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Project Title:

Risk-Based Methods for Insurance Premiums of Negatively Elevated Structures in the National Flood Insurance Program
PIN: DELS-WSTB-13-03        

Major Unit:

Division on Earth and Life Studies
Division on Engineering and Physical Sciences

Sub Unit: Water Science and Technology Board
DEPS Board on Mathematical Sciences & Their Applications

RSO: Linn, Anne

Subject/Focus Area: Earth Sciences; Engineering and Technology; Math, Chemistry and Physics


Project Scope
Ad ad hoc committee will conduct a study of pricing negatively elevated structures in the National Flood Insurance Program. Specifically, the committee will: 

·         Review current NFIP methods for calculating risk-based premiums for negatively elevated structures, including risk analysis, flood maps, and engineering data.
·         Evaluate alternative approaches for calculating “full risk-based premiums” for negatively elevated structures, considering current actuarial principles and standards.
·         Discuss engineering, hydrologic, and property assessment data and analytical needs associated with fully implementing full risk-based premiums for negatively elevated structures.
·         Recommend approaches to update these data to maintain full risk-based rates for negatively elevated structures.
·         Discuss feasibility, implementation, and cost of underwriting risk-based premiums for negatively-elevated structures, including a comparison of factors used to set risk-based premiums.

The project is sponsored by the Federal Emergency Management Agency (FEMA).
The approximate start date for the project is September 1, 2013.
The report will be issued at the end of 2014.


 
Project Duration: 18 months    

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Committee Membership
Committee Membership

Meetings
 Meeting 1 - 01/06/2014
 Meeting 2 - 03/06/2014

Reports

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