WASHINGTON—The Obama administration will ask Congress to raise the National Flood Insurance Program's borrowing authority to $25 billion, according to sources.
The administration wants to move promptly on the issue to ensure no repeat of what happened in late 2005 in the aftermath of Hurricane Katrina, according to Don Griffin, vice president of personal lines at the Property and Casualty Insurers Association of America and head of the industry's flood insurance coalition.
The NFIP's current borrowing is $20.775 billion. The administration will seek to add an additional $4.025 billion.
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