Alabama to benefit from NAIC/IBHS agreement

Contact: Jennifer Bowen/NAIC
(334) 269-3550

8/7/2023

The National Association of Insurance Commissioners (NAIC) and the Insurance Institute for Business and Home Safety (IBHS) have entered into a memorandum of understanding (MOU) that provides state insurance regulators access to IBHS member-only content and additional opportunities to collaborate on select topics concerning disaster preparedness.

"This is an extraordinary opportunity for NAIC Members and insurance consumers," said NAIC President and Director of the Missouri Department of Commerce and Insurance Chlora Lindley-Myers. "Having full access to exclusive research, training, and resources will help us better inform the consumer on how to be better prepared in the event of a natural disaster."

The NAIC has been building on its partnership with IBHS since 2018.

"State insurance regulators are leaders in expanding access to resilience through programs like Strengthen Alabama Homes, Fortify Louisiana Homes, and Strengthen Minnesota Homes," said IBHS CEO Roy Wright. "The NAIC's role in educating regulators and consumers on the effects of severe weather and the built environment, along with its commitment to modern building codes, provides critical support for IBHS's research and our FORTIFIED and Wildfire Prepared Home programs," Wright said.

Alabama stands to be a beneficiary of this data. The Alabama Department of Insurance is a partner with both the NAIC and IBHS.
 
“This MOU is a game changer for states working toward resilience,” said Brian Powell, director of the Strengthen Alabama Homes program, a grant program that offers Alabama homeowners up to $10,000 to harden their homes against windstorms. “The NAIC and IBHS’ collaboration provides unified support and resources for programs like Strengthen Alabama Homes, helping make it more effective for the citizens of Alabama.” 
 
“As a regulatory agency, gaining access to the information from IBHS’ world-class research helps the Alabama Department of Insurance to understand the risk of weather to homes and other places where we live, work and play. It allows us to work with insurance companies and protect consumers while building a more resilient Alabama,” said Alabama Insurance Commissioner Mark Fowler.

IBHS hosted a group of NAIC Members at the IBHS Research Center in Chester County, South Carolina, on July 26. The event provided education and training regarding the impact of natural hazards driving losses for the insurance industry.

State insurance regulators reviewed the latest science for severe convective storm damages caused by hail and wind and recognized opportunities to bring this science to regulatory operations and property mitigation to reduce potential losses. The event and the continued partnership provide a mechanism to share resources for risk awareness, mitigation, and engagement with policyholders.




Strengthen Alabama Homes Director Brian Powell, fourth from the right, at the IBHS Research Center. 



The IBHS Research Center includes a hail laboratory where researchers create artificial hailstones to test roof shingles. 

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