The National Flood Insurance Program (NFIP) requires significant reform to better protect the nation from the realities of climate change. Sea level rise and extreme rain storms are making flooding more common, threatening people and property and placing financial strain on the flood insurance program. Today, the House Committee on Financial Services passed a bill… Continue reading Financial Services Committee Passes Flood Insurance Reform
Tag: FEMA
Outdated Flood Maps, Hard-to-find Data Impede Assessment of Flood Risk for Homes
When Heather Gaker found the perfect sage-green beach house in Boynton Beach, Fla., four years ago, she hired multiple inspectors and researched the property’s flood history. Finding no serious history of flooding, she used most of her retirement savings to buy it with cash. Then during a rainstorm in 2017, a half-foot of water filled… Continue reading Outdated Flood Maps, Hard-to-find Data Impede Assessment of Flood Risk for Homes
Even as Floods Worsen, Fewer People Insure Against Disaster
Despite years of devastating flooding and hurricanes, the number of Americans with flood insurance remains well below its level a decade ago, undermining the nation’s ability to cope with disasters just as climate change makes them more frequent and severe. In some of the states hardest-hit by the recent brutal flooding in the Midwest, the… Continue reading Even as Floods Worsen, Fewer People Insure Against Disaster
National Flood Insurance Program Extended through September
The National Flood Insurance Program that millions of people rely on has gotten another temporary extension, as members of Congress renew efforts to work out a long-term proposal. The NFIP extension through the end of September was tucked into a $19 billion disaster aid package the U.S. House approved in a 354-58 vote Monday evening.… Continue reading National Flood Insurance Program Extended through September
Millennials More Likely to Buy Flood Policy than Gen Xers or Baby Boomers
Less than half of Americans who agree that having flood insurance is important have purchased flood insurance, according to a recent national survey from the National Association of Insurance Commissioners (NAIC). This disconnect between intention and action has been brought into sharp relief in the Midwest and South where recovery efforts will continue for years… Continue reading Millennials More Likely to Buy Flood Policy than Gen Xers or Baby Boomers
New Risk Rating System Will ‘Close Insurance Gap,’ FEMA Says
By redesigning the National Flood Insurance Program’s (NFIP) risk rating system, FEMA says it’s focused on building a culture of preparedness by “closing the insurance gap.” A new approach to modernizing rates, Risk Rating 2.0, that is more aligned with actual risk is scheduled to go into effect next year when the new rate structure… Continue reading New Risk Rating System Will ‘Close Insurance Gap,’ FEMA Says
FEMA Officials Accidentally Released Private Data from 2.3 Million Disaster Victims
Federal emergency officials inadvertently released personal information of more than 2 million disaster victims in what a government watchdog called a “major privacy incident,” according to a recent report. The Federal Emergency Management Agency’s inspector general said officials accidentally released personal information to a contractor. The information included Social Security numbers and banking information of… Continue reading FEMA Officials Accidentally Released Private Data from 2.3 Million Disaster Victims
FEMA Returns to Capital Markets for NFIP Risk Transfer
The U.S. Federal Emergency Management Agency (FEMA) has returned to the capital markets as it looks to transfer $300 million of risk from the National Flood Insurance Program (NFIP). FEMA is seeking at least $300 million of collateralised reinsurance protection from insurance-linked securities (ILS) investors through its second catastrophe bond transaction in as many years,… Continue reading FEMA Returns to Capital Markets for NFIP Risk Transfer
Trump Administration Plans Flood Insurance Overhaul
The Trump administration said Monday it plans to overhaul government-subsidized flood insurance, in a sweeping proposal that could raise rates on more expensive properties and those in higher-risk areas. The new system would affect policies for most homeowners who own property in flood-prone areas, where such coverage is required because few private companies offer flood… Continue reading Trump Administration Plans Flood Insurance Overhaul
Federal Disaster Assistance Approaches $1B for Hurricane Michael
According to the U.S. Department of Homeland Security’s Federal Emergency Management Agency, five months after the disaster declaration for Hurricane Michael, Floridians have received more than $957 million in federal disaster assistance in the form of grants, loans and insurance payments. As of Mar. 10, federal disaster assistance includes: $137 million in grants awarded to… Continue reading Federal Disaster Assistance Approaches $1B for Hurricane Michael