Download or read book Overview of Gao s Past Work on the National Flood Insurance Program written by United States Government Accountability Office and published by Createspace Independent Publishing Platform. This book was released on 2017-12-27 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt: Overview of GAO's Past Work on the National Flood Insurance Program

Download or read book Gao 14 297r written by U S Government Accountability Offi Gao and published by . This book was released on 2019-06-20 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt: GAO-14-297R: Overview of GAO's Past Work on the National Flood Insurance Program

Download or read book Overview of GAO s Past Work on the National Flood Insurance Program written by United States. Congress. House. Committee on Financial Services. Subcommittee on Housing and Insurance and published by . This book was released on 2014 with total page 61 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the past 11 years, GAO has identified a variety of challenges facing the National Flood Insurance Program (NFIP) and has made numerous recommendations to the Federal Emergency Management Agency (FEMA) to improve its administration of the program. FEMA has generally agreed with GAO's recommendations and has taken steps to address them. However, FEMA has not fully addressed all of the issues we have reported on and will need to address provisions in both the Biggert-Waters Insurance Reform Act of 2012 (Biggert-Waters Act) and the Homeowner Flood Insurance Affordability Act of 2014 (2014 Act) that affect many aspects of NFIP, including its finances, rate setting, and participation. Among other things, GAO found the following: 1) Finances. As of December 31, 2013, FEMA owed the Department of the Treasury (Treasury) $24 billion--primarily to pay claims associated with Superstorm Sandy (2012) and Hurricane Katrina (2005)--and had not made a principal payment since 2010. The Biggert-Waters Act requires FEMA to issue a report to Congress by January 2013 on a repayment plan setting forth options to repay FEMA's total debt to Treasury within 10 years. However, as of January 2014, FEMA had not issued such a report. According to FEMA officials, preliminary analysis suggests that under FEMA's planned implementation of the act, the agency will not be able to repay its debt within the 10-year time frame. The officials said the report will contain options for retiring the debt within 10 years, but that most of the options would require congressional action. As required by the act, FEMA is establishing a reserve fund that could help reduce the need for future borrowing from Treasury. However, FEMA is unlikely to initially meet the act's annual targets for building up the reserve, due partly to statutory limitations on annual premium increases. 2) Premium rate setting. FEMA's methodology for determining full-risk premium rates may not fully reflect the actual risk of flood damage as intended. Consistent with recommendations GAO made in 2008, FEMA has initiated actions to improve the accuracy of full-risk rates, including updating data used in the model it uses to set rates. However, these actions are in the preliminary stages. FEMA had begun implementing Biggert-Waters Act provisions to reduce and eventually eliminate most subsidized rates on remaining policies. However, the 2014 Act reinstates some of these subsidies. Phasing out and eventually eliminating subsidies remaining after the 2014 Act poses challenges for FEMA. For example, to appropriately revise rates for policies that were previously subsidized (that is, had discounted insurance premiums), FEMA will need information on the relative risk of flooding and property elevations, which generally had not been required for subsidized policies prior to the Biggert-Waters Act. FEMA is evaluating approaches to obtain this information in response to a recommendation GAO made in a 2013 report. Premium rate increases arising from the act may also pose affordability challenges for some homeowners. The 2014 Act's repeal of certain rate increases in the Biggert-Waters Act will address affordability concerns, but may also reduce program revenues and weaken the financial soundness of the NFIP program. 3) Participation. Overall NFIP penetration rates--the proportion of all properties with flood insurance--are low, according to estimates based on available limited data. In addition, while some homeowners are required to purchase flood insurance for the life of their mortgage loans, information on the extent of compliance with this requirement is limited. As of September 31, 2013, there were more than 5.5 million NFIP policies in force, but several factors have negatively affected program participation. These include inaccurate perceptions about the risk of flooding and the cost of purchasing policies, as well as the inaccurate assumption that flood perils are included in homeowner's insurance policies. FEMA has taken a number of steps to broaden participation in NFIP, including development of a national outreach strategy. In addition, the Biggert-Waters Act includes several provisions to strengthen enforcement of the mandatory purchase requirement and to address some of the factors that limit participation.

