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PIA Concern — March 23rd NFIP Expiration Coming

Posted By Administration, Tuesday, March 13, 2018

PIA National is concerned. Congress has shown very little worry about the soon-to-expire National Flood Insurance Program (NFIP). It is going to lapse on March 23rd. The program originally expired on September 30th of last year. Since then it has been extended five times.

If Congress does not act by the expiration deadline, the program will lapse.

PIA National says fiscal hawks led by House Financial Services Chairman Rep. Jeb Hensarling of Texas have proposed raising premiums for homeowners currently paying below-risk “grandfathered” rates. He also advocates removing some homes from the program.

Senate Banking Committee member and Louisiana Republican Sen. John Kennedy said that hasn’t gone over well with members of Congress — and it’s a bipartisan group — who worry what those changes will do to homeowners who depend on the NFIP. “I'm disappointed, bitterly disappointed, about the lack of enthusiasm about moving it to the top of the list,” Kennedy said.

PIA National Vice President of Government Relations Jon Gentile said, “PIA will continue our advocacy for a long-term reauthorization of the program that recognizes the essential role independent agents play in providing expert advice to consumers.”

The worries of PIA and others watching flood potential and the deteriorating situation with the NFIP are paying close attention to a new study by the University of Bristol. It says 41 million people in the U.S. are at risk from flooding.

That’s way up from the current accepted figure of 13 million.

The university said it has studied new high-resolution model maps and maps of the entire continental U.S. Maps done by the Federal Emergency Management Agency (FEMA) for the NFIP cover just 60% of the country. By the way, that 41 million does not include the millions who’re at risk along the U.S. coasts.

Oliver Wing — who led the research — said the number increase is because of expanded looks at small streams and the ability to estimate the risk on them. He said as many as 60 million of us could be vulnerable to a 100-year flood by 2050.

“Because climate change may cause so-called ’100-year’ floods to occur more frequently, even more people may be exposed to flooding in the future. All of this highlights the critical need for comprehensive floodplain and flood risk management planning,” Wing said.

 

Source link: PropertyCasualty360.com

Tags:  Insurance Content  Insurance Industry  Insurance News  PIA Concern — March 23rd NFIP Expiration Coming  Weekly Industry News 

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