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Home - Blank Rome Government Relations LLC

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Risk experts say climate change is worsening insurance crises across the country, demanding large-scale action from all levels of government. And while insurance in the U.S. is largely regulated on a state-by-state basis, the federal government is the main provider of flood insurance in the U.S. and a key actor in response to disasters.&nbsp;

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Experts hope that an ongoing push by risk experts and the insurance industry for stronger building standards will help mitigate future losses from major storms.&nbsp; States should still take steps to increase their catastrophe and bond funding to something more robust than a rainy-day fund,&nbsp;said Alan Rubin, a member of Blank Rome Government Relations LLC's severe weather emergency recovery team.&nbsp; Local jurisdictions will also need to prioritize adopting better building codes and scrutinizing development in areas with high flood risk,&nbsp;Rubin told Law360. Insurers will also need to get involved in that to avoid further market disruptions,&nbsp;he said. To improve their market standing, "insurance companies are going to have to be partners with states in requiring building codes, in requiring other areas to be stronger in order to support the efforts to prevent huge catastrophic damages,"&nbsp;Rubin said.&nbsp;

To read the full article, please click&nbsp;<a href="https://www.law360.com/insurance-authority/articles/2258260">here</a>.

This article written by Eli Flesch and published in&nbsp;<a href="https://www.law360.com/insurance-authority/articles/2258260">Law360 Insurance Authority</a>&nbsp;on November 7, 2024.

Alan Rubin

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Alan Rubin Comments on Growing Insurance Climate Crisis

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Alan Rubin Comments on Growing Insurance Climate Crisis

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