- Federal Insurance Office Releases Natural Catastrophe Report
- September 30, 2015
- Law Firm: Colodny Fass P.A. - Sunrise Office
- New Report Examines the State of the U.S. Market for Natural Disaster Insurance
The U.S. Department of the Treasury's Federal Insurance Office ("FIO") released a statutory report on the current state of the market for natural catastrophe insurance in the United States on September 25, 2015. The report is mandated by the Biggert-Waters Flood Insurance Reform Act of 2012.
The report reviews the current state of the U.S. market for natural disaster insurance and offers a high-level overview of natural catastrophes, insurance and mitigation. In particular, it provides an overview of the insurance-related implications of natural catastrophes, including a discussion of insurance products that protect homeowners and communities. Specific insurance products covering damages caused by natural catastrophes are also discussed in the context of state-operated insurance programs, flood and earthquake insurance, and public efforts in support of mitigation.
The FIO, which was established within Treasury as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, monitors all aspects of the insurance sector, including identifying issues that could contribute to systemic risk in the insurance industry or the U.S. financial system. The FIO also assesses the availability and affordability of insurance to traditionally underserved populations, advises the Secretary of the Treasury on major domestic insurance policy issues and represents the United States on prudential aspects of international insurance matters.