New Analysis of NFIP Data Illustrates Unsustainable Rates, More Trouble for Taxpayers
Poulton distributed the report, "Drowning Under Artificially Low Rates: Analysis of NFIP Data Demonstrates Unsustainable Rates and Increasing Taxpayer Burden," to lawmakers ahead of the
"Our analysis reveals that the NFIP began lowering their average annual rate at the very point in time when
The Poulton-HazardHub analysis illustrates that year-over-year rates for the NFIP have largely decreased – slipping from
In creating this report,
- Make the existing NFIP maximum rate increases as already prescribed by
Congress mandatory. - Drop the mid-term cancellation rule that denies policyholders the ability to cancel an NFIP policy for a private market policy at the time of their choosing.
- Require the NFIP to improve flood maps to encompass all affected geography which will discourage people from moving into flood-prone areas and facilitate more accurate risk rating methods.
- Mandate that the NFIP release property-level loss data to help buyers make informed decisions and help insurers correctly rate flood risk.
"Analysis like this of NFIP data are critical to the future of flood insurance in America," said
For the study, Poulton and HazardHub reviewed NFIP policy and claims data going back to 2003 made available through the
"By ignoring multiple Congressional requests and continuing to charge artificially low rates, the NFIP has cost taxpayers nearly
For the full report, visit https://www.CATcoverage.com/fairflood.
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Read the full story at https://www.prweb.com/releases/new_analysis_of_nfip_data_illustrates_unsustainable_rates_more_trouble_for_taxpayers/prweb18696880.htm
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