The Senate Banking Committee held a hearing titled "Examining Insurance Markets and the Role of Mitigation Policies" to address challenges facing the U.S. insurance market amid rising catastrophe risks. Insurers may face up to $145 billion in catastrophe losses in 2025, with Swiss Re estimating a 1-in-10 chance of $300 billion in insured losses due to unprecedented coastal growth. Testimonies highlighted that climate change is not the primary driver of rising insurance premiums; rather, government policies are largely responsible. Senators emphasized the importance of mitigation efforts and insurance market reforms that align rates with actual risks to keep coverage affordable and available. The hearing marked the Senate's initial public step toward potential insurance market reforms, though significant legislative work remains. Additional discussions on climate risks and insurance challenges, including in Florida, are planned.