Volume 2014 - Number 45
November 26, 2014
Witnesses at House Subcommittee Hearing Favor Bill to Open Flood Insurance Market to Private Carriers, Brokers
The National Flood Insurance Program has been great in providing federal flood insurance coverage to homeowners in high flood-risk areas, but the huge losses incurred by the program during Hurricane Katrina and super-storm Sandy indicate it is time to shift the risk to the private sector, according to industry experts. During a hearing on flood insurance legislation by the House Financial Services Subcommittee on Housing and Insurance last week, experts urged lawmakers to stop funneling all flood risk through the NFIP and open the door to private flood insurance providers. The hearing focused...
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