Natural Catastrophe Insurance: Analysis of a Proposed Combined Federal Flood and Wind Insurance Program

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DIANE Publishing, Nov 1, 2008 - 38 pages
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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.
 

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