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Private insurers may expand role in federal flood program

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.

Insurers Role in the National Flood Insurance Program (NFIP) Insurers are committed to assisting policyholders in need- quickly and efficiently. This is not. about profits or process. It’s about protecting families and c ommunities. Today, more than. 5.1 million Americans depend on flood insurance to protect homes and businesses.

While the NFIP has been the dominant player in the flood insurance market, there are long-term opportunities for private insurers and gaps to fill. Private insurers may offer superior performance in building a surplus, underwriting properties, spreading risk through the reinsurance and capital markets, determining actuarially sound rates, and prioritizing and implementing coastal mitigation strategies.

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As Congress considers reauthorization of the National Flood Insurance Program (NFIP), it should. which opens up additional opportunities for private insurers and reinsurers to underwrite flood risk.

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Starting next October though, the federal emergency management agency may begin using many more variables to pinpoint exactly how much the Baileys should be paying, using “state-of-the-art” data.

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Involvement in flood claims was only a small part of insurers role following Sandy. Insurers were also settling private homeowners, business, and auto claims. Following Sandy, WYO insurers settled more than 130,000 claims valued at $8 billion, with just over one (1) percent of claims going to litigation. However, settling NFIP claims is a small part of insurers overall role in disaster response.

The program was established in 1968 to address the lack of availability of flood insurance in the private market and reduce demand for federal disaster. Florence and other storms that may follow.

Federal government shouldn · Flood coverage examined following catastrophe claims. Private market flood insurance generally takes one of two forms, according to Ross Jones, a partner with Wilson Elser in Beaumont. The NFIP began a program in the 1980s that allowed private insurers to Write Your Own policies to sell and process flood insurance using NFIP rates,

With federal flood insurance, corporations get a third of premiums and taxpayers get the bill The insurance industry says they are doing the federal government a favor by participating in the.

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