CSC inks flood insurance program support deal
- By Roseanne Gerin
- Nov 04, 2005
Computer Sciences Corp. is helping to bring financial relief to home and business owners in areas of the country that have been ravaged by the costliest hurricane season in U.S. history.
The El Segundo, Calif., company won a contract potentially worth $35 million from the Federal Emergency Management Agency to continue supporting its National Flood Insurance Program.
The new award is a follow-on to a 1999 contract with FEMA under which CSC provides training, consultation and analytical support services as the National Flood Insurance Program's bureau and statistical agent. CSC has worked with the program since 1983.
Under the new contract, which is for three months with two one-year options, CSC will continue as liaison between the government and more than 90 independent property and casualty insurance companies that issue federally guaranteed National Flood Insurance Program policies.
CSC will furnish the government with actuarial, financial and statistical analyses and deliver flood-related training, consultation and support materials and information clearinghouse services.
CSC processed more than $2 billion in flood insurance transactions for the flood insurance program last year.
Congress established the National Flood Insurance Program in 1968 to reduce the cost of federal disaster relief payments after major floods. It offers affordable flood insurance to homeowners, renters and business owners in participating communities that adopt sound flood-plan management practices to diminish future damage.
At present, 4.6 million program policies are in effect in nearly 20,000 participating communities in the United States, Puerto Rico, the Virgin Islands and Guam.
CSC, a global IT services company, is No. 4 on Washington Technology's 2005 Top 100 list of federal contractors, ranked according to their prime IT contracting revenue. It employs about 79,000 workers and had revenue of nearly $14.1 billion for fiscal 2005.