Page 111 - South Mississippi Living - August, 2026

carriers’ re-insurance (the transfer of liability from the
insurance company that issued the insurance contract to a reinsurance company) availability, lower renewal pricing and expanding access to capital have strengthened carriers’ financial resilience,” he said. “And, we have had multiple carriers, new and old, come back to the coastal marketplace to offer coverages to clients.”
Bill Lavers, executive director with the Harrison County Development Commission, does not think the cost of insurance has a great effect on development. “It’s just the cost of doing business. We tell companies to check on the cost of insurance but there is no insurance question on the forms we receive,” he said. “Much of it depends on the location, cost of land, type of business and construction; it all goes into the equation.”
Blaine LaFontaine says that insurance continues to impact existing and new industry recruitment or relocation in Hancock County where he has seen premium increases for the majority of industrial or commercial properties managed by Hancock County Port and Harbor Commission at Port Bienville and
Stennis International Airport.
“We have done our best to mitigate the effects on our tenants by often freezing our lease rates or
offering lease rates below market value to allow our tenants relief and keep our properties competitive to retain or recruit new business,” the executive director/CEO said. “Other factors such as new methodology with National Flood Insurance Program’s Risk Rating 2.0 system have also impacted properties at Port Bienville with premium increases for tenants on existing properties.”
Angelyn S. Zeringue, president, SouthGroup Insurance-Gulf Coast, says insurance for property is very complex for businesses on the Coast. “If you have a newer building or newer roof, your rate is actually decreasing. For older buildings that have not been recently updated or with a roof over 15 years old, the property insurance rates are getting higher. More insurance companies have entered the Mississippi market and that is helping to reduce rates,” she said.
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