Allstate CEO Calls For Revamping U.S. Flood Insurance System

Allstate Corp’s Chief Executive Officer Tom Wilson on Tuesday called on U.S. lawmakers to overhaul a government subsidized flood insurance program, calling for a more streamlined system that does not overburden taxpayers. Allstate, the second-largest U.S. homeowners’ insurer based on premiums collected, is concerned that efforts by lawmakers and advocacy groups to reform the National Flood Insurance Program (NFIP) will fall flat. “The flood insurance situation needs to be completely redone,” Wilson said. Lawmakers are wrestling with how to handle the insurance coverage of homeowners in flood-prone areas.