Leaders in the insurance industry anticipated that 2019, much like 2018, would be a tumultuous year for flood insurance with large catastrophic events, legislative impasse, administrative uncertainty. For the National Flood Insurance Program (NFIP) and private flood insurance, all were true and may continue into 2020.  Unlike other insurance programs, the NFIP is authorized by Congress.  And while private flood insurance is not controlled by a Federal body, Congress’s actions (or inactions) influence the industry.  More recently, the NFIP has been suffering from a lack of a long term reauthorization by Congress.  The program, which saw its major authorizations expire two years ago, has been propped up by short term extensions and proposed reform measures that have received mixed reactions from stakeholders.  To add to the uncertainty, FEMA’s new rating system, Risk Rating 2.0 has seen immense pressure by Congress to be halted, and has now been postponed into 2021.  And uncertainty in the marketplace for flood insurance remains as participation is low and losses mount with climate related events.  What’s ahead in 2020?  Its important to review 2019 to see where 2020 takes us.  The National Flood Insurance Program was started in 1968 by Congress after major flooding events […]

You must be a member to view this content.  Becoming a member is FREE!  Go to our “Become a Member” page to join now by clicking HERE Username or E-mail Password Remember Me     Forgot Password