You are here:HomeIssuesNatural Disaster2004PIA Position on Natural Disaster Fund Featured in USA Today

PIA Position on Natural Disaster Fund Featured in USA Today

With four hurricanes hitting Florida in one season and an active storm season predicted next year, interest appears to be growing in a national catastrophic...
December 4, 2004

With four hurricanes hitting Florida in one season and an active storm season predicted next year, interest appears to be growing in a national catastrophic fund.  PIA's support for the idea was featured in the December 8, 2004 issue of USA Today.  PIA National worked with one of the reporters on the story, providing comments PIA filed on the issue this month with the National Association of Insurance Commissioners (NAIC) and last month with the National Conference of Insurance Legislators (NCOIL). PIA National believes that both federal and state funding and reserving to form a coordinated pool for natural disasters needs to be developed, and that it must also include the private sector.

In the article, consumer activist J. Robert Hunter of the Consumer Federation of America (CFA), argued against a natural catastrophe fund. "Why would you want rich people building on barrier islands, where the wind and flood risk is very great, subsidized by farmers from North Dakota, which has no disaster risk?" asked Hunter.

Slow, Small Payouts Leave Hurricane Victims in Lurch (USA Today 12/8/04)

Filed under: