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Rate increase no easy decision for insurance commissioner.

Publication: Mississippi Business Journal
Publication Date: 28-AUG-06 		Format: Online
Delivery: Immediate Online Access
Full Article Title: Rate increase no easy decision for insurance commissioner.(Region Rebuilds)

Article Excerpt
It was a tough decision but one that had to be made. On July 28, Mississippi Commissioner of Insurance George Dale granted the Mississippi Windstorm Underwriting Association (MWUA) a rate increase of 90% in the homeowner's program.

The amount of increase was considerably lower than the 398.8% the association had requested to cover losses from Hurricane Katrina.

Dale's much-anticipated decision was being watched closely by the insurance industry and policy-holders due to the effect it would have on the insurance industry in the state as well as those waiting to rebuild following one of Mississippi's worst natural disasters in September 2005.

"I knew I had to make a difficult decision," said Dale. "The 90% decision really didn't please anyone. It really was a no-win situation."

The association, which provides coverage for high-risk homes in six Gulf Coast-tier Mississippi counties, requested the rate hike for residential property insured for wind and hail damage, at a public hearing on June 5 in Jackson. Rate hikes of 268% for commercial property and 60.4% for mobile homes were also requested.

The 268% rate hike request for commercial property was approved by Dale "but that was also a hard...

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