The success of the National Flood Insurance Program (NFIP) as a solvent risk management system is at risk, according to “Overwhelming Risk: Rethinking Flood Insurance in a World of Rising Seas,” a report from The Union of Concerned Scientists.
“The National Flood Insurance Program is already more than $20 billion in the red because of its flawed structure of rates, risks and incentives, and is becoming more financially compromised due to an uptick in extreme weather events such as Hurricane Sandy,” the report says. “State-subsidized wind insurance programs are similarly a growing source of financial exposure for taxpayers.”
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