WASHINGTON–A report critical of federal legislation that would create a national risk pool has been lambasted by the plan's supporters as “special interest double-talk.”
The angry comments by officials of ProtectingAmerica.org, established in 2005 by Allstate, highlights a huge split between insurers facing pressure by states to lower homeowner's insurance costs, and reinsurers, who have benefitted from the high reinsurance rates that resulted after the Hurricane Katrina and Rita catastrophes.
Issued on behalf of a new organization called Americans for a Smart Natural Catastrophe Policy, the report that drew fire said the catastrophe legislation under consideration would cost taxpayers billions.
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