The Need for Reform in the National Flood Insurance Program: A Wake-Up Call for the US Insurance Landscape

The National Flood Insurance Program, which is an indispensable safeguard against flood damage for many Americans, is in urgent need of reform according to Daniel Kaniewski, a former deputy administrator of the Federal Emergency Management Agency (FEMA). In an interview with Bloomberg Television, Kaniewski, who now serves as a Managing Director at Marsh McLennan, emphasized that legislative changes are necessary to reduce the costs of flood insurance for homeowners and renters in the U.S. Although FEMA, which is responsible for managing the program, has already presented proposals for adjustments, implementation of these plans has yet to be undertaken, Kaniewski added.