Disaster insurance: Should it be mandatory?
By Roger Showley Contact Reporter
Question: Should natural disaster insurance be made mandatory?
Bob’s answer: No
Mandates would prevent incentives to build risk-management processes and are very unpopular. Those in high-risk states must rely on lenders to require borrower insurance.
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States must enforce strong building codes and tort reform should be enacted to avoid frivolous lawsuits. Also, Army Corps of Engineers approval should be required to redevelop in disaster-prone areas. Lastly, tax reform should alter GAAP [generally accepted accounting principles] to permit insurance companies to establish reserves for potential catastrophes.
