Trump executive order expected to increase flood costs
US president Donald Trump rolled back rules regarding restrictions on government-funded building projects in flood-prone areas in a move criticised by experts.
Trump’s executive order is part of his proposal to spend $1 trillion to fix aging US infrastructure.
The order aims to speed approvals of permits for highways, bridges, pipelines and other major building efforts, Reuters reported on Aug. 15. It revokes an Obama-era executive order aimed at reducing exposure to flooding, sea level rise and other consequences of climate change.
SmarterSafer, a national coalition of taxpayer advocates, environmental groups, insurance interests, housing organizations and mitigation advocates, expressed disappointment in president Donald Trump’s executive order to rollback parts of the Federal Flood Risk Management Standards. Established in January 2015, the standards require that federally subsidized structures and projects comply with building and elevation standards to mitigate the risk of flooding, in accordance with the best available science.
“Smart mitigation strategies better protect lives, property and taxpayer dollars. We disagree with today’s executive order, and hope the President will reconsider his decision so that our country can reduce the loss of lives and property to disasters, and reduce the amount of taxpayer dollars spent on rebuilding and repairing communities after a major storm strikes,” the organisation said in an Aug. 15 statement.
“Studies show that every dollar spent on disaster mitigation saves $4 in post-disaster recovery and rebuilding costs. As the White House prepares to roll out its ambitious infrastructure plan and as Congress works to reauthorize the National Flood Insurance Program, we urge lawmakers to incorporate comprehensive mitigation strategies that protect infrastructure investments from a future of more frequent natural disasters.”
Get the latest re/insurance news sent to your inbox every day - Sign up to our free email newsletters
Today’s stories
Navigators poaches Chubb SVP to lead professional lines in US
Admiral grows in H1 and offsets Ogden hit
AIG said to be selling $2bn death benefits portfolio
Everest Re hires Maxum exec to head US casualty fac
Aon Benfield broker moves to JLT Re credit and political risk unit
One Broker snaps up Gibbs Denley Insurance
