Flood Insurance Program

With flood waters inundating so many in the Mississippi River Valley and with spillways being opened to try and midigate the damage further downstream, we turn today to the size of the United State’s National Flood Insurance Program (NFIP), run by the Federal Emergency Management Agency (FEMA). The program was designed to provide a shared pool of resources that could help and reduce the high cost of disaster assistance resulting from flooding along the national waterways.

NFIP is not only an insurance program but a floodplain management and mapping program. Participation is NFIP is voluntary at the community level, with a couple of exceptions. One is for properties in officially designated flood plains on which a mortgage is held. Banks require the purchase of flood insurance for suchproperties on which they hold the mortgage. Another exception to the voluntary nature of this program is the fact that those who receive financial assistance from the federal government following a Presidential declaration of disaster may then be required to purchase flood insurance through NFIP.

Today’s market size is the total amount paid in premiums to the NFIP in 1990 and 2010 as well as the number of policies in force in those years.

Geographic reference: United States
Year: 1990 and 2010
Market size: Come to our new location to see more and get links to further information yet.


Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: