Ceres report says insurers need to mitigate effects of weather risk
A pro-free enterprise nonprofit group hailed the report.
“We think this is an important report, whose findings must be taken seriously by lawmakers, regulators and industry alike,” said R.J. Lehmann, senior fellow at the R Street Institute in Washington.
“Among the most important conclusions that we at R Street draw from this report is that there should be an immediate commitment to cease politically motivated rate suppression for property insurance, particularly in sensitive coastal areas whose long-term future remains uncertain,” he said. “The federal government and state governments also need to cease subsidies to programs like the National Flood Insurance Program and Federal Crop Insurance Program, and to state-sponsored residual market entities that serve primarily to put more people and businesses in harm’s way.”