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D1: Flood Insurance

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Moderator: Lisa Sharrard, CFM, ANFI, CPM, Choice Flood Insurance LLC

The Evolution of the Private Flood Insurance Market: A Look at the Past, Present and Future of Flood Insurance
Bruce Bender CFM, Bender Consulting Services, Inc., babender@cox.net

While the reform legislation of 2012 and 2014 provided FEMA direction to improve the financial stability of the NFIP, it--along with newer technology--also helped trigger the growth of the private flood insurance market. But this advancement in technology has also allowed FEMA to develop a new and simpler approach to how federal flood insurance will soon be rated. This session will first provide a look the federal flood insurance program’s past and where we are now. It will then focus more on the private flood insurance market, how it has grown and where it may go. It also will highlight what floodplain managers and others should know and be aware of when discussing or considering private flood insurance.

Risk Rating 2.0: Progress to Date and Next Steps
Lloyd "Tony" Hake, FEMA, Lloyd.Hake@fema.dhs.gov
Co-presenters: Andy Neal

In the quest to be a world-class insurance operation and to close the insurance gap, FEMA’s FID is focused on improving the service provided to its customers —flood insurance policyholders. A significant part of this transformation is Risk Rating 2.0, which will redesign the way FEMA rates a property’s flood risk and prices insurance. FEMA will deliver flood insurance rates under Risk Rating 2.0 that are easier to understand and better reflect a property’s unique flood risk. Knowing the true risk of one’s property will help to inform appropriate mitigation measures property owners can take to ultimately reduce their risk. Policyholders can speak with local officials about completing mitigation activities in their communities and can take steps to mitigate flood risk in their home, such as elevating structures or installing proper flood openings, to help reduce their flood insurance costs. The presentation will provide a more technical perspective on the new rating approach and further discusses how FEMA has leveraged industry best practices and current technology in order to make risk easier for agents and customers to understand. We will also discuss how enhancing an understanding of risk relies on achieving a graduated view of flood risk, taking into consideration a wider range of risk variables, and performing an accurate assessment of risk at a structural level. In addition to providing the latest updates on Risk Rating 2.0 during this session, FEMA staff will also address audience questions
Office of the Flood Insurance Advocate: 5 Years of Advocacy
David Stearrett, FEMA, rhonda.montgomery@fema.dhs.gov
Co-presenters: Rhonda Montgomery, Deputy Flood Insurance Advocate, FEMA


The Office of the Flood Insurance Advocate (OFIA) serves as a resource to assist policyholders and property owners who face complex challenges navigating the National Flood Insurance Program (NFIP). In recognition of its five-year anniversary in 2020, the OFIA will provide the audience with highlights of the last five years of advocacy. Every year the OFIA identifies trends affecting NFIP customers and proposes recommendations to FEMA to improve the NFIP customer experience. To date, the OFIA has identified 23 areas of customer concern and has made 59recommendations. In this session, the OFIA will re-visit the most impactful solutions the NFIP has implemented based on OFIA recommendations, brief flood insurance stakeholders on specific topics of importance to be aware of over the next year, and illustrate how the Federal Insurance and Mitigation Administration (FIMA) and the OFIA will focus on community and individual mitigation in their 2021-2023 strategies. Beginning with an overview of significant milestones the Office has met since its establishment, the session will highlight those changes across the programs that have benefited NFIP customers, and how FIMA intends to invest its resources and efforts over the next three years.

This presentation will inform the audience of:

•The OFIA’s journey and its future initiatives
•The types of inquiries submitted by NFIP customers
•Customer-centric changes that have been made to the NFIP
•FIMA’s new strategic objectives related to risk mitigation and how the OFIA plans to support them

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