The Reinsurance Association of America (RAA) and The American Property Casualty Insurance Association (APCIA) have released statements praising the passage of the Community Disaster Resilience Zones (CDRZ) Act of 2022 by the U.S. House of Representatives.
According to the RAA, the CDRZ Act, which is supported by an RAA-led coalition of 32 national organisations, is a pre-disaster mitigation-focused bill that would establish a data-driven approach to identify and designate communities with the highest natural hazard risk, lowest resilience, and highest need; and direct public and private sector resources to those communities to improve overall resilience.
The Senate passed the same bill in September, and it will now go to the President for his signature.
Frank Nutter, President of the Reinsurance Association of America, commented, “This legislation will help improve resilience in communities across our country that are the most in need and most at risk from natural disasters, and importantly, help protect lives, property, and taxpayer dollars.
“We commend the legislation’s champions – Senators Gary Peters and Rob Portman and Representatives Sharice Davids and Garret Graves – and look forward to the President’s signature on this important legislation.”
The APCIA also praised the passing of the bill, stating, “We worked together with a broad coalition of stakeholders to build support for this bill, to encourage identification of communities most at-risk and most in need of mitigation projects to reduce their risk from natural disasters.
“This data-focused approach will help drive investments to improvements for vulnerable communities across the country. APCIA applauds the bipartisan leadership in the House and Senate that led to the passage of this important bill.”
