GAO Recommends More Oversight for National Flood Insurance Program

by Sabrina I. Pacifici on December 15, 2006

National Flood Insurance Program [NFIP]: New Processes Aided Hurricane Katrina Claims Handling, but FEMA’s Oversight Should Be Improved, Full-text, GAO-07-169, and Highlights, December 15, 2006.

  • NFIP paid an unprecedented dollar amount for a record number of claims from Hurricanes Katrina and Rita. Congress increased NFIP’s borrowing authority with the U.S. Treasury from a pre-Katrina level of $1.5 billion to about $20.8 billion in March 2006, but FEMA will probably not be able to repay this debt on annual premium revenues of about $2 billion. As of May 2006, NFIP had paid approximately 162,000 flood damage claims from Hurricane Katrina and another 9,000 claims from Hurricane Rita.”
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