Climate change and its devastating impact are accelerating faster than ever, according to a new report from the United Nations’ Intergovernmental Panel on Climate Change. Hurricanes are becoming stronger, rainfall heavier and flood risk higher. Yet, America’s National Flood Insurance Program hasn’t changed at all since its inception. But it is about to. Under the… Continue reading FEMA Overhauls the NFIP, Accounts for Climate Change
Tag: flood insurance
Flood-Prone Populations Up Nearly 25% Since 2000: Study
The number of people exposed to floods worldwide has surged almost a quarter over the last two decades, according to satellite-based data that shows an additional 86 million now live within flood-prone regions. Flooding is by far the most common of extreme weather events made more frequent and potent by rainfall patterns supercharged by climate… Continue reading Flood-Prone Populations Up Nearly 25% Since 2000: Study
NFIP Leaves Out Communities of Color, Lower-Income Americans, Report Finds
Less than 10% of the flood risk to single-family homes in America is actually insured by the national program designed to offer such protection, with communities of color and lower-income areas disproportionately less likely to be covered. That analysis, described as “a toxin sitting in the residential real estate market that will only worsen with… Continue reading NFIP Leaves Out Communities of Color, Lower-Income Americans, Report Finds
Verisk’s AIR Worldwide Estimates Insured Losses for July Floods in Germany Could Approach EUR 5 Billion
Extreme event modeling firm AIR Worldwide estimates insured losses in Germany from July flooding could approach EUR 5 billion. AIR Worldwide is a Verisk business. Low pressure system “Bernd” parked itself over central Europe and brought about significant flooding from July 13 to 18. Germany’s Rhineland-Palatinate and North Rhine-Westphalia regions were particularly affected, experiencing heavy… Continue reading Verisk’s AIR Worldwide Estimates Insured Losses for July Floods in Germany Could Approach EUR 5 Billion
Insurers Won’t Save a Heating World from Floods and Fire: Bloomberg Opinion
There’s bad news for those looking for comfort in the face of flooding that’s inundated cities in China, Germany and India and wildfires that have consumed suburbs in California, Canada, and Australia: The insurance industry isn’t planning on hanging around to bail you out. An insurance rescue mission is such a routine aspect of natural… Continue reading Insurers Won’t Save a Heating World from Floods and Fire: Bloomberg Opinion
Swiss Re Teams Up with Milliman Appleseed to Accelerate New Entrants Offering Private Flood Insurance
Milliman, Inc., a premier global consulting and actuarial firm, today announced a new flood product available through its open advisory and rating organization, Milliman Appleseed. The new simplified product offering was developed by Swiss Re, a leading global reinsurer, to provide flexible coverage for low and moderate flood risks. Using Milliman Appleseed, a new advisory… Continue reading Swiss Re Teams Up with Milliman Appleseed to Accelerate New Entrants Offering Private Flood Insurance
New Flood Rates Will Benefit Lower-Income Communities
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
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