Private flood insurers near milestone as US residential market shrinks

Private carriers have been picking up more of the total flood market in the US vis-a-vis the government’s NFIP programme, but with gains visible chiefly in commercial policies while private market residential policy take-up lags, leaving a widening coverage gap as the NFIP bleeds apace, analysts at the US Government Accountability Office (GAO), the audit arm of Congress, have said in a set of policy recommendations.