By Scot Kersgaard
Natural disasters have long been the bane of property owners and insurers alike. When the earth moves and buildings shake someone has to pay the price.
In an effort to better understand earthquakes, how to prevent them, predict them and recover from them, Oklahoma Insurance Commissioner John Doak, the National Association of Insurance Commissioners and The Center for Insurance Policy and Research recently hosted All Things Earthquake, an educational seminar for the industry.
Doak says his office is better prepared to deal with earthquakes as a result of the conference. “We have been monitoring the rapidly advancing science on this issue for quite some time,” he said. “The initial uncertainty surrounding the cause of earthquake swarms was one of the reasons I suggested a national meeting for insurance regulators."
Doak delivered both the opening and the closing remarks at the conference, which was held in Chicago. Mississippi Insurance Commissioner Mike Chaney also spoke as did David Kodama, senior director of research and policy analysis for Property Casualty Insurers Association of America.
“Oklahomans need to have policies available to them that will cover earthquake damage as it relates to oil and gas activity,” Doak said. “Since we have been involved in this issue, many insurance companies have taken notice and have started to examine their own coverage. I applaud the insurance industry… for moving quickly to better protect this state’s policyholders.”
