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At War with the WeatherManaging Large-Scale Risks in a New Era of Catastrophes$
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Howard C. Kunreuther and Erwann O. Michel-Kerjan

Print publication date: 2009

Print ISBN-13: 9780262012829

Published to MIT Press Scholarship Online: August 2013

DOI: 10.7551/mitpress/9780262012829.001.0001

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Come Rain or Shine: Flood Risk Financing through Public Insurance

Come Rain or Shine: Flood Risk Financing through Public Insurance

(p.82) (p.83) 4 Come Rain or Shine: Flood Risk Financing through Public Insurance
At War with the Weather

Howard C. Kunreuther

Erwann O. Michel-Kerjan

The MIT Press

This chapter examines the evolution of the National Flood Insurance Program (NFIP) since its creation in 1968 as a means to finance flood risk, focusing on the number of insurance policies in place, insurance premiums collected, and value at risk at a state and national level. It discusses these variables, along with several measures of price, for the top ten states (ranked by proportion of the NFIP portfolio). From 1992 to 2007, the program has grown from 2.5 million to more than 5.55 million policies, from $800 million to $2.8 billion in premiums collected from policyholders, and from $237 billion to more than $1.1 trillion in coverage. States differed significantly in flood insurance operations, with Florida accounting for almost 40 percent of the entire NFIP portfolio. Moreover, private insurers participating in the NFIP Write-Your-Own program received over 30 percent of each dollar paid for flood insurance coverage.

Keywords:   flood risk, National Flood Insurance Program, Florida, insurance premiums, insurance policies, insurance coverage, flood insurance, private insurers

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