Flood In The U.S.: Restructuring The Systems For Risk Assessment And Financing
- ASU Author/Contributor (non-ASU co-authors, if there are any, appear on document)
- Catherine Lattimore (Creator)
- Institution
- Appalachian State University (ASU )
- Web Site: https://library.appstate.edu/
- Advisor
- Kevin Shirley
Abstract: Hurricane Florence made landfall in North Carolina the morning of September 14th, 2018. The storm hovered over the Carolinas for three days, dropping nearly three feet of rain, and causing devastating and deadly flooding in the region. It is estimated that only about 15% of the losses caused by the hurricane in NC will be covered by insurance due to exclusions in most homeowners policies. Florence brought national attention to the underinsurance of flood risk across the United States. The National Flood Insurance Program has been the primary provider of flood insurance in the U.S. since its inception in 1968. The private market has been involved through the administration of NFIP policies but showed no interest in assuming the underlying flood risk until recent years. With the NFIP up for reauthorization in May 2019 and private insurers wanting to acquire flood risk, the U.S. flood insurance market is facing what could be drastic changes. While the interaction between private and public sectors in the emerging flood market is uncertain, one thing is known for sure: in order for progress to be made, the underlying issue of underinsurance must be addressed which will require the discussion around flood insurance to change.
Flood In The U.S.: Restructuring The Systems For Risk Assessment And Financing
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Created on 6/7/2019
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Additional Information
- Publication
- Honors Project
- Lattimore, C. (2019). Flood In The U.S.: Restructuring The Systems For Risk Assessment And Financing. Unpublished Honors Thesis. Appalachian State University, Boone, NC.
- Language: English
- Date: 2019
- Keywords
- Flood Risk,
National Flood Insurance Program (NFIP),
Private Flood Insurance, FEMA,
Hurricane Florence