Scott Bessent (Left), Treasury Secretary | https://www.facebook.com/photo
Today, a roundtable discussion was convened by the Federal Insurance Office (FIO) at the U.S. Department of the Treasury. The meeting involved representatives from various sectors of the insurance industry, including insurers, reinsurers, brokers, and state regulators. Resilience and consumer groups, alongside academics, were also in attendance to deliberate on strategies to reduce costs and ensure the availability of homeowners insurance. These efforts align with the Trump administration's initiative to tackle the cost-of-living crisis.
Deputy Secretary Michael Faulkender provided the initial remarks, citing the vital role of the U.S. homeowners insurance market and stressing the necessity for cooperation among all parties involved. Senior officials from the Treasury led the discussions, focusing on the issues of cost and accessibility within the homeowners insurance market. They also touched upon the ongoing measures being undertaken by the insurance sector, along with state and local governments, to address these challenges.
The roundtable is a part of the Treasury's broader goals to implement the President’s Executive Order on Delivering Emergency Price Relief for American Families and overcome the cost-of-living crisis. The FIO remains committed to overseeing the insurance industry nationwide while maintaining close coordination with state and local authorities on these subjects.
