Insurance Commissioner John D. Doak Building Resilient Homes A - - PowerPoint PPT Presentation

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Nov 01, 2022 41 likes •247 views

Insurance Commissioner John D. Doak Building Resilient Homes A Better Way Forward May 19, 2013 Shawnee, Oklahoma May 20, 2013 Moore, Oklahoma May 30, 2013 Broken Arrow, Oklahoma May 31, 2013 El Reno, Oklahoma 2013 Aftermath

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Insurance Commissioner John D. Doak

SLIDE 2

Building Resilient Homes A Better Way Forward

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May 19, 2013 – Shawnee, Oklahoma

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May 20, 2013 – Moore, Oklahoma

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May 30, 2013 – Broken Arrow, Oklahoma

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May 31, 2013 – El Reno, Oklahoma

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2013 Aftermath

Insurance claims filed

in response to the major tornado

utbreak reached

nearly:

100,000 Total

With insurance

payments totaling more than:

$1.1 Billion

Gaylord Family Oklahoma Memorial Stadium

Capacity is only 84,389

SLIDE 8

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Narrowing the Path, Reducing Damage

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In 2016, the U.S. had 1,059 tornadoes.
43 states had one or more tornadoes in

2016.

Only 6 states saw zero tornadoes in

2016.

SLIDE 11

The Mission at the Insurance Institute for Business & Home Safety is to conduct

bjective, scientific research to identify and promote the most effective ways to

strengthen homes, businesses, and communities against natural disasters and other causes of loss.

IBHS Fortified Home™ Program

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IBHS FORTIFIED Gold designed for resilience against winds up to 135 mph (EF2 or lower)

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The Demotech Difference Fall 2017 Issue

It’s Time for a Change

SLIDE 17

The Demotech Difference Fall 2017 Issue

It’s Time for a Change

SLIDE 18

Oklahoma’s Proposal

Require property insurers to provide a discount or rate

reduction for building a home to the IBHS Fortified High Wind & Hail standards

Only applicable if the insurer determines it is

actuarially justified based on sufficient and credible evidence of cost savings

Must be certified by an IBHS evaluator
Homeowner must maintain proper documentation
Insurers submit rating plans to the Commissioner

SLIDE 19

Oklahoma’s Proposal

If an insurer already offers a hail resistance discount, it

would meet would meet the requirement for the hail portion

If an insurer already offers a discount for IBHS

standards, it would meet the requirement for the wind portion

Oklahoma law not effective until April 1, 2018
Companies already filing discounts

SLIDE 20

THANK YOU

Insurance Commissioner John D. Doak

1-800-522-0071

Graphs and animations provided by IBHS