WASHINGTON--Reinsurance industry trade groups said they are urging state and federal lawmakers to back legislation that promotes storm proofing of homes and land conservation to cut hurricane losses rather than "hidden subsidies."

The statement from the Reinsurance Association of America and the Association of Bermuda Insurers and Reinsurers came as Congress considers reauthorization of the National Flood Insurance Program and other natural catastrophe related measures.

Taking aim at the House version of legislation which reauthorizes and reforms the flood program (H.R. 31210), adding wind damage coverage to the NFIP, the organizations said this would amount to subsidies that "deter the investment of private capital and camouflage the cost of hurricanes to the U.S."

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