The U.S. Conference of Mayors
2007 ADOPTED RESOLUTIONS
COMMUNITY DEVELOPMENT AND HOUSING

CREATING A COMPREHENSIVE INTEGRADED NATIONAL CATASTROPHE FUND

WHEREAS, every U.S. city plays a vital front line role in preparing and protecting their residents from the ravages of natural catastrophic events;

WHEREAS, every state is vulnerable to natural catastrophes including hurricanes, tornadoes, floods, earthquakes, blizzards, and wildfires;

WHEREAS, there is an increase in the incidence of major natural catastrophes and their increasingly costly nature;

WHEREAS, there have been significant contraction in insurance availability and significant increase in costs for consumers;

WHEREAS, Hurricanes Katrina, Rita, and Wilma, which struck the United States in 2005, caused well over $200 billion in total economic losses, including both insured and uninsured losses;

WHEREAS, the United States federal government has provided and will continue to provide billions of after-event appropriated dollars and resources to help our nation recover from catastrophes, including hurricanes, tornadoes, earthquakes, blizzards and other disasters, at huge cost to all American taxpayers;

WHEREAS, the United States federal government has a critical interest in ensuring appropriate and fiscally responsible risk management and pre-planning for catastrophes through measures such as loss prevention and mitigation, improved public education and effective emergency management services;

WHEREAS, the U.S. Congress has had under consideration, but taken no action on multiple proposals over the past decade to address natural catastrophic risk insurance, including the creation of a national catastrophe financial backstop program and revision of the Federal tax code to allow insurers to build tax-deferred catastrophe funds;

NOW, THEREFORE, BE IT RESOLVED, That The United States Conference of Mayors strongly urges Congress to adopt legislation creating a comprehensive, integrated national catastrophe plan (which includes the participation of states)to better prepare and protect American homeowners from inevitable, large-scale natural catastrophes that includes a financial backstop supported by actuarially sound premiums to improve the availability of reasonably priced property and casualty insurance from private markets to homeowners throughout the nation.

2007 The U.S. Conference of Mayors
Tom Cochran, Executive Director
1620 Eye Street, NW, Washington, DC 20006
Tel. 202.293.7330 ~ Fax 202.293.2352
info@usmayors.org