When President-elect Donald Trump said, he wanted to “drain the swamp,” he may not have been referring to the sinking federal flood insurance program. Register Now Already have an account? Sign In Now
President-elect Trump could reform the flood insurance industry to rectify the $23bn debt NFIP ( NFIP ) owes taxpaying citizens, as part of his “drain the swamp” revamp of federal systems. Flood insurance was nationalised in September 2017 , with private insurers used to offer federally-backed insurance, meaning all underwriting loss was transferred to the taxpayer. The new Trump administration, in its bid to cut losses, will likely pass NFIP , as well as getting rid of related ill-used regulations. The the National Flood Insurance Program ’s charter will expire in September 2017 , making it a target for reform.