Insurance Commissioner Mike Causey says his work as a “consumer advocate” over the past eight years led Tar Heel voters to elect him to a third, four-year term. The 74-year-old Republican won 52.2% of the vote, while Democrat challenger Natasha Marcus got 47.8%. She is a Duke University law graduate who has represented Mecklenburg County in the state Senate for three terms.
Causey says his focus will be to make flood insurance more affordable for consumers. “We’ve got to fix it and make it more affordable,” says Causey. “It’s going to take help from the legislature and the insurance companies.”
About 97% of state residents don’t have flood insurance, and that figure goes down to less than 1% for the western North Carolina counties hit hardest by Hurricane Helene, says Causey. “A lot of people think they don’t need it, but if it rains where you live, you need flood insurance,” he says.
Causey says he met Oct. 30 with federal regulators, FEMA officials, banking officials and insurance companies in Washington, D.C., about ways to increase flooding coverage. The more people who pay premiums for flood insurance, the cheaper the coverage will become, he says.
The insurance commissioner has the final say in North Carolina on when companies can raise rates for home and auto insurance. Insurance companies have proposed a 42% average hike in homeowners’ insurance premiums. Marcus criticized Causey during the campaign for postponing a decision on the matter until after the election.
“I don’t see any justification for [the increase] at this point,” Causey says. Insurance companies propose a 99% premium hike in coastal communities, he adds.
During his time in office, about 80% of fire departments have lowered their ISO (Insurance Services Office) fire score rating, which has reduced fire insurance premiums in communities. Work by the office’s fraud investigators has provided a cost saving for consumers, he says.
Causey has more than 25 years of experience in the insurance industry, including time as an agency owner. The Army veteran has engineering degrees from Wake Technical Community College and UNC Charlotte, and business degrees from High Point University. He and his wife, Hisae, live on the Guilford County farm where he grew up.