Appeals process for flood insurance claims needs work: Senate probe

By Sarah N. Lynch WASHINGTON (Reuters) – The U.S. government’s appeals process for reviewing flood insurance claim disputes is riddled with flaws, but there is no evidence of systematic underpayments by insurers to flood victims, an investigation by U.S. Senate staffers has found. “Despite widespread concerns, it does not appear that systematic incentives exist for any participant in the program to underpay on claims,” according to a copy of a draft overview of the Senate Banking Committee’s investigation reviewed by Reuters. The Senate Banking Committee’s investigation was fueled by allegations of widespread underpayment of claims to the victims of Hurricane Sandy, a 2012 Atlantic storm that generated 144,484 flood insurance claims and caused more than $68 billion in damage.

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