Capitol Hill Briefing: Weathering the Storm: Placing the National Flood Insurance Program on Actuarial Solid Ground

Make plans to join the American Academy of Actuaries for this Capitol Hill briefing on July 12 to gain insights into the current challenges facing the National Flood Insurance Program and the actuarial implications of those challenges.

For the past several decades, flood insurance in the United States has primarily been provided by the federal government via the National Flood Insurance Program (NFIP) in partnership with private insurers and servicing contractors. The substantial losses suffered in the 2004 and 2005 hurricanes that struck the East and Gulf coasts have resulted in a lingering debt to the U.S. Treasury and many calls for reform of the program. However, the NFIP is substantively different from typical insurance. Its special challenges must be carefully considered for the consequences of changing it to be fully appreciated and the challenges facing the NFIP successfully addressed. Among other issues, the allocation and sharing of risk among NFIP policyholders has important implications for all homeowners in flood-prone areas.

Find out:

• How are different types of risks treated by the NFIP?
• What can public policymakers and other stakeholders do to better manage these risks?
• How has the NFIP’s financial stability changed over time?
• What does it mean to say that the NFIP is not financially sound?
• What can policymakers do to address the program’s long-term financial challenges?
• What are the various NFIP reform proposals?
• What are the implications of waiting to reform the NFIP?

The briefing will include a presentation on the historical evolution of the National Flood Insurance Program and a discussion of reform options that could help address the program’s long-term financial soundness.

Speakers

• Stuart Mathewson, FCAS, MAAA
  Co-Chairperson, Extreme Events Committee and Chairperson,
  Flood Insurance Subcommittee
  American Academy of Actuaries

• Timothy Wisecarver, FCAS, MAAA, FCA
  Vice President, Casualty Practice Council
  American Academy of Actuaries

Registration

Policymakers and regulators are encouraged to attend. Academy members and the public also are welcome, although seating is limited.

Registration is highly recommended. Reserve your seat today!

Information for media

Media advisory

Questions?

Please contact Zack Bailey at the Academy (bailey@actuary.org, 202-223-8196) with questions.