Commission on Catastrophic Disaster Risk and Insurance Act of 20011 - Establishes the bipartisan Commission on Catastrophic Disaster Risk and Insurance to assess: (1) the condition of the property and casualty insurance and reinsurance markets in the aftermath of Hurricane Katrina, Rita, and Wilma in 2005, and the four major hurricanes that struck the United States in 2004; (2) the ongoing exposure of the United States to earthquakes, volcanic eruptions, tsunamis, and floods; and (3) recommend and report legislative and regulatory changes to improve the domestic and international financial health and competitiveness of such markets.
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