Download or read book Gao 14 297r April 9 2014 written by Daniel Garcia-Diaz and published by CreateSpace. This book was released on 2015-01-01 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt: Floods are the most common and destructive natural disaster in the United States. The National Flood Insurance Program (NFIP), which collected about $3.8 billion in premiums and insured about $1.3 trillion in property in 2013, is administered by the Federal Emergency Management Agency (FEMA). The program is a key component of the federal government's efforts to limit the damage and financial impact of floods. NFIP makes federally backed flood insurance available to property owners in participating communities. Additionally, through NFIP, FEMA maps floodplain boundaries, and requires participating communities to adopt and enforce floodplain management regulations that mitigate the effects of flooding.

Download or read book Economic Development written by Daniel Garcia-Diaz and published by . This book was released on 2014-07-09 with total page 61 pages. Available in PDF, EPUB and Kindle. Book excerpt: Floods are the most common and destructive natural disaster in the U.S. The Nat. Flood Insurance Program (NFIP), which collected about $3.8 billion in premiums and insured about $1.3 trillion in property in 2013, is administered by the Fed. Emergency Mngt. Agency (FEMA) and is a key component of the federal government's efforts to limit the damage and financial impact of floods. NFIP makes federally backed flood insurance available to property owners in participating communities. Also, through NFIP, FEMA maps floodplain boundaries, and requires participating communities to adopt and enforce floodplain management regulations that mitigate the effects of flooding. However, this program is unlikely to generate sufficient revenue to cover future catastrophic losses or repay billions of dollars borrowed from the Treasury Dept. to cover insurance claims from previous disasters. This report summarizes GAO's work from April 2003 through Feb. 2014 in the following areas: (1) finances; (2) premium rate setting; (3) community and property owner participation; (4) flood mapping; (5) flood mitigation; (6) administration and oversight; and (7) information management. It also discuss program changes required by the Biggert-Waters Act and the 2014 Act. Tables and figures. This is a print on demand report.

Download or read book National Flood Insurance Program written by Orice Williams Brown and published by . This book was released on 2010 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book National Flood Insurance Program written by United States Government Accountability Office and published by Createspace Independent Publishing Platform. This book was released on 2017-09-23 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: which is administered by FEMA, provided insurance to help protect over 5.1 million policyholders against flood losses in 2015. The program has struggled financially in its attempts to keep rates affordable and pay for losses from catastrophic flooding. GAO has previously identified a number of challenges to FEMA's rate-setting process, including the lack of updated information in the model and the impact of charging rates that do not fully reflect flood risk. GAO was asked to review FEMA's current rate-setting methods. This report (1) examines FEMA's current methods for setting rates and compares them with practices used by private insurers and (2) identifies steps FEMA has taken to address recommendations from GAO's October 2008 and July 2013 reports. GAO reviewed documentation on the methods FEMA uses to set NFIP rates, and interviewed FEMA officials, risk modeling experts, and insurance industry officials who were selected on the basis of their experience.

Download or read book A Community Based Flood Insurance Option written by National Academies of Sciences, Engineering, and Medicine and published by National Academies Press. This book was released on 2015-10-08 with total page 141 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Download or read book Gao 06 119 Federal Emergency Management Agency written by United States Government Accountability Office and published by Createspace Independent Publishing Platform. This book was released on 2018-01-29 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: GAO-06-119 Federal Emergency Management Agency: Improvements Needed to Enhance Oversight and Management of the National Flood Insurance Program

