Legislation that calls for a Federal Catastrophe Reinsurance Program to be established has been resurrected in the United States Senate, with more support this time around and still a section of the INSURE Act highlighting the importance of capital markets alternatives to reinsurance, such as catastrophe bonds.
The INSURE Act, or the Incorporating National Support for Unprecedented Risks and Emergencies (INSURE) Act, was introduced by California Representative Adam Schiff (D-Calif.) back in early 2024, as lawmakers sought support for a Federal solution to help stabilise the homeowners insurance marketplace in the United States.
The bill called for the creation of a federal catastrophic reinsurance program, with a goal to insulate insurance consumers from rising insurance costs driven by climate and natural disasters.
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