The Reinsurance Association of America (RAA) said it “commends” the Federal Emergency Management Agency (FEMA) for its decision to allow the National Flood Insurance Program (NFIP) Write Your Own programme to give insurer-participants greater scope to sell “additional options” to consumers.
“By eliminating regulatory impediments, FEMA demonstrates its continued commitment to increase the number of flood insurance policyholders, while protecting taxpayers,” the group said.
“Coupled with its recent transfers of risk to the reinsurance and capital markets, FEMA’s decision to utilise the private insurance market will benefit consumers and taxpayers,” it added.
The Write Your Own (WYO) programme, which was formed in 1983 is a “cooperative undertaking” between the private insurance industry and FEMA, according to the latter group.
It allows participating members of the property & casualty sector to write and service the Standard Flood Insurance Policy in their own names.