December 18, 2006

NFIP: GAO Critique of FEMA's Flood Claims Oversight

Following Hurricanes Katrina and Rita, the National Flood Insurance Program (NFIP) paid about 170,000 claims for flood damage, most on primary residences. Congress increased its borrowing authority to nearly $21 billion, but NFIP's annual premium revenues of $2 billion are probably insufficient to repay. This General Accountability Office (GAO) report evaluates the claim adjustment process.

  • Highlights: GAO highlights of study of NFIP adjustment of Hurricanes Katrina and Rita claims
  • Full Report GAO-07-169 GAO-07-169: NATIONAL FLOOD INSURANCE PROGRAM - New Processes Aided Hurricane Katrina Claims Handling, but FEMA’s Oversight Should Be Improved (Dec. 2006)

    Thanks to: beSpacific: GAO Recommends More Oversight for National Flood Insurance Program (Dec. 15, 2006).

    DougSimpson.com/blog

    Posted by dougsimpson at December 18, 2006 05:59 AM