If I’m understanding him correctly, I agree with Alex Soto, president of the Independent Insurance Agents & Brokers of
While not addressing any one company, Mr. Soto faulted the insurance trade groups for their failure to deal with media reports that, he said, made it appear the industry failed to pay claims in the aftermath of Hurricane Katrina.
He maintained that despite the fact the industry settled 98 percent of claims, “hysterical media” reports made it appear no claims were paid. Mr. Soto said the carrier associations should have been out with a stronger defense of the industry initially. Failure to do so has resulted in the industry getting “hit over the head” repeatedly with punitive legislation it does not deserve, he remarked.