Reinsurers have let it be known that the reinsurance market would be prepared to take on some flood risk if Congress decides to pursue that option.
The comments by Frank Nutter, president of the Reinsurance Association of America, and Brad Kading, president and executive director of the Association of Bermuda Insurers and Reinsurers, came amid news that Rep. Judy Biggert, R-Ill., chairwoman of the Insurance, Housing and Community Opportunity Subcommittee of the House Financial Services Committee, is planning to sponsor legislation reauthorizing the National Flood Insurance Program.
Industry officials who asked not to be named confirmed that Rep. Biggert has agreed to sponsor a bill similar to the one that passed the House in July 2010 reauthorizing the program for five years.
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