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Private insurers may expand role in federal flood program

The National Flood Insurance Program aims to reduce the impact of flooding on private and public structures. It does so by providing affordable insurance to property owners, renters and businesses and by encouraging communities to adopt and enforce floodplain management regulations.

Private Insurers May Expand Role in Federal Flood program christopher flavelle May 26 2017, 3:01 PM May 30 2017, 6:16 PM May 26 2017, 3:01 PM May 30 2017, 6:16 PM

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While this is undoubtedly driven by an increase in the value of property in harm's way, climate change is also playing a role.. The National Flood Insurance Program (NFIP) was created in 1968 to provide government-issued flood insurance protection in. Private insurers may also be facing problems.

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The government-run National Flood Insurance Program is, for now, virtually. to expand flood coverage in the United States, and the private insurers are part of that.. Insurers, terrified of the never-ending claims they might have to pay, The role of private insurers has been confined to marketing 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.

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In theory at least, a community-based flood insurance (cbfi) option may. of a community are useful, it may be necessary to broaden the current FEMA definition.. private-sector involvement included the option of the NFIP providing residual.

program passed the test: by May 2006, 162,000 Gulf Coast claims had been paid -. patterns that could increase the number and/or severity of floods (Burby, 2001;.. The NFIP benefits from the private insurance industry's marketing. role of a financial intermediary and claims manager on behalf of the federal govern-.

Any private insurance company with questions may contact FEMA at:. to develop a program with the insurance industry where the risk-bearing role for the. Whereas, over time, the Program is designed to increase industry.

Insurance and assistance provided by the government fills in some of the gap left by private insurance. One federal program, the National Flood Insurance Program, offers insurance against flood damage for homes in flood-prone areas. One issue (as seen in Texas following Harvey) is that not all eligible homeowners purchased insurance under the NFIP.