Oklahoma Schools Destroyed by Tornado Lacked ‘Safe Rooms’
Connecticut Court Rules That Lawyers Can’t Be Sued for Fraud
Wage and Hour Claims Among Top Threats to U.S. Employers
Cyber Attacks On Banks More Serious Than Public Realizes
E&O Insights: Restaurant and Tavern Risks
CEA’s First CIO Reflects C-Suite Trend
Golf and Country Clubs Weather the Storm
Midwest AGs Go After Storm-Chasing Roofing CompaniesFree Newsletters
Sign up to receive insurance news alerts!Most Popular
Current Issue
Editors and Contributors
-
Andrea WellsAgency Compensation Playbook: 2013 Agency Salary Survey -
Andrew G. SimpsonHow Process Improvement Drives Agency Profitability -
Stephanie JonesThe Acquisition Cycle -
Don JerglerIndustry Predictions -
Chris BurandReasonable Compensation -
Andrea WellsPersonal Lines: How Technology is Changing the Way Agents Do Business
what justification do we have requiring tax payers to pay a subsidy so some people can live in an area prone to flooding?
OK Insurance Journal news department. What happened to that unnamed republican who was going to stop this law because of the definition of when life begins? (Your War on Women) LMAO…. You guys are so biased in the reporting on the political issues at hand it really is not funny,but it is very obvious to any reader. ( Supposedly Rand Paul!)
Walter, you must understand Flood is for the benefit of the banks to protect their loans in developing property in these coastal locations. Rich property owners do not want to risk their capital, so NFIP lobbied for and passed into law. No insurance company would write the flood peril in these areas.
That’s right, jw: for-profit insurance companies would not write many of these flood policies. In a free market that would mean that these structures would not be built (or rebuilt), so resources would not be misallocated. But insurance companies gang up and lobby to put the taxpayers on the hook for the unprofitable flood peril so they can write the good stuff on these properties. Privatize the profits and socialize the losses. This is crony capitalism at its worst, and I am ashamed of the insurance industry for taking part in it.
How much did Maxine and her co-sponsor get from the Insurance Industry in campaign money for sponsoring this rip off? The American public got their sand pounded while FEMA went and found heretofore non flood areas and made them, miraculously, into flood plains.