The recent experience of Florida, which is recovering from not one or two but four serious storms in a single hurricane season, has underscored the need for Texas officials to reevaluate the state´s potential risks due to tropical weather-related events and how that exposure is managed financially.
The Texas Department of Insurance announced it will host a conference on Nov. 17, 2004, in Austin to bring together state legislators, insurance executives and hurricane experts to discuss Texas´ hurricane preparedness as it relates to financial protection from catastrophic losses. Conference attendees will also discuss possible recommendations for the upcoming legislative session.
Along with a detailed look at the recent Florida experience, the Windstorm/Hail Conference will include presentations on the shift of the state´s population to urban and coastal areas, long-range tropical weather forecasts, the potential for losses in Texas and potential solutions to protect the state against these losses.
Texas Insurance Commissioner José Montemayor said with the growing exposure on the Texas coast (currently around $20 billion dollars in property and casualty), it is time to be more proactive in preparing for a major windstorm.
“The question is not whether a big hurricane will impact the Texas coast,” said Montemayor. “The question is when that will happen and will we be ready.”
The Texas Windstorm/Hail Conference is scheduled for Nov. 17, 2004 at the Omni Austin Hotel Downtown from 8:30 a.m. to 12:30 p.m. For more information, contact TDI Associate Commissioner for Property and Casualty Marilyn Hamilton at (512) 322-2265 or by e-mail at Marilyn.Hamilton@tdi.state.tx.us.
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