NFIP ran a $1.4bn deficit even before Harvey: CBO

The National Flood Insurance Program (NFIP), which is now
projected to face Hurricane Harvey-related losses of as much as
$10bn, underestimates annual claims by $1bn even in years without
major catastrophes, a new Congressional Budget Office (CBO) study
shows.As a result, the NFIP undercharges its roughly 5 million
policyholders by about $1bn and runs at an annual deficit of about
$1.4bn, the CBO said in the study released last Friday (1
September).
The Federal Emergency Management Agency-run pr