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Lloyd's Demands US Reforms After Devastating Hurricanes

Law360, London (September 13, 2017, 10:46 AM BST) -- U.S. Congress must allow private insurers to play a greater role in flood coverage following the devastation wrought by hurricanes Harvey and Irma, according to Lloyd's of London.

Amid changing climates and weather patterns, lawmakers must swiftly unburden the federal National Flood Insurance Program, which is tasked with offering affordable flood cover but suffers a funding shortfall of more than $24 billion, the world’s biggest speciality insurance market said in a statement released Tuesday.

“We urgently need reform to the flood insurance market in the U.S....
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