Craig Poulton presented a report, “Beneath the Surface: Analysis of NFIP Data Demonstrates the Need for More Equitable Rates,” during a panel discussion at a Congressional Briefing on Capitol Hill. (Photo: iStock)

Any remaining doubts can be put to rest. New analysis demonstrates a clear disparity does exist in the benefits realized by high-income and low-income groups participating in the National Flood Insurance Program (NFIP) — and contrary to some points of view, the nation’s lower-income NFIP participants are consistently disadvantaged when compared to higher-income participants.

My company, Poulton Associates, LLC, partnered with the geospatial digital data experts at HazardHub to analyze NFIP policy and claims data from 2010 through 2018. Through careful analysis conducted by their scientists, the data showed that the top three income groups examined (those with a household income of more than $106,000) accounted for nearly 50% of total NFIP claims, while the three lowest income groups accounted for just more than 15%.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?

 

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2023 ALM Global, LLC. All Rights Reserved.