@WhitneyCummings You’re a moron. Those women are his friends, wife and family appalled by this process. Know what you are talking about before you smear a good man for political purpose.
A 8: #PC360Flood#RMSFlood. #1 issue is subsidized rates; FEMA uses a fixed national average for replacement costs which distorts premiums; Lender barriers to accepting private flood is an issue. WYO non-compete clause is harmful. A lot of this can be fixed w/out legislation.
@NCIPtweets agreed @NCIPtweets. The reinsurance placement demonstrates that their is an appetite. Also, it is very clear carriers are willing to offer robust private coverage. Outdated and inefficient regulations are blocking that private capital from entering the flood market. #PC360Flood
A6:#PC360Flood#RMSFlood
One thing that is very interesting is FEMA's use of a fixed national average for replacement costs in their premium construction process. This is very odd and flat out leads to lower income policyholders subsidizing higher income policyholders.
A5 (cont) #PC360Flood#RMSFlood. House Financial Services Committee is trying to decouple the extension from the omnibus (more shorter term) so they can work with congress to get a long term reform bill (2/2)
A5: #PC360Flood#RMSFlood Right now, it looks like that there will only be a straight extension of the Program that will be included in the FY18 Omnibus spending bill. It will likely simply extend the program the length of the spending bill with no reforms (1/2)
A4 (cont): #PC360Flood#RMSFlood FEMA's upcoming Risk Rating 2.0 initiative will bring private sector practices to NFIP underwriting. FEMA is looking to get rid of the WYO non-compete and banking regulators are working to make it easier for banks to accept private flood. (2/2)
A4: #PC360Flood#RMSFlood
Due to lack of congressional action, changes will likely have to come administratively from FEMA and banking regulators. The reinsurance and potential ILS placement was/is a big step forward. (1/2)
A2: One of the largest successes was the reinsurance program in place by FEMA and the NFIP. This saved taxpayers over $1 BN! #PC360Flood#RMSFlood https://t.co/rOJcu45raz
@NationalFlood Absolutely! The idea of a 1-100 year flood zone, or being "in" or "out" of a flood zone hides the full scale of flood risk. We need to find better ways to connect to policy holders on flood risk #PC360Flood#RMSFlood https://t.co/bKU0jcQ5rl
A1 #PC360Flood#RMSFlood the 2017 season demonstrated that the U.S. Congress, FEMA and the private sector need to work to better educate citizens about the risk of flooding and do all we can to increase the take up rate of flood coverage nationwide