House and Senate divided over flood insurance scheme

The Flood Insurance Reform and Modernization Act proposed by the Senate writes off the NFIP’s debts, estimated at $18bn

US insurance organisations have welcomed legislation by the Senate to extend and reform the country’s National Flood Insurance Programme (NFIP). The legislation will go a long way toward alleviating some of the concerns of residents in flood-prone areas, according to the National Association of Mutual Insurance Companies (NAMIC).