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Wednesday, July 11, 2012
OKLAHOMA CITY–Oklahoma Insurance Commissioner John D. Doak, with Gov. Mary Fallin and insurance industry executives, have visited Lloyd’s of London, the world’s specialist insurance market.
“This visit was much needed,” Doak said. “With all the natural disasters we have in Oklahoma, we have to meet the needs of consumers by staying competitive in the marketplace.”
This is the first time Oklahoma’s Insurance Commissioner and Governor have taken these proactive steps to ensure worldwide interest in Oklahoma insurance markets.
“Given that Oklahoma deals with a variety of natural disasters, including tornadoes, hail and even earthquakes, the insurance industry plays an important role in our state’s economy,” said Gov. Mary Fallin. “I was happy to have joined Commissioner Doak for a meeting with officials at Lloyd’s, who can offer valuable advice to help both insurers and consumers in Oklahoma.”
The delegation is meeting with Lloyd’s vast group of members, underwriters and syndicates to discuss Oklahoma’s $15 billion insurance market. The trip was made possible through funds provided by the National Association of Insurance Commissioners (NAIC).
"The U.S. is Lloyd's largest and most important market,” said Lloyd's North America Director Sean McGovern. “Commissioner Doak's visit to Lloyd's was very helpful in understanding how Lloyd's can continue to provide vital risk management solutions to Oklahoma businesses and we look forward to future dialogue."
Tuesday, Commissioner Doak met with Lloyd’s top executives in International Regulatory Affairs. He also attended a roundtable discussion with Lloyd’s underwriters writing lines of business especially important to Oklahoma.
“Commissioner Doak's visit to London and specifically the catastrophic property writers at Lloyd's was very well received by Underwriters and I think will prove to be invaluable to policyholders in the state of Oklahoma, as perhaps now the Underwriters within the market have a greater understanding of Oklahoma and the geographic population spread,” said Charles C. Caldwell, President and CEO Midlands Management Corp., an Oklahoma City-based underwriting specialist. Caldwell is part of the Oklahoma delegation in London.
Richard Newberry, General Manager and Executive Vice President of Oklahoma Farm Bureau Mutual Insurance Company, also joined Commissioner Doak in England.
“We’re honored to be a part of this trip,” said Newberry. “It gives us a chance to tell our story of the challenges and opportunities that exist in Oklahoma’s insurance marketplace. Reinsurance is a vital component in managing risk responsibly and London is the world’s most important center for reinsurance. We’re hopeful this trip enhances our ability to increase capacity and opportunity for the entire Oklahoma market while ensuring that coverage continues to be affordable and available to Oklahoma insurance consumers.”
“It is imperative that we foster good relationships with the reinsurance market,” said Doak. “The rates they set for insurers ultimately affect the prices consumers pay. Companies operating in Oklahoma have to protect themselves from widespread losses after devastating tornadoes or other natural disasters.”
During the trip, Lloyd’s announced plans to send a representative to the 2013 National Tornado Summit in Oklahoma City and share a presentation on exposure management and reinsurance for Midwestern parts of the United States.
About the Oklahoma Insurance Department
The Oklahoma Insurance Department, an agency of the State of Oklahoma, is responsible for the education and protection of the insurance-buying public and for oversight of the insurance industry in the state.
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