Download or read book Insurance Availability in Communities at Risk of Natural Disaster written by United States. Congress. House. Committee on Banking, Finance, and Urban Affairs. Subcommittee on Consumer Credit and Insurance and published by . This book was released on 1994 with total page 466 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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 Paying the Price written by Richard J. Roth, Sr. and published by Joseph Henry Press. This book was released on 1998-08-09 with total page 319 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book considers the effectiveness of insurance coverage for low-probability, high-consequence events such as natural disastersâ€"and how insurance programs can successfully be used with other policy tools, such as building codes and standards, to encourage effective loss reduction measures. The authors discuss the reasons for the dramatic increase in insured losses from natural disasters since 1989 and the concern that insurers have about their ability to provide coverage against more such events in the future. It addresses why there has been an increasing demand for hazards insurance, what types of coverage private insurers are willing to offer, and the role of reinsurance and private-/public-sector initiatives at the state and federal levels for providing protection to victims of natural disasters. Detailed case studies of the challenges facing Florida in the wake of Hurricane Andrew in 1992 and California following the Northridge earthquake in 1994 reveal the challenges facing the insurance industry as well as other concerned stakeholders. The National Flood Insurance Program illustrates how a public-/private-sector partnership can mitigate damages and provide financial protection to victims. The book identifies new initiatives for reducing future losses and providing funds for recovery through cooperation by the relevant parties.
Download or read book The Growing Threat of Natural Disasters and the Impact on Homeowners Insurance Availability written by United States. Congress. House. Committee on Banking and Financial Services. Subcommittee on Housing and Community Opportunity and published by . This book was released on 1999 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book National Policy Approaches to the Lack of Available Homeowners Insurance in Disaster prone Areas written by United States. Congress. House. Committee on Banking and Financial Services. Subcommittee on Housing and Community Opportunity and published by . This book was released on 1997 with total page 88 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Homeowners Insurance Availability in Disaster Prone Areas written by United States. Congress. House. Committee on Banking and Financial Services. Subcommittee on Housing and Community Opportunity and published by . This book was released on 1997 with total page 140 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Insurance Availability in Communities at Risk of Natural Disaster written by United States. Congress. House. Committee on Banking, Finance, and Urban Affairs. Subcommittee on Consumer Credit and Insurance and published by . This book was released on 1994 with total page 470 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book A Crisis of Homeowners Insurance Availability in Disaster prone Areas written by United States. Congress. House. Committee on Banking and Financial Services. Subcommittee on Housing and Community Opportunity and published by . This book was released on 1999 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Levees and the National Flood Insurance Program written by National Research Council and published by National Academies Press. This book was released on 2013-07-18 with total page 275 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Federal Emergency Management Agency's (FEMA) Federal Insurance and Mitigation Administration (FIMA) manages the National Flood Insurance Program (NFIP), which is a cornerstone in the U.S. strategy to assist communities to prepare for, mitigate against, and recover from flood disasters. The NFIP was established by Congress with passage of the National Flood Insurance Act in 1968, to help reduce future flood damages through NFIP community floodplain regulation that would control development in flood hazard areas, provide insurance for a premium to property owners, and reduce federal expenditures for disaster assistance. The flood insurance is available only to owners of insurable property located in communities that participate in the NFIP. Currently, the program has 5,555,915 million policies in 21,881 communities3 across the United States. The NFIP defines the one percent annual chance flood (100-year or base flood) floodplain as a Special Flood Hazard Area (SFHA). The SFHA is delineated on FEMA's Flood Insurance Rate Maps (FIRM's) using topographic, meteorologic, hydrologic, and hydraulic information. Property owners with a federally back mortgage within the SFHAs are required to purchase and retain flood insurance, called the mandatory flood insurance purchase requirement (MPR). Levees and floodwalls, hereafter referred to as levees, have been part of flood management in the United States since the late 1700's because they are relatively easy to build and a reasonable infrastructure investment. A levee is a man-made structure, usually an earthen embankment, designed and constructed in accordance with sound engineering practices to contain, control, or divert the flow of water so as to provide protection from temporary flooding. A levee system is a flood protection system which consists of a levee, or levees, and associated structures, such as closure and drainage devices, which are constructed and operated in accordance with sound engineering practices. Recognizing the need for improving the NFIP's treatment of levees, FEMA officials approached the National Research Council's (NRC) Water Science and Technology Board (WSTB) and requested this study. The NRC responded by forming the ad hoc Committee on Levee and the National Flood Insurance Program: Improving Policies and Practices, charged to examine current FEMA treatment of levees within the NFIP and provide advice on how those levee-elated policies and activities could be improved. The study addressed four broad areas, risk analysis, flood insurance, risk reduction, and risk communication, regarding how levees are considered in the NFIP. Specific issues within these areas include current risk analysis and mapping procedures behind accredited and non-accredited levees, flood insurance pricing and the mandatory flood insurance purchase requirement, mitigation options to reduce risk for communities with levees, flood risk communication efforts, and the concept of shared responsibility. The principal conclusions and recommendations are highlighted in this report.
