United States Government Publishing Office publisher pbl distributor dst United States Government Accountability Office author aut Government Organization text government publication eng GAOREPORTS Legislative Agency Publications gao legislative 2010-08-12 U.S. Government Printing Office 2006-01-25 monographic deposited born digital 23 p. GA 1.13:GAO-06-335T https://www.govinfo.gov/app/details/GAOREPORTS-GAO-06-335T P0b002ee18038a6db f:d06335t DGPO 2010-08-12 2011-03-24 GAOREPORTS-GAO-06-335T machine generated eng fdlp REPORT GAOREPORTS-GAO-06-335T GAO-06-335T Claims processing Financial analysis Financial management Flood insurance Hurricane Katrina Insurance losses Performance measures Program evaluation Program management Subsidies Hurricanes Disaster recovery Natural disasters FEMA National Flood Insurance Program Hurricane Rita Testimony A45677

The National Flood Insurance Program (NFIP), established in 1968, provides property owners with some insurance coverage for flood damage. The Federal Emergency Management Agency (FEMA) within the Department of Homeland Security is responsible for managing the NFIP. The unprecedented magnitude and severity of the flood losses from hurricanes in 2005 challenged the NFIP to process a record number of claims. These storms also illustrated the extent to which the federal government has exposure for claims coverage in catastrophic loss years. FEMA estimates that Hurricanes Katrina, Rita, and Wilma will generate claims and payments of about $23 billion--far surpassing the total claims paid in the entire history of the NFIP. This testimony provides information from past and ongoing GAO work on issues including: (1) NFIP's financial structure; (2) the impact of properties with repetitive flood losses on NFIP's resources; (3) proposals to increase the number of policies in force; and (4) the status of past GAO recommendations. https://www.govinfo.gov/content/pkg/GAOREPORTS-GAO-06-335T/html/GAOREPORTS-GAO-06-335T.htm https://www.govinfo.gov/content/pkg/GAOREPORTS-GAO-06-335T/pdf/GAOREPORTS-GAO-06-335T.pdf GAO-06-335T https://www.govinfo.gov/app/details/GAOREPORTS-GAO-06-335T Testimony GAO-06-335T; Federal Emergency Management Agency: Challenges for the National Flood Insurance Program; Claims processing Financial analysis Financial management Flood insurance Hurricane Katrina Insurance losses Performance measures Program evaluation Program management Subsidies Hurricanes Disaster recovery Natural disasters FEMA National Flood Insurance Program Hurricane Rita Title 42 Section 4001 Title 42 Section 4016 42 U.S.C. 4001 42 U.S.C. 4016 Title 342 Section 4001(b)(2) 342 U.S.C. 4001(b)(2) Title 1142 Section 4014(a)(2) Title 1142 Section 4015(a) 1142 U.S.C. 4014(a)(2) 1142 U.S.C. 4015(a) Title 1242 Section 4014(a)(1) Title 1242 Section 4015(c) 1242 U.S.C. 4014(a)(1) 1242 U.S.C. 4015(c) Volume 118 Page 712 118 Stat. 712 Volume 119 Page 2288 119 Stat. 2288 Public Law 108-264 Public Law 109-106