NFIP Cuts Could Obstruct Mapping, Private Flood
Part of President Donald Trump’s $1.1 trillion budget request for fiscal year 2018, which starts Oct. 1, is eliminating federal funding for the National Flood Insurance Program (NFIP) mapping program. His proposal to cut $190 million in discretionary funding for the mapping program could make it more difficult for private insurers to underwrite risk in flood-prone areas, according to industry observers. The flood maps help regulators and carriers determine which properties are likely to be flooded.
“The administration should be looking at ways to improve mapping, not cutting the funds,” said Don Griffin, vice president of personal lines for the Property Casualty Insurers Association of America (PCI). “PCI is concerned with how this cut will affect consumers and taxpayers.”
The Trump budget blueprint is not a spending authorization; it is a request that lays out the administration’s priorities. Ultimately, Congress must approve the final spending plan.