Committee on the Affordability of National Flood Insurance Program Premiums's Books

Affordability of National Flood Insurance Program Premiums

Report 2

By: National Academies of Sciences, Engineering, and Medicine,Division of Behavioral and Social Sciences and Education,Committee on National Statistics,Division on Engineering and Physical Sciences,Board on Mathematical Sciences and Their Applications,Division on Earth and Life Studies,Water Science and Technology Board,Committee on Affordability of National Flood Insurance Program Premiums

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Affordability of National Flood Insurance Program Premiums

Report 2

When Congress authorized the National Flood Insurance Program (NFIP) in 1968, it intended for the program to encourage community initiatives in flood risk management, charge insurance premiums consistent with actuarial pricing principles, and encourage the purchase of flood insurance by owners of flood prone properties, in part, by offering affordable premiums. The NFIP has been reauthorized many times since 1968, most recently with the Biggert-Waters Flood Insurance Reform Act of 2012 (BW 2012). In this most recent reauthorization, Congress placed a particular emphasis on setting flood insurance premiums following actuarial pricing principles, which was motivated by a desire to ensure future revenues were adequate to pay claims and administrative expenses. BW 2012 was designed to move the NFIP towards risk-based premiums for all flood insurance policies. The result was to be increased premiums for some policyholders that had been paying less than NFIP risk-based premiums and to possibly increase premiums for all policyholders. Recognition of this possibility and concern for the affordability of flood insurance is reflected in sections of the Homeowner Flood Insurance Affordability Act of 2014 (HFIAA 2014). These sections called on FEMA to propose a draft affordability framework for the NFIP after completing an analysis of the efforts of possible programs for offering "means-tested assistance" to policyholders for whom higher rates may not be affordable. BW 2012 and HFIAA 2014 mandated that FEMA conduct a study, in cooperation with the National Academies of Sciences, Engineering, and Medicine, which would compare the costs of a program of risk-based rates and means-tested assistance to the current system of subsidized flood insurance rates and federally funded disaster relief for people without coverage. Production of two reports was agreed upon to fulfill this mandate. This second report proposes alternative approaches for a national evaluation of affordability program policy options and includes lessons for the design of a national study from a proof-of-concept pilot study.

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151

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National Academies Press

Published Date

ISBN 10

0309380774

ISBN 13

9780309380775

Affordability of National Flood Insurance Program Premiums

Report 1

By: National Research Council,Division of Behavioral and Social Sciences and Education,Committee on National Statistics,Division on Engineering and Physical Sciences,Board on Mathematical Sciences and Their Applications,Division on Earth and Life Studies,Water Science and Technology Board,Committee on the Affordability of National Flood Insurance Program Premiums

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Affordability of National Flood Insurance Program Premiums

Report 1

The National Flood Insurance Program (NFIP) is housed within the Federal Emergency Management Agency (FEMA) and offers insurance policies that are marketed and sold through private insurers, but with the risks borne by the U.S. federal government. NFIP's primary goals are to ensure affordable insurance premiums, secure widespread community participation in the program, and earn premium and fee income that covers claims paid and program expenses over time. In July 2012, the U.S. Congress passed the Biggert-Waters Flood Insurance Reform and Modernization Act (Biggert-Waters 2012), designed to move toward an insurance program with NFIP risk-based premiums that better reflected expected losses from floods at insured properties. This eliminated policies priced at what the NFIP called "pre-FIRM subsidized" and "grandfathered." As Biggert-Waters 2012 went into effect, constituents from multiple communities expressed concerns about the elimination of lower rate classes, arguing that it created a financial burden on policy holders. In response to these concerns Congress passed The Homeowner Flood Insurance Affordability Act of 2014 (HFIAA 2014). The 2014 legislation changed the process by which pre-FIRM subsidized premiums for primary residences would be removed and reinstated grandfathering. As part of that legislation, FEMA must report back to Congress with a draft affordability framework. Affordability of National Flood Insurance Program Premiums: Report 1 is the first part of a two-part study to provide input as FEMA prepares their draft affordability framework. This report discusses the underlying definitions and methods for an affordability framework and the affordability concept and applications. Affordability of National Flood Insurance Program Premiums gives an overview of the demand for insurance and the history of the NFIP premium setting. The report then describes alternatives for determining when the premium increases resulting from Biggert-Waters 2012 would make flood insurance unaffordable.

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232

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National Academies Press

Published Date

ISBN 10

0309371287

ISBN 13

9780309371285

Affordability of National Flood Insurance Program Premiums

Report 2

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Affordability of National Flood Insurance Program Premiums

Report 2

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151

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National Academies Press

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ISBN 10

0309380804

ISBN 13

9780309380805

Affordability of National Flood Insurance Program Premiums

Report 1

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Affordability of National Flood Insurance Program Premiums

Report 1

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National Academies Press

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0309371287

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9780309371285

A Community-Based Flood Insurance Option

By: National Academies of Sciences, Engineering, and Medicine,Division on Engineering and Physical Sciences,Board on Mathematical Sciences and Their Applications,Division on Earth and Life Studies,Water Science and Technology Board,Committee on Community-Based Flood Insurance Options

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A Community-Based Flood Insurance Option

River and coastal floods are among the nation's most costly natural disasters. One component in the nation's approach to managing flood risk is availability of flood insurance policies, which are offered on an individual basis primarily through the National Flood Insurance Program (NFIP). Established in 1968, the NFIP is overseen by the Federal Emergency Management Agency (FEMA) and there are about 5.4 million individual policies in the NFIP. The program has experienced a mixture of successes and persistent challenges. Successes include a large number of policy holders, the insurance of approximately $1.3 trillion of property, and the fact that the large majority of policy holders - 80% - pay rates that are risk based. NFIP challenges include large program debt, relatively low rates of purchase in many flood-prone areas, a host of issues regarding affordability of premiums, ensuring that premiums collected cover payouts and administrative fees, and a large number of properties that experience severe repetitive flood losses. At the request of FEMA, A Community-Based Flood Insurance Option identifies a range of key issues and questions that would merit consideration and further analysis as part of a community-based flood insurance program. As the report describes, the community-based option certainly offers potential benefits, such as the prospect of providing coverage for all (or nearly all) at-risk residents and properties in flood-prone communities. At the same time, many current challenges facing the NFIP may not necessarily be resolved by a community-based approach. This report discusses these and other prominent issues to be considered and further assessed.

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141

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National Academies Press

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ISBN 10

0309374715

ISBN 13

9780309374712

Book's by Committee on the Affordability of National Flood Insurance Program Premiums

Affordability of National Flood Insurance Program Premiums

Affordability of National Flood Insurance Program Premiums

Affordability of National Flood Insurance Program Premiums

Affordability of National Flood Insurance Program Premiums

Affordability of National Flood Insurance Program Premiums

Affordability of National Flood Insurance Program Premiums

Affordability of National Flood Insurance Program Premiums

Affordability of National Flood Insurance Program Premiums

A Community-Based Flood Insurance Option

A Community-Based Flood Insurance Option

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