An overturned car sits amidst debris from houses destroyed during Hurricane Sandy in Union Beach, New Jersey, on Saturday, Nov. 3, 2012. (Photo: Victor J. Blue)
(Bloomberg) – The federal government, seeking to protect itself from the growing cost of natural disasters, is borrowing a technique from the private sector and buying reinsurance.
The Federal Emergency Management Agency, which started purchasing reinsurance last year for the National Flood Insurance Program, is now exploring the expansion of the program, spokesman Michael Hart said by email Tuesday.
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