Floods (1 - 10 of 43 items)
Flood Insurance: Review of FEMA Study and Report on Community-Based Options
GAO-16-766: Published: Aug 24, 2016. Publicly Released: Aug 24, 2016.
The Federal Emergency Management Agency (FEMA) used reasonable objectives and methodology for its study on community-based flood insurance (CBFI)—flood insurance that a community would purchase to cover all properties located within it. FEMA contracted with the National Academy of Sciences (NAS) to conduct the study, and worked with NAS to design a study that would provide a high-level, independ...
National Flood Insurance Program: Additional Guidance on Building Requirements to Mitigate Agricultural Structures' Damage in High-Risk Areas Is Needed
GAO-14-583: Published: Jun 30, 2014. Publicly Released: Jul 29, 2014.
The effects of the National Flood Insurance Program's (NFIP) building requirements for elevating or flood-proofing agricultural structures in high-risk areas varied across selected communities, according to interviews GAO conducted with floodplain managers and farmers. Specifically:Floodplain managers and 12 farmers in selected rural communities with whom GAO spoke in Louisiana, North Carolina, an...
Extreme Weather Events: Limiting Federal Fiscal Exposure and Increasing the Nation's Resilience
GAO-14-364T: Published: Feb 12, 2014. Publicly Released: Feb 12, 2014.
The federal government has opportunities to limit its exposure and increase the nation's resilience to extreme weather events. Since 1980, the U.S. has experienced 151 weather disasters with damages exceeding 1 billion dollars each. This testimony focuses on 4 areas where the government could limit its fiscal exposure.Property and crop insurance. The financial risks from two federal insurance prog...
Flood Insurance: Strategies for Increasing Private Sector Involvement
GAO-14-127: Published: Jan 22, 2014. Publicly Released: Jan 22, 2014.
According to stakeholders with whom GAO spoke, several conditions must be present to increase private sector involvement in the sale of flood insurance. First, insurers need to be able to accurately assess risk to determine premium rates. For example, stakeholders told GAO that access to National Flood Insurance Program (NFIP) policy and claims data and upcoming improvements in private sector comp...
National Flood Insurance Program: Continued Actions Needed to Address Financial and Operational Issues
GAO-10-1063T: Published: Sep 22, 2010. Publicly Released: Sep 22, 2010.
The National Flood Insurance Program (NFIP), established in 1968, provides policyholders with insurance coverage for flood damage. The Federal Emergency Management Agency (FEMA) within the Department of Homeland Security is responsible for managing NFIP. Unprecedented losses from the 2005 hurricane season and NFIP's periodic need to borrow from the U.S. Treasury to pay flood insurance claims have...
Flood Insurance: FEMA's Rate-Setting Process Warrants Attention
GAO-09-12: Published: Oct 31, 2008. Publicly Released: Dec 1, 2008.
Questions about the financial status of the National Flood Insurance Program (NFIP) have increased since the 2005 hurricanes, which left the program with an unprecedented $17.4 billion deficit--a debt that resulted in GAO placing NFIP on its high-risk list in March 2006. Among the concerns are the subsidized rates NFIP must provide for about 25 percent of the policies, mostly for older buildings i...
National Flood Insurance Program: Oversight of Policy Issuance and Claims
GAO-05-532T: Published: Apr 14, 2005. Publicly Released: Apr 14, 2005.
According to the National Flood Insurance Program (NFIP), 90 percent of all natural disasters in the United States involve flooding. Because of the catastrophic and unpredictable nature of floods, private insurance companies do not typically cover flood losses. Congress established the NFIP in 1968 to provide an insurance alternative to disaster assistance in response to the escalating costs of re...
National Flood Insurance Program: Actions to Address Repetitive Loss Properties
GAO-04-401T: Published: Mar 25, 2004. Publicly Released: Mar 25, 2004.
Floods have been, and continue to be, the most destructive natural hazard in terms of damage and economic loss to the nation. From fiscal year 1992 through fiscal year 2002, about 900 lives were lost due to flooding and flood damages totaled about $55 billion. Some properties have been repeatedly flooded and the subject of federal flood insurance claims. The Federal Emergency Management Agency (FE...
Major Management Challenges and Program Risks: Federal Emergency Management Agency
GAO-03-113: Published: Jan 1, 2003. Publicly Released: Jan 1, 2003.
The 2003 performance and accountability series includes the first report on the Federal Emergency Management Agency (FEMA) since the series started in 1999. GAO reported on management challenges facing FEMA this year because of the increased national significance of the agency's missions and the additional responsibilities placed on the agency. The information GAO presents in this report is intend...
Flood Insurance: Information on the Financial Condition of the National Flood Insurance Program
GAO-01-992T: Published: Jul 19, 2001. Publicly Released: Jul 19, 2001.
Floods have been, and continue to be, the most destructive natural hazard in terms of economic loss to the nation, according to the Federal Emergency Management Agency. From fiscal years 1969 through 2000, the National Flood Insurance Program--a major federal effort to provide flood disaster assistance paid about $10 billion in insurance claims, primarily from premiums collected from program polic...