The National Flood Insurance Program (NFIP) was originally created by Congress to transfer U.S. flood insurance risk to private insurers. However, in 1978, (when private insurance carriers assumed over 40 percent of the nation’s flood insurance risk), NFIP administrators used …
The federal flood insurance program has a knack for inspiring ideas from reformers across the political spectrum on how to improve government. If some of today’s reformers get their way, flood insurance will become a mandatory topic at real estate …
As Maxine Waters takes the gavel of the powerful House Financial Services Committee, it’s not clear whom she’ll end up disappointing more: business-friendly Democrats or progressive Democrats. Conservative Republicans have derided her for touting President Donald Trump’s impeachment, vowing revenge …
With the clock ticking on the National Flood Insurance Program’s authorization that is set to run out this Friday, Nov. 30, Congress is expected to renew the program short-term by taking one of several routes: passing a bill to extend …
There is not a lot time left to avoid a lapse in the federal government’s flood insurance program. The Senate is expected to follow the House, which voted last week to temporarily reauthorize the program. Senate Majority Leader Mitch McConnell …
I spent a day last week in a conference that was focused on some specific risks that make up a property insurance gap nationwide. The morning was focused on one of my favorite soap boxes, flood. You guessed it. It’s …
Advocates who have been pushing for renewal of the U.S. federal flood insurance programs in the wake of last year’s devastating hurricanes and floods praised Congress for extending the program through July 31. But advocates remained concerned that Congress has …
Things just got a bit easier for private personal lines insurance carriers wanting to enter the flood insurance market. Through its ISO subsidiary, data analytics firm Verisk has launched a new personal lines flood insurance program that is designed to …
Allstate Corp.’s Chief Executive Officer Tom Wilson on Tuesday called on U.S. lawmakers to overhaul a government subsidized flood insurance program, calling for a more streamlined system that does not overburden taxpayers. Allstate, the second-largest U.S. homeowners’ insurer based on …
As Congress considers reauthorization of the National Flood Insurance Program (NFIP), it should take into account specific insurance market, technological advances and other developments in weighing its options, according to the nation’s actuaries. A new report, “National Flood Insurance Program: …
