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U.S. Senators See ‘Actuarial Disaster’ on the Horizon with Flood Risk Rating 2.0

October 4, 2021

U.S. senators from coastal states are predicting “an actuarial disaster” in the future once FEMA’s new flood insurance rating systems goes into full swing.

In a press call on Sept. 30, Louisiana Sen. Bill Cassidy and New Jersey Sen. Bob Menendez called for President Biden to delay the implementation of the National Flood Insurance Program’s new rating system, Risk Rating 2.0, which went into effect on Oct. 1.

Cassidy acknowledged the new methodology would go into effect, but, he said, “my personal plea is that the president would tell FEMA not to proceed with Risk Rating 2.0. but to look for alternatives.”

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