Lawmakers are being presented with a new bill that proposes the creation of a catastrophe reinsurance program to help insurers provide more coverage in exposed and loss challenged areas, with catastrophe bonds also highlighted as a potential way to underpin the facility.
Introduced by California Representative Adam Schiff (D-Calif.), the Incorporating National Support for Unprecedented Risks and Emergencies (INSURE) Act calls for a Federal solution to help stabilise the homeowners insurance marketplace in the United States.
The legislation would create a federal catastrophic reinsurance program designed to insulate insurance consumers from rising insurance costs, by offering insurers a “transparent, fairly priced public reinsurance alternative for the worst climate-driven catastrophes.”
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