GULFPORT — Frustrated by Senate inaction, U.S. Sen. Roger Wicker stepped up his role in the coastal insurance debate Thursday, hosting an insurance forum that presented ideas for an overhaul of the National Flood Insurance Program that were new to the audience.
Approaches to insure against catastrophic risk varied, but two thoughts appeared universal: The current insurance system does not work for low-frequency, high-severity events such as Hurricane Katrina, and property owners can expect a stable and affordable insurance market only if they fortify their homes against hurricane damage.
Wicker said after the forum he hopes to build momentum for a Senate hearing on comprehensive coverage for catastrophic events. Christopher Dodd, D-Conn., has not followed through on promises that the Banking Committee he chairs will hold a hearing on the issue.
Read more: http://www.sunherald.com/2010/04/08/2086436/wicker-prods-dodd-to-work-on-insurance.html#ixzz0ktQ7v3IQ