ABIR proposes NFIP reforms

The Association of Bermuda Insurers and Reinsurers (ABIR) has
called for US regulators to focus on six specific reforms to help
transfer flood risk to the private insurance sector.
The US House Financial Institutions Committee is starting the
process of considering reauthorisation of the National Flood
Insurance Program (NFIP), which is $23bn in debt.
The NFIP has been accused of being too retrospective and for
failing in its objectives, so much so that a private flood
insurance bill was passed.