<p>Climate change and the increasing frequency of severe weather events has become a topic for lawmakers discussing the future of FEMA’s National Flood Insurance Program (NFIP). This program, originally enacted in 1968, enables property owners in participating communities to purchase insurance protection, administered by the government, against losses from flooding and requires flood insurance for all loans for structures located within these participating communities. The National Flood Insurance Program was designed to be a self-supporting initiative and in most “normal” weather-event years it is. For example, in the past five years the program collected approximately $3.2 billion dollars from its policyholders and paid out $372 million in 2014 and $839 million in 2015. Based upon this pattern, the program remains in the “green.” However, in 2013 the program paid out $8.2 billion; most of which was the resulting impact from Superstorm Sandy. So, in a single year, the payout exceeded ten years’ worth of premiums. Another example is the aftermath of Hurricane Katrina, in which the program didn’t even have enough funds to pay the claims of $25 billion to those that were insured. </p>
<p>Climate change is revealing that it is not uncommon to witness a 100-year flood event every five years and this changing phenomenon will undoubtedly expose the federal government to a huge financial liability moving forward without significant reform to the program that exists today. Read more at http://www.emergencymgmt.com/disaster/FEMAs-Flood-Insurance-Program-Center-Climate-Change-Storm.html</p>
<p>For more information about the National Flood Insurance Program visit: https://www.fema.gov/national-flood-insurance-program</p>
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