Crapo Convenes Hearing on the Reauthorization of the National Flood Insurance Program
The text of Chairman Crapo's remarks, as prepared, is below.
"This hearing will come to order.
"We are joined by
"Today, he will provide testimony on the operations and financial condition of the National Flood Insurance Program, steps
"Our nation has seen some of the most devastating natural disasters in its history the last two decades.
"These catastrophes displace families, harm businesses and disrupt lives.
"The NFIP was created nearly five decades ago as the rising cost of providing post-disaster relief fell on taxpayers.
"The Program's mission is to expand homeowners' access to flood insurance in exchange for local communities reducing their exposure to flood risk.
"Currently, the NFIP administers approximately 5.1 million policies, totaling
"Unpredictable weather and changing topography leave businesses and households across thousands of communities vulnerable.
"Since 2005, Hurricanes Katrina, Irene, Superstorm Sandy, and others have overwhelmed Gulf and coastal communities and drastically increased claims.
"But flood disaster is not unique to the coasts and Gulf as nearly one-fifth of all NFIP claims come from outside of high-risk areas.
"The frequency and scale of recent catastrophes have pushed the Program to amass
"The Program's structural issues must continually be addressed so that it can better withstand strenuous conditions.
"Throughout its history,
"Since 2012, legislative action has improved communication of actual flood risk and spurred communities toward better floodplain management while also balancing affordability to promote widespread flood insurance adoption.
"But there is still work to do.
"Today,
"For example, how
"How to best promote the growth of the private insurance market so that policyholders have more options - and in some cases, more affordable options than offered through the NFIP - and risk is shared by both the government and the private sector.
"And how long the program should be reauthorized to ensure reforms can be implemented and the market has greater certainty.
"Ranking Member Brown and I have started working together on a bipartisan basis to hear the thoughts and concerns of various stakeholders and members of the committee.
"And we look forward to working with
Read this original document at: http://www.crapo.senate.gov/media/newsreleases/release_full.cfm?id=363034
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