Insurers–eager to grasp at any straw that might pull them out of the harsh glare of public scrutiny over their handling of Hurricane Katrina claims–were relieved that a Department of Homeland Security report uncovered “no evidence” they had improperly shifted wind-damage claims to the federal flood insurance program.
Unfortunately–for both the industry and Congress–the report is worthless.
The “interim” report makes painfully clear the Feds have no clue whether claims with both wind- and water-related elements were settled fairly, or whether anyone will ever know for sure. That means Congress will be flying blind while attempting to reform the National Flood Insurance Program this fall.
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