Earlier today, PIA became the first national insurance association to ask Federal Emergency Management Agency (FEMA) administrator Deanne Criswell to delay the implementation of Risk Rating 2.0. In previous blog posts, we have discussed the value of the new Risk Rating 2.0 (RR 2.0) methodology, which is scheduled to go into effect on Oct. 1, …
Continue reading PIA Seeks Delay in Risk Rating 2.0 Implementation
As anticipated, the Risk Rating 2.0 Flood Insurance Manual (FIM) was released on Sept. 1. An update to the existing FIM was released at the same time, as was a final version of the Industry Transition Memo (ITM). Here is what you need to know about each. Industry Transition Memo The ITM, linked above, explains …
Continue reading The Risk Rating 2.0 Flood Insurance Manual Has Arrived
We know many National Flood Insurance Program (NFIP) agents have concerns about shepherding their clients through the transition to Risk Rating 2.0 (RR 2.0). As part of our effort to disseminate information about RR 2.0 to our agents, PIA will be using this space to share information about RR 2.0 and upcoming trainings provided by …
Frequent visitors to the blog will remember our numerous posts covering the forthcoming changes to the way flood insurance rates are calculated for policies issued through the National Flood Insurance Program (NFIP). PIA strongly supports Risk Rating 2.0 (RR 2.0) because it will help the NFIP move more quickly to the use of actuarially sound …
Continue reading Risk Rating 2.0 Implementation Proceeding in Fits and Starts
As we noted earlier this week, the rating engine that will provide the new Risk Rating 2.0 rates was scheduled to become available to participating carriers, known as Write-Your-Owns (WYOs) on August 1. However, today (July 30), FEMA notified WYOs that the rating engine site will be made available on August 1 as planned, but …
Continue reading FEMA Announces Eleventh-Hour Delay of Risk Rating 2.0 Rating Engine
The National Flood Insurance Program (NFIP), which is administered by the Federal Emergency Management Agency (FEMA), is the primary source for flood insurance in the United States. Over the past few years, FEMA has been preparing to update the NFIP’s risk rating process using a methodology known as Risk Rating 2.0 (RR 2.0). Risk Rating 2.0 will …
Continue reading NFIP’s Risk Rating 2.0 Engine Will Go Live on August 1
If you’ve been following the blog for a while, you know that the National Flood Insurance Program (NFIP), the primary source for flood insurance in the United States, is scheduled to debut its new pricing methodology, known as Risk Rating 2.0, later this year. Risk Rating 2.0 will assign a level of risk to each …
The National Flood Insurance Program (NFIP), which is administered by the Federal Emergency Management Agency (FEMA), is the primary source for flood insurance in the United States. Over the past few years, FEMA has been updating the NFIP’s risk rating process using a new methodology known as Risk Rating 2.0 (RR 2.0). It is scheduled …
Continue reading FEMA Makes Available More Agent Training Sessions on Risk Rating 2.0
On June 17, the U.S. Senate Committee on Banking, Housing and Urban Affairs held a second hearing on the reauthorization of the National Flood Insurance Program (NFIP). The first hearing was held in May. The hearing featured the testimony of David I. Maurstad, the Deputy Associate Administrator of the Federal Insurance and Mitigation Administration (FIMA), …
Continue reading Risk Rating 2.0 Dominates Second Senate Hearing on NFIP Reauthorization
On April 1, the Federal Emergency Management Agency (FEMA) unveiled changes, commonly referred to as Risk Rating 2.0, to the National Flood Insurance Program (NFIP). Risk Rating 2.0 is meant to provide more specific, accurate information about the flood risk associated with properties covered by the NFIP. Materials released by FEMA show that Risk Rating …
