2019 was a tumultuous year for industries affected by flood, with both environmental and flood regulation changes creating a perfect storm of confusion.
Here, we summarize 3 big takeaways from 2019 that have all set the stage for our 2020 Vision.
1. Record-Breaking Weather
2019 saw some of the most extreme and record-breaking weather events.
For starters, 2019 was the wettest winter on record since 1895. Heavy snows across the US made for high water levels in bodies of water nationwide. This made for catastrophic flooding events once heavy rains hit in early spring.
The U.S. saw record flooding events in the Midwest and Southeast causing 14 million people to be impacted by flooding this year alone. Furthermore, the extent of weather-related damage was significant with the bulk of the $10 Billion dollars in damage stemming from flood-related events.
2. A Historic Ruling
FEMA Moonshot Strategy Includes Private Flood Insurance
In 2018, FEMA introduced the FEMA Moonshot Strategy in an effort to:
- Build a culture of preparedness
- Ready the nation for catastrophic weather disasters
- Reduce the complexity of FEMA.
In an effort to support the first objective to build a culture of preparedness, FEMA’s objective is to close the insurance gap by doubling flood insurance coverage by 2020 and increasing mitigation efforts by four times, also by 2020. In order to close the insurance gap, FEMA needs to offset risk to private insurers.
On July 1st 2019, private market flood insurance was mandated for all banks, forcing banks to accept private flood insurance on loans deemed in the Special Flood Hazard Area.
However, NFIP still has millions of policyholders and will need to continue to operate for the foreseeable future. Congress is set to reauthorize the NFIP extension on December 20th, 2019.
3. Rapidly Changing Flood Zones
Thousands of Map Changes, More to Come
As we have seen over the last decade, flooding events have increased and brought an increased amount of detrimental damage, both financially and physically.
In order to better map the United States and build a culture of preparedness, FEMA is remapping the entire country. In 2019, FEMA released 5300 preliminary maps and that’s just the tip of the iceberg. 2020 will most likely bring several thousand more map changes which will alter Special Flood Hazard Areas across the country.
2020 Vision = Clarity
Industries affected by flooding regulation and risk are actively seeking and implementing better tools for preparedness in 2020 and beyond. Quality of information and service are crucial, and total clarity is essential.
Our vision for 2020 is to help institutions and individuals truly understand the issues affecting their industries, and help them implement superior tools for navigating ongoing changes in flood regulation.
Certify your proximity to risk and flood resilience with the superior clarity provided by WTG reports and support service.