U.S. states could soon share in the cost of keeping insurers afloat after catastrophic natural disasters anywhere in the country, under a new bill put forth by a Florida congressman.
Rep. Jared Moskowitz’s bill would create a “national catastrophic insurance fund” to help prevent insurers from going bankrupt after paying for catastrophic disaster claims. The fund would cover insurer losses for any catastrophe the National Flood Insurance Program doesn’t cover, including tornadoes, volcanoes, earthquakes, hurricanes, tropical storms, tsunamis, and hail. The bill could also help insurers repay debt and encourage them to stay in high-risk states.
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