Event Information: Eighteen Months After Biggert-Waters: Is the NFIP Staying Afloat?
Eighteen Months After Biggert-Waters: Is the NFIP Staying Afloat?
Jan 16, 2014
Noon – 1:00 PM Eastern
SPEAKERS
Thomas L. Hayes, ACAS, MAAA – Federal Insurance and Mitigation Administration, FEMA
D. Andrew Neal, FSA – Federal Insurance and Mitigation Administration, FEMA
Moderator
Stuart B. Mathewson, FCAS, MAAA, CPCU - Former chairperson, Flood Insurance Subcommittee & Former co-chairperson, Extreme Events Committee
DETAILS
When it was passed in 2012, the Biggert-Waters Flood Insurance Reform Act was intended to gradually bring the premium rates offered by the National Flood Insurance Program (NFIP) into closer alignment with the actuarial pricing for flood risks. However, 18 months after the passage of Biggert-Waters, the NFIP remains in some financial distress, partially due to debt incurred from the insured losses that resulted from Hurricane Katrina and Superstorm Sandy. Additionally, Congress is considering legislation that would revise the Biggert-Waters Act to reduce its immediate effect on flood insurance premiums.
During this webinar, Federal Emergency Management Agency (FEMA) experts Thomas L. Hayes, D. Andrew Neal, and moderator Stuart B. Mathewson discussed the current state of the NFIP, how the passage of the Biggert-Waters Act has affected the NFIP and its policyholders thus far, and the options available to Congress to revise Biggert-Waters to reduce its immediate effect on premiums. This webinar was part of the Academy Capitol Forum Lunchtime Guest Webinar Series.
ABOUT OUR GUEST SPEAKERS
Thomas L. Hayes, ACAS, MAAA – Federal Insurance and Mitigation Administration, FEMA
Tom Hayes is an actuary with FEMA and works with all aspects of the NFIP, including pricing, loss projections, budgeting, and providing technical assistance to inquiries from Congress and other stakeholder groups. Tom is an associate of the Casualty Actuarial Society (ACAS) and a member of the American Academy of Actuaries (MAAA) with 33 years of experience as a property/casualty actuary, 24 years of it with the NFIP. Tom has a master’s in Mathematics from Truman State University (formerly Northeast Missouri State University) and a bachelor’s degree in Mathematics from Washburn University.
D. Andrew Neal, FSA – Federal Insurance and Mitigation Administration, FEMA
Andy Neal is an actuary in the risk insurance division of FEMA’s Federal Insurance and Mitigation Administration, where he is involved in rate-setting and reporting on the NFIP‘s financial risk to management and stakeholders. Andy was involved in providing technical assistance to congressional inquiries as the recent Biggert-Waters Flood Insurance Reform Act of 2012 was being considered and has been a member of the team implementing the Act. Andy has been with FEMA since 2008. Prior to joining FEMA and focusing on the low-frequency/high-severity business of flood insurance, he worked for 10 years in the high-frequency/ (relatively) low-severity world of retirement plan consulting as a pension actuary with Towers Watson (then Towers Perrin).
Andy is a fellow with the Society of Actuaries and received bachelor’s degrees from the Florida State University in Math and Music Performance, and a master’s in Bassoon performance from the University of Cincinnati, College Conservatory of Music. In his free time, Andy spends time with his three adorable daughters and is an avid cyclist.
MODERATOR
Stuart B. Mathewson, FCAS, MAAA, CPCU - senior pricing actuary for Swiss Re America, Commercial Solutions
Stuart Mathewson formerly served as co-chairperson of the Extreme Events Committee and chairperson of the Flood Insurance Subcommittee of the American Academy of Actuaries. He is senior pricing actuary for Swiss Re America, Commercial Solutions, providing actuarial expertise in pricing commercial property business, primarily in the United States.
Throughout his career, Stuart has specialized in property insurance pricing matters. He was involved in developing early catastrophe models for earthquake and hurricane perils. He has published papers and articles on catastrophe risk measurement and management.
He has worked for various types of insurance entities, including a rate advisory organization, small and large insurance companies, a reinsurance broker, an actuarial consulting firm, a managing general agent, and, currently, a reinsurance company.
Stuart is a fellow of the Casualty Actuarial Society and a member of the American Academy of Actuaries. He graduated from the Illinois Institute of Technology with a degree in fire protection engineering.
