Some Federal Flood Insurance Risks May Be Shifted to Private Reinsurers

ClimateWire: Congress is poised to give the Federal Emergency Management Agency the power to shift some of its massive financial risk from flooding to private financial firms that charge expensive fees to absorb liability from extreme natural catastrophes, like Hurricane Katrina. The move marks a significant transition for the agency's National Flood Insurance Program, which collects enough money annually from 5.6 million policyholders to pay damage claims during standard flood years. But the program, experts......

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