The National Insurance Affordability Crisis

The United States faces a structural crisis in residential property insurance: a convergence ofaccelerating multi-hazard catastrophic exposure, chronic actuarial risk mispricing, and the$22.5 billion structural insolvency of the National Flood Insurance Program (NFIP) hasproduced a protection gap of national fiscal consequence. This paper argues that the crisis isnot primarily a market failure or a regulatory failure — it is a risk governance failure rooted inthe fragmentation of three professional disciplines that must operate in integration: physicalproperty inspection, insurance underwriting, and certified enterprise risk management