People say, well, it has always been the same. Things never work out in the DRC. That was not true in 2006.
If the Federal Government is the 800-pound gorilla... is that a real disincentive to do the resiliency?
As you said in your testimony, the insurance industry has a unique capacity to provide that discipline.
Well, let us talk--because you are using the word I wanted to get to next is 'incentivize.'
the economics of inaction are very clear to folks; and then also, kind of toughening up a little bit
I think it is very important we send the right market signals for climate change preparedness as well.
OK. And, again, that is not a good thing in terms of reduction of that moral hazard of----
Does that reduce their incentive to mitigate risk
Now, when society subsidizes private individuals taking those types of risks, that increases that type of behavior, corr...
Wouldn't the insurance industry itself have a vested interest to develop these standards?
I am afraid that if we have an overreliance on the Federal Government's help, is that restraining the mitigation.
Do you think people would build $1 million, $2 million homes right on the beach if they had to pay the full cost of the ...
Well, we have that interference, correct?
we should be either rewarded or incentivized in some ways. And the other States that do not take those actions should be...
We can argue over it all we want. But in my State, we see it every single day.
Thank you all for your testimony.
And that is not happening right now with the National Flood Insurance Program, correct?
They were correct, weren't they?
