Gina Reyes The National Flood Insurance Program (NFIP), implemented in 1968 to address a market failure in the flood insurance sector, has been the subject of scrutiny following hurricanes Harvey and Irma. Increasing the scope of the private sector has often been cited as a potential solution to the NFIP’s pitfalls. However, there are challenges … Continue reading Challenges to Privatizing Flood Insurance
Some Regulations Hinder Storm Recovery
By Chad Thomas and Matt Kelly One common policy response to hurricanes is to strengthen building codes. Former FEMA chairman Craig Fugate blames inadequate state and local building codes, rather than inept federal government disaster relief efforts, for the woeful response to Hurricane Katrina. After Hurricane Andrew in 1992, building code enforcement was enhanced in … Continue reading Some Regulations Hinder Storm Recovery
Citizens Property Insurance Corporation is Regressive and Risky
By Matt Kelly Citizens Property Insurance Corporation was formed by the Florida Legislature in 2002 for the purpose of serving Florida’s residual property insurance market. Its creation was justified by the argument that middle-income residents have a tough time purchasing insurance in a hurricane-prone state like Florida, and public subsidies were needed to even the … Continue reading Citizens Property Insurance Corporation is Regressive and Risky
Depopulation of Citizens Property Insurance Should Continue
By Matt Kelly On February 17th, 2015, Florida state Senator Anitere Flores filed SB 1006, which would place restrictions on shifting insurance policies from state-backed Citizens Property Insurance Corporation to private sector insurers. Citizens’ policyholders would be notified before being transferred to private insurers, who would be barred from increasing premiums more than 10% annually … Continue reading Depopulation of Citizens Property Insurance Should Continue