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Jan 29, 2007
Governor Blanco shares Louisiana story with insurance industry; tells risk modelers of mitigation efforts in the hopes of reducing insurance rates

SAN FRANCISCO - Governor Kathleen Babineaux Blanco kicked off a three-day insurance outreach mission today in San Francisco, part of her continuing efforts to bring affordable insurance home to Louisiana.

"We in Louisiana have made great strides to protect ourselves from future natural disasters, and that's the story I'm here to share," Governor Blanco said.  "Through levee repairs, levee board reform, our focus on coastal restoration and hurricane protection, the adoption of our new statewide building codes, and homeowner mitigation efforts, we are doing a lot when it comes to reducing our risk.  But if our home and business owners are to realize the benefits of those efforts in the form of lower insurance rates, we must aggressively tell our story."

Gov. Blanco has just completed a meeting with AIR Worldwide, the first of two risk modeling companies on her outreach mission.  The company provides the catastrophe modeling technology used by insurers, reinsurers and financial institutions to determine estimated risks for all major natural hazards, including hurricanes, floods, tornadoes, earthquakes, and hailstorms.  This worldwide company has developed risk models for North America, the Caribbean, South America, Europe, and the Asia-Pacific region.

Tuesday, Gov. Blanco will meet with Risk Management Solutions, Inc., which recently completed a risk analysis of New Orleans.  Wednesday, Gov. Blanco and Commissioner of Insurance Jim Donelon will address the Property and Casualty Insurers of America Board of Governors.

"As we continue seeking solutions to the insurance crisis facing our state, I believe the industry can meet us halfway," Gov. Blanco said.  "There has been an overreaction to the perceived risk of writing policies in Louisiana, and dropped coverage and spiking rates are the result.  Wednesday I will reach out to industry executives and invite them all to do business in Louisiana.  Increasing the number of insurance companies in our state will result in more affordable insurance.  With that critical goal in mind, I will continue to aggressively tell our story."

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