Download or read book National Flood Insurance Program written by U.s. Government Accountability Office and published by . This book was released on 2017-08-13 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: "The National Flood Insurance Program (NFIP), established in 1968, provides policyholders with insurance coverage for flood damage. The Federal Emergency Management Agency (FEMA) within the Department of Homeland Security is responsible for managing NFIP. Unprecedented losses from the 2005 hurricane season and NFIP's periodic need to borrow from the U.S. Treasury to pay flood insurance claims have raised concerns about the program's long-term financial solvency. Because of these concerns and NFIP's operational issues, NFIP has been on GAO's high-risk list since March 2006. As of April 2010, NFIP's debt to Treasury stood at $18.8 billion.The Subcommittee asked GAO to discuss (1) NFIP's financial challenges, (2) FEMA's operational and management challenges, and (3) actions needed to address these challenges. In preparing this statement, GAO relied on its past work on NFIP and GAO's ongoing review of FEMA's management of NFIP focused on information technology and contractor oversight issues."

Download or read book Flood Insurance written by Orice Williams Brown and published by DIANE Publishing. This book was released on 2011 with total page 21 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Nat. Flood Insurance Program (NFIP) has been on the high-risk list since 2006, when the program had to borrow form the U.S. Treasury to cover losses from the 2005 hurricanes. The outstanding debt is $17.8 billion as of June 2011. This sizeable debt, plus operational and mgmt. challenges at FEMA, which administers NFIP, have combined to keep the program on the high-risk list. NFIP¿s need to borrow to cover claims in years of catastrophic flooding has raised concerns about the program¿s long-term financial solvency. This testimony: (1) discusses ways to place NFIP on a sounder financial footing; and (2) highlights operational and mgmt. challenges at FEMA that affect the program. This is a print on demand report.

Download or read book National Flood Insurance Program written by U.s. Government Accountability Office and published by . This book was released on 2017-08-13 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: "The National Flood Insurance Program (NFIP), established in 1968, provides policyholders with insurance coverage for flood damage. The Federal Emergency Management Agency (FEMA) within the Department of Homeland Security is responsible for managing NFIP. Unprecedented losses from the 2005 hurricane season and NFIP's periodic need to borrow from the U.S. Treasury to pay flood insurance claims have raised concerns about the program's long-term financial solvency. Because of these concerns and NFIP's operational issues, NFIP has been on GAO's high-risk list since March 2006. As of August 2010, NFIP's debt to Treasury stood at $18.8 billion. This testimony discusses (1) NFIP's financial challenges, (2) FEMA's operational and management challenges, and (3) actions needed to address these challenges. In preparing this statement, GAO relied on its past work on NFIP and GAO's ongoing review of FEMA's management of NFIP, particularly data management and contractor oversight issues."

Download or read book National Flood Insurance Program Continued Actions Needed to Address Financial and Operational Issues written by Orice Williams Brown and published by DIANE Publishing. This book was released on 2010-08 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Nat. Flood Insurance Program (NFIP), established in 1968, provides policyholders with insurance coverage for flood damage. FEMA is responsible for managing NFIP. Unprecedented losses from the 2005 hurricane season and NFIP¿s periodic need to borrow from the U.S. Treasury to pay flood insurance claims have raised concerns about the program¿s long-term financial solvency. Because of these concerns and NFIP¿s operational issues, NFIP has been on a high-risk list since March 2006. As of April 2010, NFIP¿s debt to Treasury stood at $18.8 billion. This testimony discusses: (1) NFIP¿s financial challenges; (2) FEMA¿s operational and management challenges; and (3) actions needed to address these challenges. Includes recommendations.

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Download or read book National Flood Insurance Program Preliminary Views on FEMA s Ability to Ensure Accurate Payments on Hurricane Damaged Properties written by and published by DIANE Publishing. This book was released on 2007 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book National Flood Insurance Program written by and published by DIANE Publishing. This book was released on 2006 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Flood Insurance Information on Various Aspects of the National Flood Insurance Program U S GAO T RCED 93 70 September 14 1993 written by United States. General Accounting Office and published by . This book was released on with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: