Private insurers may expand role in federal flood program

Private Flood Insurance and the National Flood Insurance Program Congressional Research Service Summary The National Flood insurance program (nfip) is the main source of primary flood insurance coverage in the United States, collecting $3.5 billion in premiums for over five million flood insurance policies.

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Although flood insurance may present a tremendous growth opportunity for private carriers, convincing them to get back into the flood insurance business in a big way will likely require concrete actions on the part of federal and state lawmakers to create an environment in which carriers are given enough flexibility to underwrite and price.

The Federal Emergency Management Agency (FEMA) has completed a reinsurance placement with 28 private reinsurers to help the National Flood Insurance Program (NFIP) recover losses it may have to pay.

to improve the financial integrity and stability of the program, and to increase the role of private markets in the management of flood insurance risk, and for other purposes. Program Extension Would reauthorize the NFIP and its financing through September 30, 2017.

 · Insurance industry interest in expanding its offerings would increase if Congress formally accepted the role of backstopping catastrophic losses of any and all sellers of private flood insurance. This, by the way, is how the Terrorism Risk Insurance Act , passed in the wake of 9/11, allocates the risk of terrorist attacks between the public and.

Continued concern with the viability of the National Flood Insurance Program (NFIP) has led to growing interest in a private flood insurance market. For the first time last year, the Federal.

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To get a federally-backed mortgage on a home in a high-risk zone, federal law requires an individual to purchase flood insurance. However there are concerns that climate change is leading to an increase in flooding outside of traditional flood zones, areas where fewer people have flood insurance.

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Congress pushed back a deadline to fix its debt-burdened National Flood Insurance Program. Santos, vice president of federal affairs at the American Insurance Association, said private insurers are.

FEMA flood insurance director on filing claims after Harvey THE FUTURE OF FLOOD INSURANCE A GROWING PUBLICPRIVATE PARTNERSHIP 5 NFIP V PRIVATE MARKET The presence of additional private insurers may help increase the number of homes and businesses protected by flood insurance which may.