Taxpayers are the State and Federal Gvernments All taxpayers are picking up the tab nw fr hurricane damages caused by fld and wind n prperties withut insurance Taxpayers wh buy wind and fld plicies are taking respnsibility fr their chices Every prperty wner needs t be mtivated and able t take persnal respnsibility fr their prperty and the welfare f their family members Slide 13

14 Building and Mitigatin Educatin Civic grups, insurance brkers, mrtgage brkers, and the real estate industry culd prvide high risk area specific mitigatin seminars t cnsumers Prperty wners need t knw the cst/savings benefits f strng building and mitigatin in their wn high risk area Lw interest lans, grants and premium credits shuld be available t help cnsumers strengthen their prperties Slide 14

15 Persnal Respnsibility Prperty wners in high risk areas need t understand that hardened prperties and insurance cverage are in their best persnal and financial interest Tax incentives culd be prvided t wners wh take persnal respnsibility, harden their prperties, and buy underlying insurance Private insurance cmpany plicies culd eliminate exclusins but cap lsses n all risk plicies State catastrphe funds shuld be required befre tapping federal guarantees Federal assistance shuld be limited t prviding financial help t prperty wners wh mitigate fr risk and/r buy underlying insurance, in the states that prvide a catastrphe fund Slide 15

16 Enfrceable Factrs Strng building cdes and mitigatin lwer claims frm a catastrphic event They increase prperty values and give cnsumers greater prperty prtectin Cunties and municipalities have a critical respnsibility t the public welfare when develping land use regulatins All f the abve are enfrceable Slide 16

17 A Surce f Funding, albeit After the Fact Natural disasters cause prperty rebuilding and repair purchases Mst states charge sales tax n purchases, which prvides a state windfall tax revenue stream Unanticipated state sales tax revenue culd be used t build reserves in state catastrphe funds and/r t fund mitigatin prgrams, such as My Safe Flrida Hme The windfall incme shuld never be available t any state s general revenue fund The funds result frm catastrphic events and shuld be available t ffset future catastrphic claims Slide 17

18 COGA Why COGA (The Catastrphe Obligatin Guarantee Act) merits the supprt f public fficials: Private prperty insurance in states with catastrphic natural disaster risks is fast becming scarce and unaffrdable. Residential prperty insurance is vital t pst-disaster recvery. Public insurance/reinsurance prgrams need t be cmpetitive/ viable Planned bslescence nt materializing They need substantial pst-catastrphe capital t pay their claims, but fr public entities, the nly available frm f external capital is debt capital. Slide 18

19 Sund Public Plicy COGA is sund public plicy Will meet the nging cmmn need f established prgrams in Califrnia, Flrida, Luisiana, and Texas fr reliable, adequate private financing. The fluctuating and heavy cst burden f private reinsurance = built in inefficiency Federal guarantees f State prgrams pstevent debt. COGA will prvide these State prgrams, and any ther qualifying State prgram, with dramatically enhanced debt-market access, acrss all market cnditins, at much lwer brrwing csts. Slide 19

20 COMMON GROUND Mitigatin: fllw Flrida and Califrnia s appraches t creating funding fr mitigatin grants and lans, insurers need t create mre discunts/incentives Effective rate regulatin/rate stability Public prgrams need access t reasnably priced capacity t meet high level risk expsures Cnsumer educatin n deductibles and chices Strng enfrcement f building cdes Slide 20

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