Big ‘I’ Briefs Congress on Flood Insurance

With the expiration of the NFIP looming in September, the Big “I” and other insurance associations kicked off 2017 with a briefing on flood insurance fundamentals for new congressional staff.

The Jan. 25 briefing on Capitol Hill focused on why the peril of flood is different than other hazards, where the nascent private flood insurance market currently stands, how the NFIP operates and why timely reauthorization is important. The briefing featured an insurance agent from the Flood Insurance Producers National Committee—in which the Big “I” participates—and representatives from Bankers Insurance and J.P. Morgan.

The NFIP is up for reauthorization on Sept. 30. The Big “I” anticipates that many members of Congress will seek substantial reforms to the program, including a larger role for the private market. However, in the absence of a viable private market alternative for current policyholders, the Big “I” will continue advocating for a long-term extension of the NFIP. The Big “I” supports the slow growth of the private market as a complement to the NFIP and will continue educating Congress on the essential role that agents play in the delivery of flood insurance.

Flood insurance and the reauthorization of the NFIP will be a major topic at the Big “I” Legislative Conference, May 3-5 in Washington, D.C.

Jennifer Webb is Big “I” federal government affairs counsel.