Download or read book The Availability of Insurance in Areas at Risk of Natural Disasters written by United States. Congress. House. Committee on Banking, Finance, and Urban Affairs. Subcommittee on Consumer Credit and Insurance and published by . This book was released on 1994 with total page 332 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Approaches to Mitigating and Managing Natural Catastrophe Risk written by United States. Congress. House. Committee on Financial Services. Subcommittee on Housing and Community Opportunity and published by . This book was released on 2010 with total page 136 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Suspension of Community Eligibility Us Federal Emergency Management Agency Regulation Fema 2018 Edition written by The Law The Law Library and published by Createspace Independent Publishing Platform. This book was released on 2018-09-23 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: Suspension of Community Eligibility (US Federal Emergency Management Agency Regulation) (FEMA) (2018 Edition) The Law Library presents the complete text of the Suspension of Community Eligibility (US Federal Emergency Management Agency Regulation) (FEMA) (2018 Edition). Updated as of May 29, 2018 This rule identifies communities, where the sale of flood insurance has been authorized under the National Flood Insurance Program (NFIP), that are scheduled for suspension on the effective dates listed within this rule because of noncompliance with the floodplain management requirements of the program. If the Federal Emergency Management Agency (FEMA) receives documentation that the community has adopted the required floodplain management measures prior to the effective suspension date given in this rule, the suspension will not occur and a notice of this will be provided by publication in the Federal Register on a subsequent date. This book contains: - The complete text of the Suspension of Community Eligibility (US Federal Emergency Management Agency Regulation) (FEMA) (2018 Edition) - A table of contents with the page number of each section
Download or read book Perspectives on Natural Disaster Insurance written by United States. Congress. House. Committee on Financial Services. Subcommittee on Housing and Community Opportunity and published by . This book was released on 2007 with total page 160 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Federal Reinsurance for Disasters written by David Torregrosa and published by Government Printing Office. This book was released on 2002 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: A CBO Study. Analyzes proposals for federal reinsurance of risks from terrorism and natural disasters. Policymakers have developed two types of federal proposals to increase the supply of property and casualty insurance. Under one set of options, which was created following Hurricane Andrew in August 1992 and the Northridge earthquake in January 1994, the federal government would auction reinsurance contracts to primary insurance companies and state-sponsored insurers. Reinsurance is an established practice among private insurers. By buying reinsurance, primary insurers spread the risk of loss more widely and strengthen their ability to insure against catastrophes. The intent of those proposals is to offer federal reinsurance when coverage is in short supply, at market prices that are expected to cover the government’s costs. By contrast, under proposals developed since September 11, the government would pay for most losses from a terrorist attack directly, without reimbursement or with only partial reimbursement. Even though one type of proposal was created in response to natural disasters and the other from an act of terrorism, both types could be considered viable alternatives, whatever the source of catastrophic loss. A key consideration in Congressional deliberations about disaster reinsurance is how the property and casualty industry would respond without federal intervention. That is, would the private supply of insurance rebound quickly? A fast recovery would counter a potential slowdown in construction, an industry in which insurance is often required for financing. Alternatively, is the risk of terrorism uninsurable, such that supply could not recover without the government’s assistance? Furthermore, given that the Congress may need to act without fully understanding the industry’s ability to respond, are there policies that could avoid undermining private activity while providing a backstop to private efforts if they proved inadequate? How much would such policies cost taxpayers and the government? This