Private insurers may expand role in federal flood program

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Although flood insurance may present a tremendous growth opportunity for private carriers, convincing them to get back into the flood insurance business in a big way will likely require concrete actions on the part of federal and state lawmakers to create an environment in which carriers are given enough flexibility to underwrite and price.

The bipartisan agreement among the House lawmakers covers a range of topics, including expanding the role of private flood insurers, getting the federal programme to buy more reinsurance on the.

Private Flood Insurance and the National Flood insurance program congressional research Service Summary The National Flood Insurance Program (NFIP) is the main source of primary flood insurance coverage in the United States, collecting $3.5 billion in premiums for over five million flood insurance policies.

With federal flood insurance, corporations get a third of premiums and taxpayers get the bill The insurance industry says they are doing the federal government a favor by participating in the.

Private Insurers Ready to Plunge into Flood Market. "It is inevitable that the private market will assume the dominant position of flood (insurance) in the United States," claims Craig Poulton, CEO of Salt Lake City-based Poulton Associates, which administers one of the largest U.S. private flood insurance programs, the Natural Catastrophe Insurance Program, at CATcoverage.com.

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Tsunamis and Earthquakes: Is Federal Disaster Insurance in Our Future? Summary Recent earthquakes and tsunamis in 2004 and 2006 have led some Members of Congress to question whether the federal government should be involved in providing disaster insurance against mega-catastrophes. On October 15, 2006, a magnitude 6.7 earthquake struck the Hawaiian Island of Oahu, causing widespread.

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The bipartisan agreement among the House lawmakers covers a range of topics, including expanding the role of private flood insurers, getting the federal program to buy more reinsurance on the.

The National Flood Insurance Program aims to reduce the impact of flooding on private and public structures. It does so by providing affordable insurance to property owners, renters and businesses and by encouraging communities to adopt and enforce floodplain management regulations.