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The National Flood Insurance Program: Factors Affecting Actuarial Soundness

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CBO – The National Flood Insurance Program: Factors Affecting Actuarial Soundness, November 2009

  • “The vast majority of homes and small commercial buildings that are insured against flood damage in the United States are covered by the National Flood Insurance Program (NFIP), which is administered by the Federal Emergency Management Agency (FEMA) in the Department of Homeland Security. Although the flood insurance program had been largely self-sustaining in the past, it had to borrow about $17 billion from the federal Treasury to pay claims after the catastrophic hurricanes of 2005. That borrowing has highlighted questions about the program’s financial health, including the actuarial soundness of the premium rates charged on policies that are not explicitly subsidized and the cost of paying claims for properties that have suffered multiple flood losses.”
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