Filed Under:Agent Broker, Agency Management

Regulator: NFIP Borrowing Authority May Need to Be Raised to $30B

It may be necessary to raise the National Flood Insurance Program’s borrowing authority to as high as $30 billion to cover claims resulting from Superstorm Sandy, state insurance regulators fear.

However, Don Griffin, vice president, personal lines, for the Property Casualty Insurers Association of America and head of an industry coalition on the Federal Emergency Management Agency, cautions that initial estimates are rarely accurate.

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