Two industry-supported bills that would provide federal financial incentives to strengthen homes against major storms were introduced in the House this week.

Reacting to the ticking clock and pressure from multiple industries, the Senate Banking Committee will take the first step toward reauthorizing the National Flood Insurance Program when it holds a hearing on the issue on June 9.

Twenty-six trade groups involved in the sale, financing and insuring of residential properties have signed a letter to the House leadership urging prompt action on legislation providing for a long-term reauthorization of the National Flood Insurance Program.

Legislation introduced in the Senate late last week by Sen. Roger Wicker, R-Miss, may complicate chances of the National Flood Insurance Program's long-term reauthorization before the current extension runs out Sept. 30.

The economic plunge in 2008 more than halved the profits of the property and casualty insurance industry, according to data just released by the Internal Revenue Services.

Ohio suffered $123 million in damages from two severe storms in April, with the month likely to be known as one of the "most active and destructive months for severe weather in U.S. history," the Ohio Insurance Institute says.

Massachusetts Attorney General Martha Coakley is urging the state insurance commissioner to act promptly to cut commercial-auto insurance rates in the state.

Insurers are strongly objecting to a proposed regulation that would require officials of an insurance company being liquidated by Federal Deposit Insurance Corp. to prove that they were not responsible for the company’s failure and therefore liable for damages.