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. to make these communities more resilient,” Inga Beale, Lloyd’s chief executive officer, said.A greater... In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition. TRY LAW360 FREE FOR SEVEN DAYS
In the wake of Lloyd's of London , the US Congress is urging the US Congress to allow private insurers to play a greater role in providing flood insurance to US property owners. the US Congress needs to be unburdened significantly in the face of changing weather patterns, said Lloyd's of London CEO Inga Beale . Allowing greater private insurance would also provide home and business owners with a greater number of options for coverage.