Casino Gambling Funds from Gulf Coast to Cover Insurance

Two lawmakers are proposing a stream of money, generated by taking a portion of the growth in Mississippi casino gambling revenue, to hold down homeowner insurance rates on the hurricane-ravaged Gulf Coast. Earlier this year, the Mississippi Windstorm Underwriting Association, commonly known as the wind pool, requested a rate increase of 400 percent as a result of the devastation caused in August by Hurricane Katrina.

In an effort to reduce the amount of the increase needed by the wind pool, Gov. Haley Barbour set aside $50 million of the federal Community Development Block Grants funds awarded to the state for hurricane recovery. While the block grant funds will hold down the size of the needed increase for the wind pool, it is not clear by what amount. Insurance Commissioner George Dale has not yet acted on the rate increase request.

July 5, 2006
Posted By Larry Rutherford
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