New Government Report: Flood Insurance
by Orice Williams Brown
Paperback, 19 pages, 2011, $20.00
The National Flood Insurance Program (NFIP) had to borrow from the U.S. Treasury to cover losses from the 2005 hurricanes. The outstanding debt is $17.8 billion as of March 2011. This sizable debt, plus operational and management challenges at FEMA, which administers NFIP, have kept the program on the high-risk list. NFIP’s need to borrow to cover claims in years of catastrophic flooding has raised concerns about the program’s long-term financial solvency. This testimony: 1) discusses ways to place NFIP on a sounder financial footing in light of public policy goals for federal involvement in natural catastrophe insurance; and 2) highlights operational and management challenges at FEMA that affect the program.
Entry filed under: New Government Reports. Tags: environmental disasters, federal emergency management agency, fema, flood, flooding, government, hurricane katrina, katrina, national flood insurance program, nfip, report, treasury department, u.s. treasury.