Private insurers may expand role in federal flood program

Aug. 30, 2017 The sun sets on downtown Houston as flood waters still surround some neighborhoods. Jabin Botsford/The Washington Post “We need a sustainable program. about what role the federal.

The bipartisan agreement among the House lawmakers covers a range of topics, including expanding the role of private. these plans, insurers and reinsurers would see an increase in their potential.

The bipartisan agreement among the House lawmakers covers a range of topics, including expanding the role of private flood insurers, getting the federal program to buy more reinsurance on the.

NFIP was created in 1968 and is the only federal flood insurance available. It may be the sole source of insurance to some residents of flood-prone areas. Mainly due to catastrophic losses in 2005, the program became indebted to the U.S. Treasury and has been unable to repay this debt.

Re: Comments on “Loans in Areas Having Special Flood Hazards – Private Flood Insurance” To Whom It May Concern: The Reinsurance Association of America (RAA) is pleased to provide input to the Office of the Comptroller of the Currency, Federal Reserve System, Federal Deposit Insurance Corporation,

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Congress created the National Flood Insurance Program (“NFIP”) to offer flood insurance at rates that were uneconomical for private companies. gowland v. Aetna, 143 F.3d 951, 953 (5th cir. 1998). The Federal Emergency Management Agency (“FEMA”) administers the program and has established, by regulation, the Standard Flood Insurance Policy (“SFIP”).

Private Insurers Ready to Plunge into Flood Market. "It is inevitable that the private market will assume the dominant position of flood (insurance) in the United States," claims Craig Poulton, CEO of Salt Lake City-based Poulton Associates, which administers one of the largest U.S. private flood insurance programs, the Natural Catastrophe Insurance Program, at CATcoverage.com.

Why is my Flood Insurance Premium Going Up? And despite wanting to enter the flood insurance market, private insurers don’t want in all at once. They will take four or five years to get their feet wet, said Chris Grimes of FitchRatings.

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But the role of a private flood insurance market remains a key question for some. that NFIP rates may change significantly in the next few years. We also include an. Our analysis indicates that expansion of private insurance.