February 19, 2015

Missouri Insurance Chief Huff addresses industry leaders at annual Insurance Coalition meeting

Focuses on cybersecurity, solvency modernization and expansion of earthquake coverage

Jefferson City, Mo. - Missouri Department of Insurance Director John M. Huff stressed the importance of cybersecurity to nearly 100 insurance industry leaders on Thursday in the wake of Anthem's data breach. He was the featured speaker at the annual meeting of the Missouri Insurance Coalition.

"Anthem's data breach is a real time test of the cyber resilience of the insurance industry," said Huff. "The insurance industry, like many others, is vulnerable to cyberattacks. We must be proactive and utilize every safeguard possible to protect policyholders' confidential information."

In addition, Huff discussed priorities for the National Association of Insurance Commissioners, solvency modernization and pending legislation. He also gave an update on Missouri's declining earthquake insurance marketplace. Huff acknowledged the legislature for considering legislation this session that would add earthquake coverage to Missouri's FAIR Plan. 

"The availability of earthquake coverage is becoming more challenging in Missouri," Huff said. "Regulators continue to work with the industry to improve the affordability and accessibility of earthquake coverage. Providing the option of coverage to consumers, who participate in the FAIR Plan, could be a step in the right direction."

The Fair Plan was established in 1969 to make property insurance available to applicants who aren't able to secure insurance through the normal insurance market.