House Financial Services Committee

Housing and Insurance Subcommittee

The Reauthorization of the National Flood Insurance Program: FEMA’s Perspective

2128 Rayburn
Fri, 28 Apr 2023 13:00:00 GMT

Hearing on the reauthorization of the National Flood Insurance Program.

Witness:
  • David Maurstad, Assistant Administrator, Federal Insurance Directorate, Federal Emergency Management Agency (FEMA)

Hearing memo

Floods are the most common, most expensive, and most deadly natural disaster that communities across the United States experience. Reports reveal approximately 90 percent of all U.S. natural disasters also involve flooding from any number of sources, including inland flooding, flash floods, and flooding from seasonal storms.

While such events have long been a concern, recent experiences have shown that flooding has become both more frequent and severe. The Federal Emergency Management Agency’s (FEMA) 50+ year old National Flood Insurance Program (NFIP), which is by far the nation’s leading provider of flood insurance coverage, has experienced two of its top five, four of its top ten, and ten of its top 20 costliest flood events all in the last decade alone.

Previously, the NFIP dealt with only two $1+ billion flood events prior to its most costly flood, which was Hurricane Katrina in 2005. Since then, the NFIP has experienced eight $1+ billion flood events.

The NFIP’s last formal 5-year reauthorization expired at the end of September 2017. Since then, the NFIP has been subject to three brief lapses and 25 short-term extensions, nearly all of which have been enacted as a part of the congressional appropriations process and not through legislation initiated by the Financial Services Committee.