Jefferson EDGE Releases Insurance Report
February 12, 2009
Jefferson Parish Economic Development Commission (JEDCO) officials released today its Jefferson EDGE 2020 Insurance Report.
The report details the negative impact of Hurricane Katrina on the insurance industry in Jefferson Parish, specifically in the area of casualty insurance.
While the overall climate for insurance is improving, coverage is more available and costs are beginning to decrease. The Insurance Report identifies specific action items to further improve the state of insurance in Jefferson Parish.
The strategies, which focus on mitigating risk, directing public policy, and educating businesses on insurance issues, are to be implemented within the next 18 months.
Risk Mitigation
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Aggressively support the accelerated implementation of the Jefferson EDGE 2020 Flood Protection plan.
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Strongly oppose efforts to reverse the mandatory statewide building code.
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Supprt efforts at the state and local levels to ensure more intelligent building practices.
Public Policy
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Extend the Insure Louisiana Incentive Program to allow for further distribution of incentive funds to attract private insurers to the state.
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Support statewide efforts for tort reform.
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Advocate forcefully for the establishment of a Federal Catastrophe Insurance Fund.
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Advocate for reforms to the National Flood Insurance Program (NFIP)
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Examine the feasibility of other insurance reform proposals at the national level.
Research and Education
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Create a formal, unified mechanism for outreach to businesses on insurance matters.
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Encourage businesses in Jefferson and throughout the metropolitan area to join regional and national coalitions to advocate for comprehensive insurance reform.
"Without affordable and adequate insurance coverage, we are facing an uphill battle with retaining and attracting new businesses. By following the road map outlined in this report, we can help increase the availablity of property insurance options not only for our businesses, but also for our residents," said Lee Giorgio, head of the Jefferson Edge insurance strike force.
Insurance is the latest quality of life initiative issued by Jefferson EDGE 2020. Others include: flood control, crime abatement, education, beautification, and health and hospitals. The redevelopment of Fat City and economic development will be addressed in the coming months.
Insurance
(Jefferson EDGE 2020 Strategic Implementation Plan - 2.57mb PDF)
