CA representative Schiff introduces bill to create $50bn US federal reinsurance programme
Representative Adam Schiff (D-Calif) has introduced legislation that aims to create a $50bn federal catastrophic property loss reinsurance programme, which would offer insurers a public reinsurance alternative for climate-driven catastrophes.
Entitled the Incorporating National Support for Unprecedented Risks and Emergencies (INSURE) Act, the programme would begin operation in 2026, according to the text of the legislation.
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