As the federally backed National Flood Insurance Program (NFIP) faces obstacles in the rollout of its new rating program that is generating premium increases for many of its policyholders, the private flood insurance market has benefited by significantly growing its market share across the U.S., according to an issues brief published today by the Insurance Information Institute (Triple-I).
Tag: NFIP
GAO Issues Analysis of FEMA’s Risk Rating 2.0
The U.S. Government Accountability Office (GAO) has issued a report on the Federal Emergency Management Agency (FEMA’s) National Flood Insurance Program (NFIP), examining several objectives, including the actuarial soundness of Risk Rating 2.0; how premiums are changing; efforts to address affordability for policyholders; options for addressing the debt; and implications for the private market.
Flood Insurance Costs Have Risen for More than Half of Policies: FEMA
Across all states and territories, the average cost of flood insurance was $888 per policy prior to Risk Rating 2.0, according to FEMA data. With Risk Rating 2.0, the average cost of insurance is projected to be $1,808.
Florida Joins Other States in Fight Over Flood Insurance Revamp
lorida has joined nine other states in a federal lawsuit challenging an overhaul of the National Flood Insurance Program, arguing the new system is flawed and will drive up premiums for many property owners.
10 States, Local Governments Sue FEMA Over Higher Flood Insurance Rates
Ten states and dozens of municipalities are suing the Biden administration over rate hikes in the National Flood Insurance Program. That program offers coverage in high-risk flood areas and is administered by FEMA.
Flood Insurance Costs in Florida Are About to Explode
Just as homeowners are realizing the increased risks of going without flood coverage, the Federal Emergency Management Agency has released data showing that coverage costs are exploding for properties in coastal areas most vulnerable to flooding.
House Oversight Panel Wants FEMA to Explain High Flood Insurance Prices
The U.S. House committee charged with investigating government fraud and corruption demanded Monday that the Federal Emergency Management Agency detail just how its new flood insurance pricing system works.
Sharp Flood Insurance Hikes with Risk Rating 2.0 Across South Louisiana Detailed in New Data
The sharp increases in flood insurance rates south Louisiana communities are facing have been detailed for the first time in data released by FEMA, with one of the state’s ZIP codes projected to see the steepest hikes of any in the nation and others varying widel
FEMA Sees 36% Decline in Number of Reinsurers for 2023 NFIP Renewal
Data on the National Flood Insurance Program’s (NFIP) traditional reinsurance placement for 2023 reveals a 36% decline in the number of participants in the program when compared with the prior year.
FEMA Shrinks NFIP Reinsurance Program by Over 50% Amid Hard Market
FEMA has completed its 2023 traditional reinsurance placement for the National Flood Insurance Program (NFIP).