Flood insurance claims will wash away the government's premium income by $1.4 billion, according to a report by the independent Congressional Budget Office (CBO).
That estimate was made before Harvey hit Houston, and was based on policies that were in effect in August of last year.
Moreover, the National Flood Insurance Program will expire at the end of this month, unless Congress agrees to let the Federal Emergency Management Agency (FEMA), which administers the program, continue the disaster relief effort.
Lawmakers had asked the CBO to calculate the financial soundness of the flood insurance program before acting to renew the plan.
No comments:
Post a Comment