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  • ABIR and RAA Support NWF Call for Reforms to Unwise Coastal and Floodplain Policies

    Property/Catastrophe | Statements / Letters | 05.20.2014

    FOR IMMEDIATE RELEASE
    May 21, 2014

    FOR FURTHER INFORMATION
    Reinsurance Association of America: Barbara W. Carroll, 202-783-8390, carroll@reinsurance.org

    ABIR and RAA Support NWF Call for Reforms to Unwise Coastal and Floodplain Policies

    Washington, D.C. (May 20, 2014)—The Reinsurance Association of America (RAA) and the Association of Bermuda Insurers and Reinsurers (ABIR) today voiced support for the National Wildlife Federation’s (NWF) endorsement of reforms to policies that encourage unwise coastal and floodplain development and shift the costs of this development to the American taxpayer.

    Specifically, the NWF endorses:

    1. Action by Congress and the Administration to reduce or eliminate federal subsidies that promote unwise and costly coast and floodplain development;
    2. The protection and restoration of wetlands and undeveloped barrier islands so they can provide flood and storm risk reduction;
    3. ongressional efforts to highlight the risks of new development and redevelopment of high hazard, environmentally-sensitive areas;
    4. Congressional and Administration efforts to provide support for lower and middle income homeowners who are unable to pay actuarially adjusted premiums for NFIP coverage; and
    5. Congressional and Administration efforts to stop the removal of coastal and shoreline property from the Coastal Barrier Resources Act (CBRA)— passed in 1982 to save fragile coastal and shoreline properties.

    The RAA and ABIR, in partnership with other special interest groups, have long promoted similar environmentally-responsible, fiscally-sound approaches to coastal resilience that focus on building smart; encouraging safety; using nature to protect ecosystems; and insuring based on risk. Both look forward to continued partnership with the NWF to promote coastal resiliency.

    The Association of Bermuda Insurers and Reinsurers represents the public policy interests of Bermuda’s Class 4 insurers and reinsurers around the world. Special priority focuses on regulatory action in Bermuda, Europe, U.S. and international regulatory forums, and promoting Bermuda’s Class 4 reinsurers as the best in the business in ceding insurer forums. policy interests of Bermuda’s Class 4 insurers and reinsurers.

    The Reinsurance Association of America is the leading trade association of property and casualty reinsurers doing business in the United States. RAA membership is diverse, including reinsurance underwriters and intermediaries licensed in the U.S. and those that conduct business on a cross-border basis. The RAA represents its members before state, federal and international bodies.

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