The Alabama Legislature has expressed its concern regarding the instability of commercial property insurance in coastal Alabama, which is critical for the region's economic vitality. The coastal area attracts over 11 million visitors annually, supports nearly 100,000 jobs, and generates approximately $10 billion in tourism-related spending. However, the Alabama Coastal Commercial Insurance Joint Interim Study Commission has highlighted the growing challenges in the availability and affordability of commercial property insurance, which threatens the resilience of local businesses and the overall economic security of the state. The resolution acknowledges the need for state-level interventions, such as state-supported reinsurance programs, tax credits for businesses investing in risk mitigation, and a review of insurance industry practices.

Furthermore, the resolution calls for the Governor and the Alabama Department of Insurance to assess the insurance market's practices and explore options to enhance the affordability and efficiency of insurance coverage for commercial properties. It suggests strengthening construction standards in high-risk areas and extending the work of the Alabama Coastal Commercial Insurance Joint Interim Study Commission to refine solutions and engage stakeholders. The Legislature remains committed to fostering an environment conducive to further study and policy development to ensure the long-term economic and insurance stability of coastal Alabama. A copy of this resolution will be provided to the Governor and relevant stakeholders to emphasize the Legislature's ongoing attention to this critical issue.