Insurance Claims Payment Process in the Gulf Coast After the 2005 Hurricanes

Insurance Claims Payment Process in the Gulf Coast After the 2005 Hurricanes PDF

Author: United States. Congress

Publisher: Createspace Independent Publishing Platform

Published: 2018-01-25

Total Pages: 314

ISBN-13: 9781984190321

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Insurance claims payment process in the Gulf Coast after the 2005 hurricanes : hearing before the Subcommittee on Oversight and Investigations of the Committee on Financial Services, U.S. House of Representatives, One Hundred Tenth Congress, first session, February 28, 2007.

Residential Insurance on the U.S. Gulf Coast in the Aftermath of Hurricane Katrina

Residential Insurance on the U.S. Gulf Coast in the Aftermath of Hurricane Katrina PDF

Author: James W. Macdonald

Publisher: RAND Corporation

Published: 2010

Total Pages: 19

ISBN-13: 9780833050885

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The hurricane seasons of 2004 and 2005 brought devastating losses of life and property; they also threw the residential insurance market in the Gulf States into turmoil. Insurance premiums skyrocketed, a number of private insurers retreated from coastal regions, government insurance programs stepped into the breach, and premiums in high-risk areas were subsidized by taxpayers and by policyholders in low-risk areas. To make matters worse, thousands of residents who suffered hurricane damage resorted to the courts to resolve coverage disputes with their insurers. All in all, the residential insurance system did not function well. Policymakers, deeply divided about how to reform the system to deal with these issues, have so far been unable to build consensus on how to proceed. This paper informs the current policy debate by diagnosing the problems confronting the residential insurance market and proposing objectives for a well-functioning market. The authors examine impediments limiting the private and public sectors' ability to achieve these objectives and identify a range of policy reforms that merit attention. --From publisher description.

National Flood Insurance Program

National Flood Insurance Program PDF

Author: United States Government Accountability Office

Publisher: Createspace Independent Publishing Platform

Published: 2017-09-13

Total Pages: 68

ISBN-13: 9781976363061

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In August and September 2005, Hurricanes Katrina and Rita caused unprecedented destruction to property along the Gulf Coast, resulting in billions of dollars of damage claims to the National Flood Insurance Program (NFIP). This report, which we initiated under the authority of the Comptroller General, examines (1) the impact of Hurricanes Katrina and Rita on the NFIP and paid losses by location and property type; (2) the challenges the Federal Emergency Management Agency (FEMA) and others faced in addressing the needs of NFIP claimants and communities; (3) FEMA's methods of monitoring and overseeing claims adjustments; and (4) FEMA's efforts to meet the requirements of the Flood Insurance Reform Act of 2004 to establish policyholder coverage notifications, an appeals process for claimants, and education and training requirements for agents. To conduct these assessments, GAO interviewed FEMA and insurance officials, analyzed claims data, and examined a sample of reports done on the accuracy of claims adjustments.

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