The House approved a $9.7 billion increase in funding for the National Flood Insurance Program today, according to the Staten Island Advance and several other sources.
The Advance article includes laudatory quotes from Michael Grimm, whose Staten Island district was hit hard by the storm.
Insurer groups were also quick to praise the development. The Independent Insurance Agents & Brokers of America said that it "supports raising the NFIP borrowing authority in order to ensure that NFIP policyholders who had the prudence to purchase protection and have been paying their premiums receive the claims payment they are due" in a statement.
The American Insurance Association added that "policyholders are counting on the NFIP to honor current and forthcoming claims.”
Nathan Golia is senior editor of Insurance & Technology. He joined the publication in 2010 as associate editor and covers all aspects of the nexus between insurance and information technology, including mobility, distribution, core systems, customer interaction, and risk ... View Full Bio