Legislation would allow states to pool catastrophic risk resources

Legislation introduced in Congress Friday by Florida Democratic Reps. Ron Klein and Tim Mahoney would create a voluntary national catastrophe fund aimed at lowering insurance premiums for consumers in Florida and other states prone to hurricanes, floods and earthquakes. The bill would also provide federal loans to help rebuild states hit by natural disasters. Property and Casualty Insurers Association Interim CEO June Holmes said the group supports a federal program that would address catastrophic risk but noted that the details are important.

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