Flood Insurance: FEMA's Rate-Setting Process Warrants Attention

Thumbnail image of item number 1 in: 'Flood Insurance: FEMA's Rate-Setting Process Warrants Attention'.
Thumbnail image of item number 2 in: 'Flood Insurance: FEMA's Rate-Setting Process Warrants Attention'.
Thumbnail image of item number 3 in: 'Flood Insurance: FEMA's Rate-Setting Process Warrants Attention'.
Thumbnail image of item number 4 in: 'Flood Insurance: FEMA's Rate-Setting Process Warrants Attention'.
Showing 1-4 of 54 pages in this report.

PDF Version Also Available for Download.

Description

A letter report issued by the Government Accountability Office with an abstract that begins "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 in high-risk flood zones. And although fully risk-based rates are supposed to reflect actual flood risk, concerns have been raised that they do ... continued below

Creation Information

United States. Government Accountability Office. October 31, 2008.

Context

This report is part of the collection entitled: Government Accountability Office Reports and was provided by UNT Libraries Government Documents Department to Digital Library, a digital repository hosted by the UNT Libraries. More information about this report can be viewed below.

Who

People and organizations associated with either the creation of this report or its content.

Author

Publisher

Provided By

UNT Libraries Government Documents Department

Serving as both a federal and a state depository library, the UNT Libraries Government Documents Department maintains millions of items in a variety of formats. The department is a member of the FDLP Content Partnerships Program and an Affiliated Archive of the National Archives.

About | Browse this Partner

Contact Us

Corrections Questions

What

Descriptive information to help identify this report. Follow the links below to find similar items on the Digital Library.

Description

A letter report issued by the Government Accountability Office with an abstract that begins "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 in high-risk flood zones. And although fully risk-based rates are supposed to reflect actual flood risk, concerns have been raised that they do not. This report evaluates (1) the Federal Emergency Management Agency's (FEMA) process for setting full-risk rates to determine whether it produces rates that accurately reflect the risk of flooding and (2) the process that FEMA uses to set subsidized rates and their effect on the financial condition of NFIP. To do this work, GAO evaluated the NFIP rate model, examined data from FEMA, surveyed relevant literature, and interviewed other relevant agencies and risk-modeling firms."

Language

Item Type

Identifier

Unique identifying numbers for this report in the Digital Library or other systems.

Collections

This report is part of the following collection of related materials.

Government Accountability Office Reports

The U.S. Government Accountability Office (GAO) is an independent, nonpartisan agency that works for the U.S. Congress investigating how the federal government spends taxpayers' money. Its goal is to increase accountability and improve the performance of the federal government. The Government Accountability Office Reports Collection consists of over 13,000 documents on a variety of topics ranging from fiscal issues to international affairs.

About | Browse this Collection

What responsibilities do I have when using this report?

Digital Files

When

Dates and time periods associated with this report.

Creation Date

  • October 31, 2008

Added to The UNT Digital Library

  • June 12, 2014, 7:50 p.m.

Usage Statistics

When was this report last used?

Yesterday: 0
Past 30 days: 0
Total Uses: 4
More Statistics

Where

Geographical information about where this report originated or about its content.

Place Name

Publication Place

Map Information

  • map marker Automatically generated Place Name coordinates.
  • map marker Automatically generated Publication Place coordinates.
  • Repositioning map may be required for optimal printing.

Mapped Locations

Interact With This Report

Here are some suggestions for what to do next.

Start Reading

Thumbnail image of item number 1 in: 'Flood Insurance: FEMA's Rate-Setting Process Warrants Attention'.
Thumbnail image of item number 2 in: 'Flood Insurance: FEMA's Rate-Setting Process Warrants Attention'.
Thumbnail image of item number 3 in: 'Flood Insurance: FEMA's Rate-Setting Process Warrants Attention'.
Thumbnail image of item number 4 in: 'Flood Insurance: FEMA's Rate-Setting Process Warrants Attention'.

PDF Version Also Available for Download.

Citations, Rights, Re-Use

International Image Interoperability Framework

IIF Logo

We support the IIIF Presentation API

United States. Government Accountability Office. Flood Insurance: FEMA's Rate-Setting Process Warrants Attention, report, October 31, 2008; Washington D.C.. (digital.library.unt.edu/ark:/67531/metadc298442/: accessed August 18, 2018), University of North Texas Libraries, Digital Library, digital.library.unt.edu; crediting UNT Libraries Government Documents Department.