Last week we discussed reactions to Biggert-Waters (BW-12), most specifically the effects of the federal Homeowner Flood Insurance Affordability Act (HFIAA), which was passed in March. This week we’re taking a look at how Florida reacted to BW-12, and what HFIAA might mean for them. After BW-12 came into effect and Floridians started getting massive … Continue reading Will Florida SB 542 Make It?
Six months ago we wrote about the 2012 Biggert-Waters Act (BW-12) and people’s reactions to it at that time. In the intervening six months, a lot of reacting has happened. Most importantly, the Homeowner Flood Insurance Affordability Act (HFIAA) was passed. After Biggert-Waters was passed, there was a public outcry. It was so universal across … Continue reading Does the Homeowner Flood Insurance Affordability Act “Gut” Biggert-Waters?
Drafted in the wake of the 2004/2005 hurricane season and Superstorm Sandy, the Biggert-Waters Flood Insurance Reform Act of 2012 (BW-12, or Biggert-Waters) makes a number of changes to the National Flood Insurance Program (NFIP). The changes are primarily rate increases or re-mappings to “reflect true flood risk.” Essentially, BW-12 eliminates, or gradually eliminates, subsidies … Continue reading The Biggert-Waters Act: What Does It Do, and What Next?
Are flood losses getting worse or are we hearing more about them? Moreover, what can we do from an underwriting position if losses are becoming worse? We all have heard how the U.S. Army Corps of Engineers took two dramatic steps this past year to reduce the potential damage of the Mississippi River flood. The … Continue reading Are Flood Losses Getting Worse?
So I recently had an argument with myself about the NFIP. Just in case someone from the “outside” world (outside insurance, that is), made it onto this particular thought-provoking article and is unsure of what the NFIP is, I will fill you in. In 1968 Congress enacted the National Flood Insurance Act. This act created … Continue reading The Receding Tide of the National Flood Insurance Program
According to a recent story in National Underwriter, FEMA has indicated that Congress is considering significant reforms to the National Flood Insurance Program (NFIP). At a recent FEMA-sponsored forum, several trade groups have put forth suggestions for reform, among them privatization, either partially or in total. The speakers, representing the Reinsurance Association of America and … Continue reading Should the National Flood Insurance Program be privatized?