Natural Catastrophe Insurance: Analysis of a Proposed Combined Federal Flood and Wind Insurance Program
DIANE Publishing, 2008 - 38 pages
Disputes between policyholders and insurers after the 2005 hurricanes highlight the challenges of determining the cause and extent of damages when properties are subject to both high winds and flooding. Additionally, insurers want to reduce their exposure in high-risk areas, and state wind insur. programs have grown significantly. The Flood Insur. Reform Act of 2007, would create a combined fed. insur. program with coverage for both wind and flood damage. This report evaluates this potential program in terms of: (1) what would be required to implement it; (2) the steps FEMA would need to take to determine premium rates that reflect all future costs; and (3) how it could affect policyholders, insur. market participants, and the fed. gov┐t. Illus.
What people are saying - Write a review
We haven't found any reviews in the usual places.
3121 would require According to FEMA actuarial addition adequate to cover adverse selection American Insurance Association ASFPM billion borrowed funds borrowing restriction building codes catastrophic event chance of occurring combined federal flood combined flood communities currently distinction between flood Emergency Management Agency expected costs exposure to loss Federal Emergency Management federal program FEMA would need FEMA’s flood and wind flood damage flood insurance policies Flood Insurance Program future costs high-risk areas high-risk coastal areas high-risk properties homeowners policies Hurricane Katrina implement a combined insurance regulators Insurance Services Office limited participation losses without borrowing mitigation measures NAIC National Flood Insurance need to determine NFIP flood NFIP’s policyholders potential private insurers private sector insurers Property Insurance property owners rate setting reinsurance require FEMA risk sell wind and flood wind coverage wind damage wind insurance policy wind insurance program wind mitigation wind modeling wind program policies windstorm WYO insurer WYO program