Flood Insurance: More Private Sector Risk Sharing for Stability
This act aims to shift some flood insurance risk from the government to private insurance companies. This change is intended to make the flood insurance program more financially stable, potentially reducing the burden on taxpayers during major flood events. Citizens will still have access to flood insurance, but its management will be more diversified.
Key points
The government must annually transfer a portion of flood risk to private reinsurance or capital markets.
The goal is to ensure the flood insurance program can always pay claims.
This aims to limit the program's annual losses and reduce potential costs for taxpayers.
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