Insurance Commissioner Mike Chaney told members of the Biloxi Businessmen’s Club on Thursday he hopes to lower residential rates in the state wind pool by at least 10 percent.
Chaney said he would like to see a decrease of up to 40 percent in rates for the coverage offered by South Mississippi’s wind insurance company of last resort, but doesn’t know if that’s possible. The wind pool is shopping for reinsurance, which would help cover its losses in case of a disaster. Chaney will be transferring $40 million to the pool between now and July to help pay for the coverage.
With reinsurance rates going down, the hope is wind pool rates also can be lowered.