November 5, 2018
The NFIP is set to lapse on November 30, and fear is already percolating that Congress may not reauthorize in time. There are some who believe there will be a lapse of about a week until December 7, 2018, which is tied to the next round of government funding that needs to be passed by Congress. If there is a lapse, we’ll make sure you have the tools you need for your clients.
At the end of this summer, FEMA released a new Claims Manual . They have also instituted new training classes on it, which may be of interest to claims professionals.
The third edition of The Watermark, a quarterly report that provides transparency to the financial state of the National Flood Insurance Program (NFIP) has been published.
Hurricane Michael by the Numbers:
- As of October 31, 2018, over 4,000 claims have been submitted.
- FEMA directed the WYO companies and the NFIP Direct to begin issuing advance payments to help NFIP policyholders impacted by Hurricane Michael flooding start their recovery. As of October 31, 2018, across Florida, Georgia, North Carolina, South Carolina and Virginia, over $12M in advance payments have been issued to insured survivors.
- FEMA is continuing to see more progress on claims being closed in Florida, Georgia, North Carolina, South Carolina and Virginia. As of October 31, 2018, over $23M has been paid out on closed claims.
Hurricane Florence by the Numbers:
- As of October 31, 2018, over 16,000 claims have been submitted.
- FEMA directed the WYO companies and the NFIP Direct to begin issuing advance payments to help NFIP policyholders impacted by Hurricane Florence flooding start their recovery. As of October 31, 2018, across North Carolina, South Carolina and Virginia, over $84M in advance payments have been issued to insured survivors.
- FEMA is continuing to see more progress on claims being closed in North Carolina, South Carolina and Virginia. As of October 31, 2018, over $390M has been paid out on closed claims.
***Data courtesy of FEMA (via email to “Industry Members” from FEMA)
Click here for our position paper on reauthorizing the NFIP.