Natural Catastrophe Insurance Coverage Remains a Challenge for State Programs

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A letter report issued by the Government Accountability Office with an abstract that begins "Natural catastrophes can adversely affect U.S. residents and businesses by causing extensive property damage. The 2005 hurricanes and other recent natural disasters have had significant effects on the cost of obtaining insurance against such risks, especially in high-risk areas. As private market insurers have raised their premium rates, an increased number of residents have obtained coverage through state-sponsored natural catastrophe programs. In a previous report, GAO identified public policy goals for government involvement in natural catastrophe insurance and applied those goals to potential changes in the ... continued below

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United States. Government Accountability Office. May 17, 2010.

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Description

A letter report issued by the Government Accountability Office with an abstract that begins "Natural catastrophes can adversely affect U.S. residents and businesses by causing extensive property damage. The 2005 hurricanes and other recent natural disasters have had significant effects on the cost of obtaining insurance against such risks, especially in high-risk areas. As private market insurers have raised their premium rates, an increased number of residents have obtained coverage through state-sponsored natural catastrophe programs. In a previous report, GAO identified public policy goals for government involvement in natural catastrophe insurance and applied those goals to potential changes in the federal government's role. To assist Congress as it considers legislative proposals that would increase the federal role in natural catastrophe insurance coverage, Congress asked us to provide a briefing on (1) the current status of key state natural catastrophe insurance programs, and the extent to which the state programs support public policy goals identified in prior GAO reports; (2) the extent to which proposed changes to federal involvement in natural catastrophe insurance support policy goals identified in prior GAO reports; and (3) how natural catastrophe insurance is provided in selected other countries."

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Government Accountability Office Reports

The U.S. Government Accountability Office (GAO) is an independent, nonpartisan agency that works for the U.S. Congress investigating how the federal government spends taxpayers' money. Its goal is to increase accountability and improve the performance of the federal government. The Government Accountability Office Reports Collection consists of over 13,000 documents on a variety of topics ranging from fiscal issues to international affairs.

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  • May 17, 2010

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  • June 12, 2014, 7:50 p.m.

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United States. Government Accountability Office. Natural Catastrophe Insurance Coverage Remains a Challenge for State Programs, report, May 17, 2010; Washington D.C.. (digital.library.unt.edu/ark:/67531/metadc299768/: accessed June 20, 2018), University of North Texas Libraries, Digital Library, digital.library.unt.edu; crediting UNT Libraries Government Documents Department.