10 December 2015 Insurance

Marsh calls for reforms to national flood programme

Insurance broker Marsh has urged policymakers to enact meaningful reforms to the National Flood Insurance Program (NFIP) to strengthen its role in the US flood insurance market.

The recommendation came in a new report by the firm called Reforming the National Flood Insurance Program. The findings from the data were presented by Peter Zaffino, president of Marsh, at a meeting of members of Congress and NFIP leaders in Washington, DC.

Congress will address the reauthorisation of the NFIP before its expiration on September 30, 2017.

Recommended changes set out in the report including increasing the risk community size, sharing the risk community with the private industry and adopting more advanced technology to streamline the application, risk assessment and claims process.

“Flood disasters represent the number one natural catastrophe in the US, and the NFIP plays a critical role in helping Americans recover from these events,” said Zaffino, who also serves as chairman of the risk and insurance services segment of Marsh & McLennan Companies.

“The report presents suggestions on how policymakers may capitalize on this opportunity to enact meaningful reforms and greatly improve this important programme.”

The report is a collaborative effort of Marsh & McLennan subsidiaries Marsh, Torrent Technologies, Guy Carpenter, and Oliver Wyman. It offers policymakers recommendations on how to improve customer experience, lower costs, reduce debt, and strengthen engagement among the relevant parties.

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