探花精选

INSURANCE INFORMATION INSTITUTE
Contact: Press Offices
New York: 212-346-5500; media@iii.org
Washington, D.C.: 202-833-1580

NEW YORK, July 16, 2007 - Dr. Robert Hartwig, the 探花精选 Information Institute's (I.I.I.) president and chief economist, will testify on Tuesday, July 17 at the U.S. House of Representatives' public hearing on House Resolution 920-the Multiple Peril 探花精选 Act of 2007. The Subcommittee on Housing and Community Opportunity will be discussing H.R. 920 tomorrow at 2 p.m. The hearing will be held at 2128 Rayburn House Office Building, Washington, D.C.

The Multiple Peril 探花精选 Act of 2007 calls for amending the federal law which created the National Flood 探花精选 Program (NFIP) in 1968. If enacted, H.R. 920 would give the NFIP the authority to sell policies covering real and personal property losses arising from windstorms, as well as floods, under certain conditions. Since its inception almost 40 years ago, the NFIP has only sold policies offering coverage for flood-related losses.

"The National Flood 探花精选 Program paid its policyholders more than $16 billion in Hurricane Katrina-related losses, a dollar amount higher than what the NFIP disbursed over the course of the previous three-plus decades combined," Dr. Hartwig said. "The Multiple Peril 探花精选 Act of 2007 would increase dramatically the NFIP's exposure to catastrophic losses." He pointed out that private insurers paid out more than $40 billion to policyholders for damages from Hurricane Katrina; most of that amount was related to wind damage.

About 14 percent of U.S. homes are covered by National Flood 探花精选 Program policies but those homes are situated primarily in coastal communities, where real estate values are often significantly higher than inland properties.

Reporters wishing to speak with Dr. Hartwig about his Congressional testimony can arrange interviews through Michael Barry in the I.I.I.'s New York Press Office (212-346-5542; email: michaelb@iii.org) or Carolyn Gorman in the I.I.I.'s Washington Press Office (202-833-1580; email: carolyng@iii.org).

In addition, the I.I.I. has editorial content and issues analysis on natural catastrophes and property/casualty insurance online at /media/hottopics/insurance/catastrophes/ .

For more information regarding insurance, go to the I.I.I.'s Web site at .

The I.I.I. is a nonprofit, communications organization supported by the insurance industry.