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Affordability of National Flood Insurance Program Premiums Report 2 (2016) / Chapter Skim
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1 Introduction
Pages 13-20

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From page 13...
... . When the NFIP was authorized, Con m gress intended for the program to encourage community initiatives in flood risk management, charge insurance premiums consistent with actuarial pricing principles, and also to make premiums affordable to encourage the purchase of flood insurance by owners of flood-prone properties instead of relying on post-disaster flood aid (NRC, 2015a)
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From page 14...
... included • a plan for offering targeted assistance for ensuring flood insurance affordability among low-income populations; • programs to ensure communication of the flood risk to property owners and residents in floodplains; • recognition of the effectiveness of a full range of individual and com munity actions to mitigate flood risk in NFIP rating tables; • a report on the effect of increases in premiums on participation in NFIP; and • a report on the consequences of map updates on affordability of flood insurance. Section 100236 of BW 2012 also requested the National Academy of Sciences (NAS)
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From page 15...
... . The first report, entitled "Affordability of National Flood Insurance Program Premiums -- Report 1," described policy options and decisions to be made as FEMA proposes an affordability framework.
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From page 16...
... Other data gaps include floodplain property owners' household income, housing expenses (including mortgage obligations) , and perhaps other characteristics for evaluating different means-tested assistance program designs (NRC, 2015a)
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From page 17...
... The PwC report (PwC, 1999) tried to fill elevation data gaps by drawing a sample of pre-FIRM properties and then used sample results to impute missing values to the whole population of pre-FIRM properties including first-floor elevation.
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From page 18...
... Importantly, the recognition that data gaps would not be easily filled directed the task statement for Report 2 toward a report on analytical process design, data gap identification, and approaches to filling data gaps. REPORT 2 ORGANIZATION AND AUDIENCE Responses to the questions implied by Congress in BW 2012 and HFIAA 2014 are being developed by FEMA in a context of no existing analytical platform and significant data gaps (see NRC, 2015a; GAO, 2013; and King, 2013)
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From page 19...
... Appendix F is a letter sent to the committee requesting evaluation of the specific cost burden measure suggested in HFIAA 2014. Appendix G is a table of data products from the American Community Survey, Appendix H includes tables of data fields found in the NFIP database, and Appendix I includes the task statements for Report 1 and Report 2.
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Key Terms

  • data gaps
  • affordability framework
  • policy options
  • national flood
  • insurance affordability

  • affordability policy
  • elevation data
  • reform act
  • flood risk
  • homeowner flood

  • insurance program
  • insurance reform
  • actuarial pricing
  • floodplain management
  • assistance program

  • task statement
  • pricing principles
  • insurance policies
  • nfip policy
  • affordability act

  • pwc report
  • analytical platform
  • future claims
  • increased premiums
  • additional findings

  • government accountability
  • accountability office
  • ensuring flood
  • hydrologic flood
  • purchase flood


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