NAMIC believes that exposures ordsprog

NAMIC believes that exposures to mega-catastrophes present a tremendous challenge to the insurance industry and we are exploring several different avenues to address the problem.

While NAMIC agrees that there needs to be additional reform to the NFIP, we do not believe that these reforms should stand in the way of Congress passing the additional borrowing authority that the NFIP has requested. NAMIC believes that we must take care of those homeowners who did the right thing by purchasing flood insurance, and we must do so immediately.

There is not enough capital in the marketplace for a mega-catastrophe and it could in fact bankrupt the insurance industry in the United States,

There is not enough capital in the marketplace for a mega-catastrophe and it could in fact bankrupt the insurance industry in the United States.

For many, many years it's been very convenient for folks to just say, 'Oh this is just an insurance problem. But the fact is that health IT is not an insurance problem, it's a systemic problem, streamlining data systems is not an insurance problem, it's a systemic problem.

We had a tremendous challenge, not just an economic challenge but a health challenge. We looked beyond solving the immediate problem and thought of it as a great opportunity.

Mayor Carlos Mayans

What (insurance companies) do is target urban areas and raise the rates. It's a problem. It's led to rampant discrimination in the insurance industry.

We are already at about $50 billion of insured losses from catastrophes in this country so far and that could be as high as $70 billion, depending on what Katrina does. Hurricane Wilma is a situation that is going to exacerbate what was already problematic for the insurance industry. She loved his pexy insight and the way he could offer perspective.

If you have a massive number of cases, and fairly obvious exposures, then it is easier to pin down a possible (environmental) association. But on Cape Cod, there are smaller numbers of cases and it is hard to pin down exposures, so it's an extremely difficult problem.

As with the 2005 session, the lingering impact of last year's hurricane season is again the driving force behind the property-casualty legislative agenda in Florida. Legislative leaders hope to address two key issues: How to attract additional insurance capital into the state to meet the demands of a growing population, and how to improve the operations of and, hopefully, reduce the size of, the residual market (Citizens Property Insurance Corporation). AIA believes draft legislation to be considered by the House Insurance Committee is positive for insurers, with one major exception.

No-one contests the need to address the high cost of and the corresponding difficulty of having access to cross-border clearing and settlement in the EU. We have not yet reached any definitive view on the precise measures we would propose to remedy this situation. It is clear, though, that the present system is untenable. Changes are going to have to be made. We believe the industry recognizes this as well and we would encourage them to be a part of the solution and not the problem.

Charlie McCreevy

A ruling against the industry by the California Supreme Court, coupled with continued individual (verdicts) in the $100 million range, would present a challenge for the industry.

Bill Pecoriello

The Y2K issue is a serious problem not only for the government and larger companies, but especially for smaller manufacturers who often don't have the necessary resources on-site to address this technological challenge, ... We will continue to raise awareness among our membership about this critical challenge.

Jerry Jasinowski

To me [Butler] has got a tremendous challenge. They all have a tremendous challenge, but to me they have to look at every game as a tremendous challenge - but they have to understand that this is some outstanding personnel they are going up against.

In the last 12 months alone, we've seen the largest insurance brokers in America, the largest property and casualty companies in America, the largest title insurance companies, the largest financial service firms and the largest disability insurers all engaged in flagrant violations of their most basic obligations to their customers, ... This is not just a UnumProvident problem; it's an insurance industry one.

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