US LAWMAKERS APPROVE EXTENSION OF FLOOD PROGRAMME FOR ONE WEEK

The US Congress approved a seven-day extension of the National Flood Insurance Programme to prevent the programme from expiring on Friday. Lawmakers linked the extension to a proposed continuing resolution to maintain funding from the US government. In the event that lawmakers fail to extend the continuing resolution past December 7, the government could shut down the programme. In recent years, Congress has opted to reauthorise the NFIP only through short-term extensions as lawmakers continue to debate options for reforming the debt-laden programme. The Property Casualty Insurers Association of America said the latest short-term extension “is very concerning. Consumers and businesses need a reliable programme that provides long-term access to flood insurance.”