Much has been written about the Federal Emergency Management Agency's $23 billion budget deficit and the federal government's attempts to right the Flood insurance ship through the Biggert-Waters Flood Insurance Reform Act and the Homeowner Flood Insurance Affordability Act.
One of the goals of the legislation is for the National Flood Insurance Program (NFIP) to receive a rate commensurate with a property's flood risk. In April 2015, FEMA began instituting surcharges, and in 2016, Write Your Own companies must implement additional rate increases, some in excess of 20% and begin the effort of re-underwriting NFIP policies.
These recent regulatory pricing points have helped fuel industry interest in the emerging private Flood insurance market. Over the past year, several companies have begun offering alternatives to the traditional Flood insurance program that agents are beginning to investigate.
Continue Reading for Free
Register and gain access to:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
