FEMA Reauthorization Session Highlights Importance of Risk Transfer and Reduction
If there was a recurring theme in last week’s Senate Banking Committee hearing on reauthorization of FEMA’s National Flood Insurance Program (NFIP), it was the need for: Congress to reauthorize NFIP, and Communities, businesses, and government at all levels to invest in mitigating flood risk and in improving resilience. It’s important to amplify this message, especially in light of a recent proposal by Rep. Adam Schiff that would, among other things, disband NFIP and require property/casualty insurers to provide “all-risk policies” based on coverage thresholds and rating factors dictated by a board in which the insurance industry is only nominally represented. Last year’s budget uncertainty – in which a potential…
FEMA Reauthorization Session Highlights Importance of Risk Transfer and Reduction
If there was a recurring theme in last week’s Senate Banking Committee hearing on reauthorization of FEMA’s National Flood Insurance Program (NFIP), it was the need for: Congress to reauthorize NFIP, and Communities, businesses, and government at all levels to invest in mitigating flood risk and in improving resilience. It’s important to amplify this message, especially in light of a recent proposal by Rep. Adam Schiff that would, among other things, disband NFIP and require property/casualty insurers to provide “all-risk policies” based on coverage thresholds and rating factors dictated by a board in which the insurance industry is only nominally represented. Last year’s budget uncertainty – in which a potential…
Cellphones Leading Cause of Distracted Driving; Telematics Can Help
By Max Dorfman, Research Writer, Triple-I Distracted driving—which has significantly increased since the coronavirus pandemic—is most significantly affected by cellphone use, according to a new Issues Brief by Triple-I. The report, Distracted Driving: State of the Risk, states that cellphone use–which includes dialing, texting, and browsing–was among the most ubiquitous and highest-risk behaviors found in governmental and private sector studies. According to a 2022 national observational survey from the National Highway Traffic Safety Administration (NHTSA), a total of 2.5 percent of drivers stopped at intersections were talking on hand-held phones at any moment during the day in 2021. The brief also found that the U.S. personal auto insurance industry’s combined ratio—a measure…
Miami-Dade, Fla., Sees Flood-Insurance Rate Cuts, Thanks to Resilience Investment
Miami-Dade County, Fla., has become the latest jurisdiction in the hurricane- and flood-prone state to benefit from participation in FEMA’s Community Rating System (CRS) – an incentive program that recognizes and encourages floodplain management practices that exceed the minimum requirements of FEMA’s National Flood Insurance Program (NFIP). The county’s new Class 3 rating will result in an estimated $12 million savings annually by giving qualifying residents and business owners in unincorporated parts of the county a 35 percent discount on flood insurance premiums. “This is a huge step forward in resilience for our county,” Miami-Dade County Mayor Daniella Levine Cava said after FEMA announced that Miami Dade had leaped ahead two rankings in the flood-risk…
Miami-Dade, Fla., Sees Flood-Insurance Rate Cuts, Thanks to Resilience Investment
Miami-Dade County, Fla., has become the latest jurisdiction in the hurricane- and flood-prone state to benefit from participation in FEMA’s Community Rating System (CRS) – an incentive program that recognizes and encourages floodplain management practices that exceed the minimum requirements of FEMA’s National Flood Insurance Program (NFIP). The county’s new Class 3 rating will result in an estimated $12 million savings annually by giving qualifying residents and business owners in unincorporated parts of the county a 35 percent discount on flood insurance premiums. “This is a huge step forward in resilience for our county,” Miami-Dade County Mayor Daniella Levine Cava said after FEMA announced that Miami Dade had leaped ahead two rankings in the flood-risk…
