OIC Briefs Committee on Flood Insurance: Private Market Growing, NFIP Still Important
Office of the Insurance Commissioner staff updated the committee on flood insurance after December flooding: private flood policies are increasing while NFIP residential policies decreased about 13% from 2021–2024; OIC reported roughly 700 federal claims and about $18,000,000 paid to residents in the December event and said private market reporting is ongoing.
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The committee received an overview of the state's flood insurance market and recent claim activity from David Fort and Simon Casson of the Office of the Insurance Commissioner on Jan. 23.
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