Navigation Former Florida official urges ‘national catastrophic insurance fund’ to spread out storm risks
In the wake of extensive damage from Hurricane Helene, a Florida congressman’s proposal to spread out insurance risks associated with major storms and wildfires has gained renewed attention on Fox news and other media outlets.
The measure authored by Florida Rep. Jared Moskowitz, House Resolution 3525, was introduced last year and titled the National Disaster Risk Reinsurance Program Act of 2023. Under the measure’s provisions, states could voluntarily take part in a program designed to lower the “reinsurance” costs that insurers pay.
Reinsurance refers to a private reimbursement system that insurers use to protect against insolvency in the event of a major natural disaster. Florida insurers have had to purchase higher amounts of reinsurance to protect against more frequent hurricanes and other catastrophic events, according to Moskowitz’s office.
