RIMS urges Congress to renew national flood backstop
Written by staff reporter
With the National Flood Insurance Programme (NFIP) set to expire on 30th November, the risk management society, RIMS has signed a joint letter with other insurance, real estate and banking organisations, urging Congress to take immediate action to avoid a lapse in the programme.
In November 2017, both the US House of Representatives’ and the Senate reached a bipartisan agreement to temporarily extend the NFIP programme for one year. With recent changes to the administration, mounting concern from a range of corporate entities has escalated prompting the issuance of joint letter addressed to House Speaker Paul Ryan, Majority Leader Mitch McConnell, Minority Leader Nancy Pelosi, and Minority Leader Chuck Schumer.
“A lapse in NFIP coverage would be devastating for thousands of businesses across the United States,” said RIMS CEO Mary Roth. “For too long, the programme has received temporary extensions. RIMS encourages Congress to consider the millions of Americans at risk, the resounding impact a lapse would have on flood recovery efforts and the disruption caused by the countless real estate contracts that would immediately become void. Our Society will continue to demonstrate its commitment to a reauthorised NFIP and will work with government officials to ensure they have the tools and support to reach this goal.”