Tagged with Insurance

National Flood Insurance Program: Continued Progress Needed to Fully Address Prior GAO Recommendations on Rate-Setting Methods

US Government Accountability Office http://www.gao.gov/products/GAO-16-59 Why GAO Did This Study NFIP, which is administered by FEMA, provided insurance to help protect over 5.1 million policyholders against flood losses in 2015. The program has struggled financially in its attempts to keep rates affordable and pay for losses from catastrophic flooding. GAO has previously identified a number … Continue reading

National Flood Insurance Hurts Endangered Species: NOAA Opinion

Biological Opinion for the Federal Emergency Management Agency’s National Flood Insurance Program in the State of Oregon National Marine Fisheries Service http://1.usa.gov/1Wegl1x [Audubon Society Press Release] …the National Marine Fisheries Service (NMFS) concluded that the Federal Emergency Management Agency (FEMA) must change its implementation of the National Flood Insurance Program in Oregon to better protect … Continue reading

Earthquakes: Risk and Insurance Issues

Insurance Information Institute http://www.iii.org/issue-update/earthquakes-risk-and-insurance-issues …Hydraulic fracturing, commonly known as fracking, is a drilling technique used to extract natural gas and oil from the ground. The process involves injecting large amounts of drilling fluids into wells. Critics charge that the wastewater produced by the process can cause drinking water to be polluted. But some energy companies, … Continue reading

A Community-Based Flood Insurance Option

National Academy Press http://www.nap.edu/catalog/21758/a-community-based-flood-insurance-option River and coastal floods are among the nation’s most costly natural disasters. One component in the nation’s approach to managing flood risk is availability of flood insurance policies, which are offered on an individual basis primarily through the National Flood Insurance Program (NFIP). Established in 1968, the NFIP is overseen by … Continue reading

Assessing and Improving Flood Insurance Management and Accountability in the Wake of Superstorm Sandy

Majority Staff Report [of the] U.S. Senate Committee on Banking, Housing, and Urban Affairs, 22nd June 2015 http://1.usa.gov/1FBnKM2 [Reuters] The Senate Banking Committee will release a report that calls the appeals process for federal flood insurance claims after Super Storm Sandy badly flawed, but also that it found no signs of systematic underpayments to victims, Reuters reports. … Continue reading

Food System Shock: the Insurance Impacts of Acute Disruption to Global Food Supply

Lloyd’s of London http://www.lloyds.com/news-and-insight/risk-insight Global demand for food is on the rise. This is driven by unprecedented growth in the world’s population and widespread shifts in consumption patterns as emerging economies develop. It is predicted that global agricultural production will need to more than double by 2050 to close the gap between food supply and … Continue reading

Tying Flood Insurance to Flood Risk for Low-Lying Structures in the Floodplains

National Academy Press http://bit.ly/1GdV119 The National Flood Insurance Program (NFIP) was created in 1968 to reduce the flood risk to individuals and their reliance on federal disaster relief by making federal flood insurance available to residents and businesses if their community adopted floodplain management ordinances and minimum standards for new construction in flood prone areas. … Continue reading