Several insurance industry organizations recently testified before a subcommittee of the House Financial Services Committee regarding the government's role in preparing for natural disasters via legislation.
Posed with the question, “Is America's Housing Market Prepared for the Next Natural Catastrophe?” representatives from the National Association of Insurance Commissioners (NAIC), Property Casualty Insurers Association of America (PCI), American Insurance Association (AIA), National Association of Mutual Insurance Companies (NAMIC), and the Independent Insurance Agents and Brokers of America (IIABA) prepared statements for the Subcommittee on Housing and Community Opportunity.
Alex Soto represented the IIABA before the Subcommittee on Housing and Community Opportunity and made the case that insuring against natural disasters is a national problem, that there is a federal role in natural disaster preparation, and that Congressional attention is needed for several pieces of legislation that have been introduced to deal with this issue (see sidebar).
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