Congressional Budget Office (CBO) study examines the market for property and casualty insurance; the market’s response to recent large, unanticipated losses; and policies that the Congress is considering to increase the availability of insurance. Related items: Ready... Set... Prepare: A Disaster Preparedness Activity Book for Ages 4 to 7 is available at GPO here: https://bookstore.gpo.gov/products/sku/064-000-00056-0 Ready...Set...Prepare: A Disaster Preparedness Activity Book for Ages 8 to 11 is available at GPO here: https://bookstore.gpo.gov/products/sku/064-000-00057-8 Are You Ready?: An In-Depth Guide to Citizen Preparedness is available at GPO here: https://bookstore.gpo.gov/products/sku/064-000-00058-6 Taking Shelter From the Storm: Building a Safe Room for Your Home or Small Business; Includes Construction Plans (CD) can be found here: https://bookstore.gpo.gov/products/sku/064-000-00069-1?ctid=528 Rapid Visual Screening of Buildings for Potential Seismic Hazards: A Hanbook is available here: https://bookstore.gpo.gov/products/sku/064-000-00060-8 Disaster Preparedness collection is available at GPO here: https://bookstore.gpo.gov/catalog/disaster-preparedness Natural & Environmental Disasters collection is available at GPO here: https://bookstore.gpo.gov/catalog/natural-environmental-disasters
Download or read book Tying Flood Insurance to Flood Risk for Low Lying Structures in the Floodplain written by National Research Council and published by National Academies Press. This book was released on 2015-08-03 with total page 167 pages. Available in PDF, EPUB and Kindle. Book excerpt: Floods take a heavy toll on society, costing lives, damaging buildings and property, disrupting livelihoods, and sometimes necessitating federal disaster relief, which has risen to record levels in recent years. The National Flood Insurance Program (NFIP) was created in 1968 to reduce the flood risk to individuals and their reliance on federal disaster relief by making federal flood insurance available to residents and businesses if their community adopted floodplain management ordinances and minimum standards for new construction in flood prone areas. Insurance rates for structures built after a flood plain map was adopted by the community were intended to reflect the actual risk of flooding, taking into account the likelihood of inundation, the elevation of the structure, and the relationship of inundation to damage to the structure. Today, rates are subsidized for one-fifth of the NFIP's 5.5 million policies. Most of these structures are negatively elevated, that is, the elevation of the lowest floor is lower than the NFIP construction standard. Compared to structures built above the base flood elevation, negatively elevated structures are more likely to incur a loss because they are inundated more frequently, and the depths and durations of inundation are greater. Tying Flood Insurance to Flood Risk for Low-Lying Structures in the Floodplain studies the pricing of negatively elevated structures in the NFIP. This report review current NFIP methods for calculating risk-based premiums for these structures, including risk analysis, flood maps, and engineering data. The report then evaluates alternative approaches for calculating risk-based premiums and discusses engineering hydrologic and property assessment data needs to implement full risk-based premiums. The findings and conclusions of this report will help to improve the accuracy and precision of loss estimates for negatively elevated structures, which in turn will increase the credibility, fairness, and transparency of premiums for policyholders.
Download or read book Catastrophe Risk Management written by John D. Pollner and published by World Bank Publications. This book was released on 2001 with total page 130 pages. Available in PDF, EPUB and Kindle. Book excerpt: In providing support for disaster-prone areas such as the Caribbean, the development community has begun to progress from disaster reconstruction assistance to funding for investment in mitigation as an explicit tool for sustainable development. Now it must enter a new phase, applying risk transfer mechanisms to address the financial risk of exposure to catastrophic events that require funding beyond what can be controlled solely through mitigation and physical measures.
Download or read book Affordability of National Flood Insurance Program Premiums written by National Academies of Sciences, Engineering, and Medicine and published by National Academies Press. This book was released on 2016-02-21 with total page 151 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
