A Look at Flood Insurance in 2020
Martin Smith | Published on 5/5/2020
Many leaders in the insurance industry anticipated that 2019, much like 2018, would be a tumultuous year for flood insurance. They were correct, and uncertainty will continue into 2020. Congress’s actions (or inactions) influence the whole industry. More recently, the NFIP has been suffering from a lack of a long term reauthorization by Congress. The program has been propped up by short term extensions and proposed reform measures that have received mixed reactions from all industries. To add to the uncertainty, FEMA’s new rating system, Risk Rating 2.0 which has seen immense pressure by Congress to be halted, has now been postponed into 2021. What’s ahead in 2020? It’s important to review 2019 to see where 2020 takes us.
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