Farmers Insurance Group® was recognized for achieving the highest growth in market share among insurance companies participating in the National Flood Insurance Program (NFIP).
Howard Leiken, acting director of the Federal Insurance Administration, presented all three sales performance awards to Farmers Insurance at the National Flood Conference held May 22-25, in Minneapolis, Minn.
The first award, The Administrator’s Club Award, was presented to Farmers for achieving the highest percentage of growth in policies in one year in the category of companies with 15,000-74,000 policies. During that year, Farmers doubled its policies. The next award, the Administrator’s Club Trophy, was presented to Farmers for achieving the highest percentage of growth and by writing at least 2,500 new polices. Finally, the third award, the Administrator’s Quill Award, acknowledges Farmers for achieving the highest overall annual growth of any insurance company participating as a Write Your Own (WYO) in the National Flood Insurance Program.
The National Flood Insurance Program (NFIP) commended Farmers for its efforts to provide this vital insurance coverage to residents in flood-prone areas because every $3 paid in flood insurance claims saves taxpayers $1 in disaster assistance payments. Through its partnerships with communities, the insurance industry and the lending industry, the NFIP helps reduce flood damage by nearly $800 million a year. Buildings constructed in compliance with NFIP building standards suffer 77 percent less damage annually than those not built in compliance.
Congress established the National Flood Insurance Program in 1968 to make federally backed flood insurance available in communities that agree to adopt and enforce floodplain management ordinances to reduce future flood damage. National Flood Insurance is available in more than 19,000 communities across the United States and its territories. The NFIP is managed by the Federal Emergency Management Agency’s Federal Insurance Administration and Mitigation Directorate. The Federal Insurance Administration manages the insurance component of the NFIP and works closely with FEMA’s Mitigation Directorate, which oversees the floodplain management and mapping components of the program.
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