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
Tag: flood insurance
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
AIR Worldwide Estimates Insured Losses for Hurricane Laura Will be Between $4B and $8B
Catastrophe risk modeling firm AIR Worldwide estimates that industry insured losses to onshore property resulting from Hurricane Laura’s winds and storm surge will range from $4 billion to $8 billion. AIR Worldwide is a Verisk business. “Although comparisons between Laura and Hurricane Rita (2005) have been made, they differ in two important ways: Rita was… Continue reading AIR Worldwide Estimates Insured Losses for Hurricane Laura Will be Between $4B and $8B
Hurricane Laura Slams Into Gulf Coast, Leaves 500,000 Without Power
Hurricane Laura weakened to a Category 2 storm hours after barreling ashore near the Texas-Louisiana border, but it continued to threaten what forecasters described as lethal flooding and widespread wind damage. Laura made landfall overnight as a storm of historic proportions, with wind speeds of 150 miles an hour, according to the National Hurricane Center,… Continue reading Hurricane Laura Slams Into Gulf Coast, Leaves 500,000 Without Power
CoreLogic Risk Analysis Shows Hurricane Laura Threatens 431,810 Homes with Storm Surge Damage
CoreLogic®, a leading global property information, analytics and data-enabled solutions provider, today released data analysis showing 431,810 single-family and multifamily homes along the Texas and Louisiana coasts with a reconstruction cost value (RCV) of approximately $88.63 billion are at potential risk of storm surge damage from Hurricane Laura based on its projected Category 3 status… Continue reading CoreLogic Risk Analysis Shows Hurricane Laura Threatens 431,810 Homes with Storm Surge Damage
Tropical Storm Isaias Marches Up East Coast, 600,000 Left Without Power
Tropical Storm Isaias lashed North Carolina and Virginia with strong winds and heavy rains early Tuesday, leaving downed trees, minor flooding and hundreds of thousands of people without power as it traveled up the East Coast. Isaias made landfall late Monday as a Category 1 hurricane near Ocean Isle Beach, N.C. Maximum sustained winds reached… Continue reading Tropical Storm Isaias Marches Up East Coast, 600,000 Left Without Power