An Examination of Government Involvement in Property & Casualty Insurance

For decades, both state and federal governments have taken a larger role in the property and casualty market. The National Flood Insurance Plan directly writes policies. In contrast, the California Fair Access to Insurance Requirement establishes a last-resort insurance pool for those unable to find certain types of coverage through conventional means. Finally, the Terrorism Risk Insurance Act establishes a federal reinsurance backstop in the event of a severe terror loss. While each program seeks to expand property and casualty coverage, some have been more successful than others. This thesis examines the efficacy of each program and provides reform suggestions