Climate Change Poses Major Risk To Flood Insurance Program: Experts

"Environmental experts on Wednesday warned House lawmakers about risks to the National Flood Insurance Program (NFIP) posed by climate change, saying the situation is likely to worsen in the coming years.

The hearing, hosted by the Financial Services Subcommittee on National Security, International Development and Monetary Policy, focused on the macroeconomic effects from climate change and the monetary risks associated with it.

“Flood insurance is top of perils we have to face,” said Andy Karsner, who served as U.S. Secretary for Energy Efficiency and Renewable Energy during the George W. Bush administration. “It is imperative for [insurance companies] to develop new tools of risk management because they are operating on very old model inputs and ancient legacy flood maps.”"

James Jarvis reports for The Hill September 12, 2019.

Source: The Hill, 09/13/2019