Insuring against risks inherent with real estate is a practical and ambitious undertaking. When it comes to enormous disasters, floods are perils with tremendous consequences. In 1968, after decades of calls for federal support with regard to flood losses and rising disaster relief costs, the National Flood Insurance Program (NFIP) was enacted by Congress which, among other things, subsidizes flood insurance.
Nearly fifty years later, what is the financial condition of the NFIP? Is the federal program adequate for the future? What changes may be in store for U.S. policy towards weather-related catastrophes? In 2017, the NFIP is up for reauthorization before Congress.
An informative initiative is accessible thanks to The Pew Charitable Trusts’ project on creating flood-prepared communities. Pew documents that 39% of the U.S. population resides in coastal counties, totaling greater than 123 million people. Over a recent 30-year period, Pew underscores flooding is the nation's “fastest-growing and costliest natural disaster.”
To learn more about Pew’s policy areas on the project, such as federal flood insurance, disaster mitigation, infrastructure, and nature-based solutions, visit their research and analysis through the Flood-Prepared Communities page on their website.