WASHINGTON—The National Flood Insurance Program (NFIP) is a long, dark tunnel with no light in sight, a new Government Accountability Office report indicates, meaning that it is likely to be a political headache for the property casualty insurance industry for some time to come.
That's because the report makes clear that the NFIP will remain a football tossed between members of Congress who see subsidizing the program a necessity, and conservatives who say it should be self-supporting.
Moreover, the report supports the arguments of conservatives that the 2014 law rolling back the mandate in the 2012 law that requires the phase-in of actuarial rates over five years, will exacerbate the NFIP's solvency issues.
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