Filed Under:Markets, Personal Lines

Private Market Should Insure Both Wind & Flood, ABA Says

Washington

The American Bankers Association is calling for "wholesale" overhaul of the National Flood Insurance Program (NFIP), including providing incentives for the private market to assume a greater role.

The private market role should include creation of multi-peril coverage, that is, combined wind and flood coverage, the ABA said.

She added that it also imposes a "significant and disproportionate compliance burden" on insured depository lenders.

Thus, she said, the ABA urges "that any reform effort end the system's dependence on bank enforcement of NFIP coverage in favor of the establishment of a new framework that promotes market options, increases the availability and affordability of coverage for all at-risk properties, and eliminates compliance burden in favor of safe and sound risk management controls."

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