WASHINGTON, DC, June 4, 2019 – The Federal Association for Insurance Reform (FAIR), a Florida-based non-partisan consumer advocacy group, today announces its national expansion and commitment to reducing uninsured flood risk across the United States.
FAIR is a non-partisan, non-profit consumer advocacy group dedicated to providing insurance consumers with quality coverage at affordable rates through balanced public policy.
Chaired by former president of the National Association of Insurance Commissioners and former Florida Insurance Commissioner Kevin McCarty, the FAIR Board of Directors represents a diverse cross-section of property and casualty insurance industry stakeholders. The organization is uniquely positioned as an influential catalyst for consumer-centric and industry friendly public policy.
Recognizing flood risk as the most common natural disaster across the country and mobilizing resources to reduce property loss through better insurance coverage and proactive mitigation is a natural extension of FAIR’s work over the past ten years.
“Closing the flood protection gap is critical to the stability of property and insurance markets across the country. FAIR’s national expansion and dedication of resources to address flood risk throughout the United States exemplifies our commitment to educate and protect all Americans against flood risk,” McCarty said.
Flooding is the most common and costly natural disaster in the United States, causing billions in economic losses each year. According to the National Flood Insurance Program (NFIP), 90 percent of all natural disasters in the United States involve flooding. Floods have impacted all 50 states in the past five years. And yet, a recent Insurance Information Institute survey found that only 15% of Americans are covered by flood insurance.
“American home and business owners are more vulnerable to flooding than any other natural disaster, yet there are currently just over 5 million residential flood polices nationwide,” said FAIR President and CEO Jay Neal. “Modeling experts project that there should be as many as 40 million policies in force to adequately protect vulnerable properties. Achieving that goal will require both a strong National Flood Insurance Program and a robust private market.”
FAIR’s sister organization, the FAIR Foundation is a 501c(3) non-profit organization dedicated to consumer education and engagement. The Foundation aims to educate consumers nationwide on flood, storm surge, sea level rise and other natural disaster risks as well as to promote resiliency through mitigation and adequate insurance coverage.
FAIR and the FAIR Foundation will officially announce plans for national expansion and discuss specific initiatives related to addressing national flood risk at the National Flood Conference in Washington, D.C. on June 4, 2019. Executives from the organization will be available for comment during the event.