NC Panel Studying Impact Of Hurricanes On Insurance

Legislative leaders said Friday they formed a special panel to study how Category 3, 4 and 5 hurricanes can impact the cost and availability of property insurance for North Carolina residents.

By: Associated Press | News Channel 7
Published: September 12, 2008

» Comments | Post a Comment

RALEIGH, N.C. (AP) - As hurricane season heats up, North Carolina lawmakers are looking at how the storms are affecting homeowners insurance.
Legislative leaders said Friday they formed a special panel to study how Category 3, 4 and 5 hurricanes can impact the cost and availability of property insurance for North Carolina residents.
House Speaker Joe Hackney said the committee's work will help lawmakers improve the state's current system.
In August, Farmers Insurance announced it's dropping 40,000 North Carolina homeowners' plans because it was concerned the company would be overexposed to financial risk if a hurricane caused significant property damage.
The group of insurance industry officials and lawmakers is expected to make recommendations to the General Assembly by February.

(Copyright 2008 by The Associated Press. All Rights Reserved.)

Reader Comments

*Facebook Account Required to Comment. If you are not already logged into Facebook, please click the comment button to do so.

Deal of the Day

Video

Walmart Attempted Abduction

A suspect remains jailed after police say he tried to abduct a 7-year-old girl who was able to fight him off at a Walmart store in west Georgia on Wednesday.

» More Video