NFIP: Congress Continues To Kick The Can, Risk Rating 2.0 Stalled

  Wednesday, December 4th, 2019 Source: Insurance Business

Just in time for the start of the holiday season, the US House of Representatives passed a measure extending the National Flood Insurance Program (NFIP) through December 20, 2019.

While the decision has received praise from some representatives of the insurance industry, others say the decision to continue the streak of short-term extensions for the NFIP was a head-scratching one.

In fact, explains John Dickson, CEO and president of private flood insurance provider Aon Edge, “This one is probably the most head-scratching of all.”

He continued: “I think the issues that this Congress are dealing with are well publicized and they’re huge-headline, all-encompassing topics, and for you as a working body to know that you’ve got quite a lot on your plate and you’re working around the clock, your staff is fully engaged with these other issues, to then move a program of critical importance out 30 days in time — and I think that’s being generous by maybe a day — knowing that you are now with the holidays in the states scheduled to work maybe 10 to 15 of those 30 days, to think you’re going to get your business done and get reforms passed in that period of time is nonsensical. You know you can’t do it, so this is probably the most head-scratching extension that I’ve seen in this litany of non-stop short-term extensions.”

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