Michael Hecht Discusses the State of Insurance on Scripps News
CSFI’s Michael Hecht, President & CEO of GNO, Inc., was invited by Scripps News to discuss the state of insurance in the face of climate change. Hecht underscored that “50% of America lives near water” and the threat of a “barbell economy,” where the middle class migrates, without insurance intervention and innovation. As inspiration for innovation, Hecht mentioned parametric insurance products, like FloodFlash, which could cover the cost of deductibles for flood insurance policies. He also talked about the need for legal and regulatory reform to reduce litigation costs and investments in mitigation to reduce losses. Watch Hecht’s interview here.