United States Government Publishing Office publisher pbl distributor dst United States Government Accountability Office General Government Division author aut Government Organization text government publication eng GAOREPORTS Legislative Agency Publications gao legislative 2010-08-12 U.S. Government Printing Office 1994-05-26 monographic deposited born digital GA 1.13:T-GGD-94-153 https://www.govinfo.gov/app/details/GAOREPORTS-T-GGD-94-153 P0b002ee18037bead f:tgg94153 DGPO 2010-08-12 2011-03-23 GAOREPORTS-T-GGD-94-153 machine generated eng fdlp REPORT GAOREPORTS-T-GGD-94-153 T-GGD-94-153 Federal aid programs Disaster relief aid Proposed legislation Insurance losses Property damage claims Actuarial tables Insurance regulation Property losses Government liability (legal) Indemnity Hurricane Andrew Northridge Earthquake Federal Crop Insurance Program Northridge (CA) Testimony GGD Although the insurance industry has absorbed losses from recent natural disasters without systemic failures, concerns exist about its ability to handle losses from potentially larger disasters. The federal government has absorbed a large portion of the losses from past disasters and is likely to pay out even larger amounts in the future. S. 1350 would set up three interrelated programs--a multihazard disaster mitigation program, a primary insurance program for earthquakes and volcanic eruptions, and a reinsurance program to cap insurers' losses when major disasters occur. This testimony explains in detail the provisions of S. 1350 and provides GAO's analysis and concerns about the legislation. https://www.govinfo.gov/content/pkg/GAOREPORTS-T-GGD-94-153/html/GAOREPORTS-T-GGD-94-153.htm GAO/T-GGD-94-153 https://www.govinfo.gov/app/details/GAOREPORTS-T-GGD-94-153 Testimony GAO/T-GGD-94-153; Federal Disaster Insurance: Goals Are Good, But Insurance Programs Would Expose the Federal Government to Large Potential Losses; Federal aid programs Disaster relief aid Proposed legislation Insurance losses Property damage claims Actuarial tables Insurance regulation Property losses Government liability (legal) Indemnity Hurricane Andrew Northridge Earthquake Federal Crop Insurance Program Northridge (CA)