Bill > HR550

This bill requires the Government Accountability Office (GAO) to conduct a comprehensive study on wildfire insurance coverage in the United States, examining multiple critical aspects of wildfire risk and insurance challenges. The study will analyze wildfire risk trends, including geographical patterns, disaster frequency, and potential mitigation practices, while also investigating how private insurers have responded to increasing wildfire risks over the past decade. Specifically, the GAO will examine how insurance companies have adjusted rates, declined policy renewals, and altered coverage in wildfire-prone areas, as well as explore the regulatory responses of state insurance agencies to these changes. The study will also delve into the challenges insurers face in underwriting wildfire risk, including correlated risks, the potential impact on insurance solvency, and the effects on housing affordability and availability in high-risk areas. The research will consider various potential policy responses, such as improved forest management, risk-sharing mechanisms, and government affordability programs. By the end of the 12-month study period, the GAO must submit a detailed report to Congress presenting its findings and conclusions, with the ultimate goal of providing insights to help address the growing challenges of wildfire insurance coverage in the United States.

Business and Industry

https://www.congress.gov/bill/119th-congress/house-bill/550/all-info