JACKSON, Miss - The recent data collected by the Mississippi Insurance Department highlights how the insurance industry continues to be committed to policyholders throughout the state according to the Property Casualty Insurers Association of America (PCI). Data shows that no one portion of the state is subsidizing costs for another portion.
Under the Mississippi Clarity Act insurers were required to submit rate information and other pricing details by policyholder zip code to determine a geographic comparison and market analysis of premiums and losses.
“It’s no secret Hurricane Katrina devastated portions of Mississippi and following Katrina we continue to see stronger and more frequent windstorms affecting all coastal regions and other parts of the state,” said Joe Woods, PCI’s Vice President of State Government Relations.
“Rates are decided by actuarial determinations and losses, which take storms into account. The report also shows that across the state premiums are lower than actual costs, which demonstrates how insures are trying to control costs for consumers. Additionally, the industry has supported recent legislation enacted to strengthen building codes,” said Woods
Insurers use this time to stress the importance of preparing your home now which can potentially save lives, and reduce damage after a major weather event. “Insurance is the foundation for keeping a family’s economic safety net strong and our job is to be there for our policyholders, and provide adequate coverage. Promoting and protecting a competitive private insurance market is critical to ensuring the availability and affordability of insurance for Mississippi citizens,” added Woods.Click here to read the full report.