Insurance Commissioner-elect Wayne Goodwin said he's got a lot of work to do, but first up will be addressing the coastal insurance crisis.
Goodwin, a Democrat and chief assistant in the commissioner's office, defeated Republican challenger John Odom.
Goodwin said he feels deadline pressure to address the insurance market on the state's coastal property. The government-created insurance plan — the Beach Plan — was intended as a safety net for coastal property owners, but it has become the dominant form of insurance. It has only a fraction of the money it would need to cover damage from a major hurricane.
"I've described it as a ticking time bomb and it is," Goodwin said.
Goodwin says he wants to have a set of recommendations ready to address the plan in time for the next hurricane season.
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