Press Releases

FOR IMMEDIATE RELEASE

January 25, 2024

FOR FURTHER INFORMATION

Reinsurance Association of America
Nicole Austin
202-783-8323
[email protected]

 

RAA’S LEE COVINGTON URGES LONG-TERM REAUTHORIZATION OF NATIONAL FLOOD INSURANCE PROGRAM AND ADOPTION OF COMMON SENSE REFORMS

 

Washington, D.C. – In advance of the January 25, 2024 Senate Committee on Banking, Housing, and Urban Affairs hearing on “Reauthorization of the National Flood Insurance Program: Local Perspectives on Challenges and Solutions,” Lee Covington, president of the Reinsurance Association of America (RAA), submitted a statement for the record advocating for reforms that facilitate a private flood insurance market and reduce property risk and losses through mitigation and improved community resilience.

In his statement, Mr. Covington commended Chairman Sherrod Brown (D-OH) for holding this hearing and said there is an urgent need to reauthorize the National Flood Insurance Program (NFIP) on a long-term basis. He further stated the reauthorization should include reforms that: (a) strengthen the NFIP’s financial framework and resiliency, (b) facilitate the development of a private flood insurance market, (c) close the flood insurance protection gap, and (d) create resilient and insurable communities. Covington also expressed support for bipartisan legislation introduced by Senator Tim Scott (R-SC), the Committee’s top Republican, to reduce risk in repetitive loss areas damaged by floods, commending the Senator for recognizing that the vicious cycle of build-flood-rebuild is not in the best interests of the NFIP, nor the American taxpayers who are ultimately on the hook for the costs of the program.

To remove the primary barrier preventing homeowners and small businesses from having the freedom to choose between NFIP and private flood insurance, Mr. Covington commented, “Congress should, at a minimum, adopt one simple, common-sense reform allowing homeowners and small businesses to choose between NFIP or private flood insurance without being penalized. The time is now to get that done for hundreds of thousands, if not millions, of Americans with an NFIP policy. That’s why RAA supports H.R. 900, which the House passed in a previous Congress with no opposition.”

 

 

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 also has life reinsurance affiliates and insurance-linked securities (ILS) fund managers and market participants that are engaged in the assumption of property/casualty risks. The RAA represents its members before state, federal and international bodies.

###

 

 

By far and away the most well rounded and useful Cat-focused industry conference out there. Perfect for all levels within the industry. From the conference content, the presenters and the attendees, this conference is a can’t miss for those interested in expanding their knowledge and learning more about cat related insurance and reinsurance modeling topics Nick DiMuzio, Everest

"Fantastic, enriching conference - brilliantly planned and run, illuminating talks and excellent opportunities for networking across multiple areas of catastrophic risk.” Gary Ackerman, University at Albany

“From a treaty underwriter's point of view, RAA presented relevant topics related to today's macro events. Scientific presentations provided insight that I can incorporate in underwriting and share with my clients.” Eric B. Silberman, Munich Re

"Great conference with some of the biggest names in the business presenting their work. What more could you ask for?” Ron Nash, Nash Consulting

“A perfect introduction to the world of reinsurance. Relevant topics, great speakers and the opportunity to network with industry peers makes this a must go event.”
Tom Barrett, Everest Re

Demystifying Reinsurance was an excellent tool to clearly understand and break down the basics. Very good class and recommend it for beginners and even as a refresher course for the intermediate student.”
Chenessia West, TransRe

“Re Basics is the ideal opportunity whether an industry professional or student of insurance to understand the in and outs of reinsurance while being able to network with persons spread across the whole industry.”
Darius Zuill, Bermuda Monetary Authority

“This has been the best reinsurance seminar that I have been to! Whether a reinsurance seasoned vet or new to the field, this is an engaging seminar that addressed specific issues of the reinsurance market.”
Michelle Thimm, Church Mutual Insurance 

“Re Underwriting provided a comprehensive and interesting overview of underwriting in the current market with a major (and interesting) focus on trends. Very useful for underwriting and non-underwriting alike.”
DeVika Bourne, PartnerRe

“Very informative experience, and a great way to keep up to date on current underwriting events and trends.”
Steven Whalen, Aspen Re

“Time well spent in learning the updated underwriting business and networking!”
Christine Chen,  Everest Re 

“The panels and presentations were thought provoking and fascinating as numerous topics were covered affecting the industry. I’m leaving the conference with a greater insight of the future market.”
Brittany de Frias, AXIS Capital 

 

“RAA Re Finance was the first RAA seminar I attended, and I was thoroughly impressed with the speakers and content. I learned a great deal from the presentations and intend to bring some new ideas back to my company and share with the team!”
Taylor Robinson, ICW Group

“Fantastic slate of instructors who thoughtfully walked us through financial reporting and other aspects of reinsurance finance. They used terminology that non finance people (lawyers) could understand. Really great program.”
Steven Bazil, The Bazil Group

“If you are in Reinsurance Accounting/Finance, you need to take this course to help you with your job.”
Frank Borawski, Markel  

“The speakers were excellent! There is something to be said about a person, and in this case a group of people, who can take time away from their busy schedules and explain to everyone something they feel passionate about in a manner that's understandable. My only complaint is that I wish we had more time with them.”
Jessica Mieles, Sompo International

“The RAA ReContracts is the most comprehensive reinsurance contract wording training available in the U.S. market.”
David Kragseth, Guy Carpenter   

“The course was very helpful in addressing different viewpoints and important things to consider in contract design and review.”
Andy Martin, AmericanAg 

“The RAA contract course was very informative and interesting. It covered a wide range of Reinsurance Contracts Types. In my Reinsurance Career, I have had the opportunity to work on a limited type of contracts, so I learned a lot.”
Vivian Castro, Arch Insurance Company 

“The RAA Contracts course provides the opportunity to engage with relevant topics, taught by industry experts, in both seminar and small group environments. The course material and industry experts provide an understanding on a wide range of subjects.” 
Kevin English, LMRe

“Participation in Re Claims should be mandatory for all P&C reinsurance underwriters. It’s truly an eye-opener, providing an in-depth look from a claims manager’s perspective on what happens to the business that we underwrite. There are lots of do’s and don’ts to pay attention to. Re Claims answers all the hard questions."  Michael Delacruz, China Re P&C

“I absolutely love this program. I learned so many new things. Reinsurance from the industry’s top executives, interactive activities, interesting panels, and innovating presentations makes for an intriguing few days. Well worth the time and money.” Chenessia West, TransRe

“As a reinsurance attorney I find Re Claims highly valuable to stay abreast of emerging issues. Also, being walked through practical case studies is extremely helpful in creating a thorough understanding of how contracts work.” Steven Bazil, The Bazil Group

There was a problem loading this area.