More than 200,000 homes in England and Wales could go uninsured once a pact between the nation’s flood insurers and government comes to an end in 2013. The Association of British Insurers (ABI) has warned that these homes would have profound difficulty in attaining new flood insurance policies once the agreement comes to a close. The ABI has been examining data provided by the UK’s Environment Agency regarding the potential for severe floods in both regions of the country. The issue has highlighted a major problem in the UK’s insurance…
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NAMIC asks congress not to end federal flood insurance program
In response to the amendment filed by Rep. Candice Miller (R-Mich) to the HR 1309 (the National Flood Insurance Program), called the Flood Insurance Reform Act of 2011, which would end the program, the National Association of Mutual Insurance Companies (NAMIC) has asked Congress not to proceed forward. According to senior vice president of federal and political affairs Jimi Grande, of NAMIC, “Eliminating the National Flood Insurance Program is the worst policy option out there.” He explained that while the National Flood Insurance Program (NFIP) is not perfect, it is…
Read MoreNational Flood Insurance Program on financial shaky ground
On Wednesday, a subcommittee of the House of Representatives approved amendments that could help revitalize the stagnant National Flood Insurance Program. The program is currently in a state of bankruptcy, having been unable to procure any additional funding from the government. It will continue to operate until September 30, when funding will run out completely. The legislation, which was passed by a voice vote, seeks to revamp the program to make it more financially sound and provide federal agencies such as FEMA more flexibility in their operations. “In the near…
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