[StBernard] TOMORROW: LRA Releases Hurricane Catastrophe Fund Study

[Westley Annis]

TOMORROW: LRA Releases Hurricane Catastrophe Fund Study

WHAT: The Louisiana Recovery Authority (LRA) will release an independent actuarial analysis of the structural options, cost and impact of a hurricane catastrophe fund in the post-2005 Louisiana insurance market. The report evaluates the pros and cons of a range of design factors and considers: 

*	The maximum financial capacity that can be economically supported 
*	The size and likelihood of potential hurricane losses to the state
*	The cost (that is, annual premium and potential assessments) of the fund
*	The fairest way to allocate the costs of the fund to the policyholders and the citizens of the state

WHO: Sean Reilly, Board of Directors, LRA
Andy Kopplin, Executive Director, LRA
Rich Piazza, Chief Actuary, Louisiana Department of Insurance
Kevin Campion, Executive Vice President, Paragon
Martin Helgestad, Senior Vice President, Paragon
Jason Cook, Vice President, Paragon

The report, by Paragon Strategic Solutions, was sponsored with private funds by the LRA Support Foundation, on behalf of the LRA. 

WHY: Finding affordable insurance coverage in South Louisiana has become increasingly difficult. The report will serve as a tool for policymakers to make decisions on whether and how to design the fund by providing capacity calculations for the fund, financing sources and options, and evaluating the benefits and limitations of several optional structural components of the fund. 

WHEN: Wednesday, March 28, 2007
8:30 a.m. Briefing for legislators, industry representatives and reporters
9:45 a.m. to 10:00 a.m. Q&A for reporters

WHERE: Department of Insurance, 1702 N. Third Street, Baton Rouge
First Floor Hearing Room

The meeting will be webcast at www.ldi.state.la.us <http://www.ldi.state.la.us> . Once there, click in the bottom right corner for "Media Center" to access LIRC Meetings LIVE. 

Hurricanes Katrina and Rita devastated South Louisiana, claiming 1,464 lives, destroying more than 200,000 homes and 18,000 businesses. The Louisiana Recovery Authority (LRA) is the planning and coordinating body that was created in the aftermath of these storms by Governor Kathleen Babineaux Blanco to lead one of the most extensive rebuilding efforts in the world. The LRA is a 33-member body which is coordinating across jurisdictions, supporting community recovery and resurgence, ensuring integrity and effectiveness, and planning for the recovery and rebuilding of Louisiana.

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