Q&A With David Altmaier, President, National Association of Insurance Commissioners
Florida’s insurance regulator has a busy year ahead, and it won’t just include overseeing his own state’s insurance market, one of the most dynamic and complicated insurance markets in the world. Rather, for the next year, Insurance Commissioner David Altmaier has another job as president of the National Association of Insurance Commissioners, the members of which include all state insurance commissioners.
But it’s a job he says he is ready for after serving as president-elect behind former NAIC President and South Carolina Insurance Director Ray Farmer, with whom he has a shared understanding based on leading insurance markets in catastrophe-prone states.
The rate increases in Florida, the third-largest property insurance market among U.S. states, are the highest in memory, according to some insurance agents and residents. One danger, they say, is that the new rates could make owning a home in Florida unaffordable.
By Suzanne Barlyn (Reuters) - Florida property insurers are jacking up rates by double-digit percentages, blaming the hikes on lingering damage from p.