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Mississippi Windpool Requests Steep Rate Increases

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At a glance:

The State of Mississippi will hold public hearings in June concerning proposed rate increases by the Mississippi Windstorm Underwriting Association, also known as the "Windpool", which insures thousands of homes and businesses in the highest risk coastal areas of the state. 
 
The State Insurance Commissioner must decide whether to approve rate increases ranging from 60% to 400% for various types of structures.  
 
There are implications for all policyholders in Mississippi since the Windpool works in conjunction with private insurers to bear the risks.

Insurance public hearing set

Jackson Clarion Ledger - 5/24/2006 6:35 AM

Insurance Commissioner George Dale has scheduled a public hearing for June 5 at the state Capitol on a proposed rate increase by the Mississippi Windstorm Underwriting Association, which provides coverage for high-risk homes in coastal Mississippi.
 
In April, the MWUA, also known as the windpool, requested a rate increase of 397.8 percent for private dwellings insured for wind and hail damage, a 268 percent rate increase for commercial property, and 60.4 percent for mobile homes. The requested increase is not for paying claims from past storms but for additional reinsurance for the upcoming hurricane season.
 
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