An upcoming overhaul of the federal government’s flood insurance program will financially benefit many of the nation’s lowest-income communities by cutting premiums for a large share of their residents, an E&E News analysis of government data shows. But the restructuring will be costly for some affluent coastal communities as the National Flood Insurance Program starts… Continue reading New Flood Rates Will Benefit Lower-Income Communities
Tag: flood insurance
New York Senator Stalls Climate Overhaul of Flood Insurance Program
One of the federal government’s main efforts to push Americans to prepare for climate threats is in question after the Senate majority leader’s office objected to a plan to adjust flood insurance rates. The Federal Emergency Management Agency was preparing to announce new rates for federal flood insurance on April 1, so that the prices… Continue reading New York Senator Stalls Climate Overhaul of Flood Insurance Program
Homeowners & Flood InsurTech Company TypTap Raises $100 Million
HCI Group, Inc. subsidiary corporation, TypTap Insurance Group, Inc., is pleased to announce that a fund affiliated with Centerbridge Partners, L.P. has invested $100 million in the company. The investment, representing about 11.75% of TypTap, implies a post-money valuation for TypTap of approximately $850 million. TypTap is an InsurTech company. Its rapidly growing, technology driven… Continue reading Homeowners & Flood InsurTech Company TypTap Raises $100 Million
Climate Threats Could Mean Big Jumps in Flood Insurance Costs This Year
The cost of federal flood insurance will need to increase significantly in much of the country to meet the growing risks of climate change, new data suggests, creating a political headache for the Biden administration. The National Flood Insurance Program, which provides the vast majority of United States flood insurance policies, would have to quadruple… Continue reading Climate Threats Could Mean Big Jumps in Flood Insurance Costs This Year
Insurers Paid $5B for 2020 Louisiana Hurricane Claims So Far
Insurance companies have paid out $5 billion to thousands of Louisiana customers with damage from the 2020 hurricanes so far. That’s according to data released by Insurance Commissioner Jim Donelon’s office that offers the first detailed look at claims. Policyholders have filed nearly 291,000 claims for property damage, business destruction, lost vehicles and business interruption… Continue reading Insurers Paid $5B for 2020 Louisiana Hurricane Claims So Far
Climate Change Has Cost the U.S. Billions of Dollars in Flood Damage, Study Finds
Intensifying rainfall fueled by climate change has caused nearly $75 billion in flood damage in the U.S. in the past three decades, Stanford University researchers confirmed in a new study Monday. The findings, published in the journal Proceedings of the National Academy of Sciences, shed light on the ongoing debate on how climate change has… Continue reading Climate Change Has Cost the U.S. Billions of Dollars in Flood Damage, Study Finds
National Flood Insurance Program Selects National Flood Services as NFIP Direct Service Provider
National Flood Services, a leading provider of flood insurance solutions in the United States, today announced that it has been awarded the National Flood Insurance Program (NFIP) Direct service provider contract. NFIP Direct facilitates the issuance and administration of NFIP insurance policies on behalf of the Federal Emergency Management Agency (FEMA), an agency of the… Continue reading National Flood Insurance Program Selects National Flood Services as NFIP Direct Service Provider
CoreLogic Finds Opportunities for Insurers to Better Protect Homeowners from Flood Damage
CoreLogic®, a leading global property information, analytics and data-enabled solutions provider, today released its Finding Opportunities in Insuring Flood report, which examines vital opportunities for private insurers to protect homeowners from flood risk inside and outside of the National Flood Insurance Program (NFIP) Special Flood Hazard Areas (SFHA). In this report, CoreLogic examines potential underinsurance… Continue reading CoreLogic Finds Opportunities for Insurers to Better Protect Homeowners from Flood Damage
NFIP Could See Severe Losses from Hurricane Sally: AM Best
AM Best expects insured losses from Hurricane Sally to be significant for the U.S. National Flood Insurance Program (NFIP), and sizable for some insurers with large private flood exposures in Alabama and Florida. A new Best’s Commentary, “Potentially Severe Flood Losses from Hurricane Sally,” states that insured losses, as compared with events such as the… Continue reading NFIP Could See Severe Losses from Hurricane Sally: AM Best
Hurricane Sally to Be 8th Named Storm to Make U.S. Landfall
U.S. Gulf Coast residents from Louisiana to Florida should prepare for Hurricane Sally, which is forecast to make landfall on Tuesday, according to the Insurance Information Institute (Triple-I). In a Monday afternoon advisory, the National Hurricane Center (NHC) indicated there is uncertainty over the specific timing and location of Sally’s landfall, as well as its… Continue reading Hurricane Sally to Be 8th Named Storm to Make U.S. Landfall