Federal reinsurance program bill draws insurer scepticism
A new bill purports to address insurance affordability and availability issues by creating a $50bn federal all-perils catastrophic property loss reinsurance program, but sources said that federal intervention would undermine the health of the private market and agreed that the proposed bill likely won’t make it far.
The Incorporating National Support for Unprecedented Risks and Emergencies (INSURE) Act, sponsored by California representative Adam Schiff, would start offering reinsurance in 2026 with initial funding of $50bn.
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