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The Obameter

Create a national catastrophe insurance reserve

"Will create a National Catastrophe Insurance Reserve that would be funded by private insurers contributing a portion of the premiums they collect from policyholders. Such a framework would neither distort the insurance market nor discourage risk avoidance and risk mitigation investments because insurers would not be forced out of high-risk markets for fear of bankruptcy in the event of a disaster. With this program in place, disaster victims would no longer have to depend solely on taxpayerfunded federal disaster aid loans."

Sources: "Barack Obama: Rebuilding the Gulf Coast and Preventing Future Catastrophes"

Subjects: Homeland Security, Katrina

Updates:

Still being studied

Updated: Thursday, December 24th, 2009 | By Robert Farley

We scoured the wires and FEMA Web site archives but couldn't find any mention that a National Catastrophe Insurance Reserve is on anyone's radar. Nor could we find that President Obama has mentioned it since being elected.

So we contacted White House officials, who said FEMA continues to discuss the creation of such a program and study the issue closely.

That doesn't sound too promising. But neither can we say it's dead yet.

We rate this promise Stalled.

Sources:

Various checks and searches that revealed no results.

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