Insurance Commissioner Race Heats Up
Insurance Commissioner, Mike Chaney, says while it may seem like insurance rates on the Coast are out of control, residents may not have all the facts. Chaney says, "Rates have not gone up. I meet with a lot of folks, so when we lay all the facts out, things are not what they seem to be sometimes."
Chaney is up for re-election this year, but his challenger, John Mosley, says the incumbent is somewhat to blame for the high rates in south Mississippi. The Commissioner, on the other hand, says wind insurance is the real culprit. Chaney says, "The thing that affects rates on the Gulf Coast would be wind insurance. Outside of that, the Gulf Coast rates are very cheap. When we compare rates ex-wind on the Gulf Coast, with the rest of the state, the Gulf Coast is fairly reasonable."
Wind insurance rate increases have forced some out of their homes, something challenger, Mosley, says could be avoided, but Chaney insists he’s working hard to keep wind insurance rates down. He says, "When I took office, we lowered the rates 11% on an average. They have gone back up 3%, but there’s still a net reduction of 7% on the Gulf Coast."
Though Chaney is up for re-election this November, he says he’s not concerned about campaigning, but on fighting for Mississippians instead. Chaney closes, "I make a difference. I’m not running for another office, I enjoy being Insurance Commissioner. I make a difference. You have to be very even keel on what you do. You’ve got to know that when you get up in morning, you make a decision that affects 2.9 million Mississippians."
A major success in the insurance department this year was the passage of the Clarity Bill.