The program’s statutory authority expires on Sept. If enacted, this would be the most significant overhaul of the nation’s largest flood insurance provider since its creation. Theodorou’s testimony comes on the heels of recently proposed NFIP reforms that the Biden administration sent in a legislative package to congressional leaders. Senate Banking, Housing and Urban Affairs Committee about overhauling the NFIP. So we are proud that today, R Street Institute Director of Finance, Insurance and Trade Jerry Theodorou testified before the U.S. It is a core policy area for our organization. The R Street Institute has worked on the issue of flood insurance reform since opening its doors 10 years ago. Today, the program has accumulated close to $37 billion in debt as the flood insurance it offers has been historically underpriced. In the past decade alone, losses caused by flooding totaled $943 billion. Additionally, the private sector bears only a small amount of this flood risk despite the fact that flood-related economic losses in the United States have increased. population-almost 95 million people -live in coastline counties. Development in flood-prone areas is expanding nearly 30 percent of the total U.S. However, over the years, the NFIP’s objectives have not been met. The intended goal was to encourage state and local governments to guide property development away from land exposed to flood hazards and to provide flood insurance through an established cost-sharing relationship between the public and private sectors. The National Flood Insurance Program (NFIP) was originally established in 1968 to provide flood insurance coverage that private insurers would not.
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