As the U.S. Southeast braces for the impact of Hurricane Dorian, it is urgent that Congress get serious about reforming the National Flood Insurance Program (NFIP), according to the R Street Institute. Created by Congress in 1968, the NFIP has been the primary source of insurance coverage for flooding over the past 50 years. While… Continue reading R Street Institute: Dorian Is Urgent Reminder of Need for Flood Insurance Reform
Tag: flood insurance
Karen Clark & Co Pegs Total Bahamas Losses from Dorian at $7B
Hurricane Dorian’s impact in the Bahamas will generate insured and uninsured losses of about $7bn, according to a preliminary estimate from Karen Clark & Company (KCC). The risk modeller’s estimate included losses from buildings, contents and business interruption claims arising from commercial, residential and industrial properties. The $7bn loss estimate does not include infrastructure or… Continue reading Karen Clark & Co Pegs Total Bahamas Losses from Dorian at $7B
Dorian Is Exposing an Insurance Gap in the Bahamas
The vast majority of damage caused by Hurricane Dorian to the Bahamas and other Caribbean countries is unlikely to be covered by insurance, which could slow recovery in the region. The storm ravaged the Bahamas as a Category 5 storm Sunday and Monday. It killed at least five people and destroyed thousands of homes. Dorian… Continue reading Dorian Is Exposing an Insurance Gap in the Bahamas
Hurricane Dorian Updates: Storm Pounds the Bahamas and Threatens Florida
Hurricane Dorian, now a Category 2 storm, finally began to slowly inch away from the Bahamas on Tuesday, after pummeling the islands with unrelenting rain and winds as the United States waited to see what destructive path it would take. The storm, which hit the Northern Bahamas as one of the strongest on record in… Continue reading Hurricane Dorian Updates: Storm Pounds the Bahamas and Threatens Florida
Wright and Zurich North America Help Close Flood Insurance Coverage Gap with Launch of Residential Private Flood Insurance
Responding to consumers’ growing demand for protection from the risk of intensifying and expanding catastrophic floods, Wright National Flood Insurance Services, LLC (WNFIS) and Zurich North America (Zurich) are introducing the Zurich Residential Private Flood Insurance program. This first-of-its-kind, stand-alone product will launch exclusively in Florida on September 3, with plans to expand the coverage… Continue reading Wright and Zurich North America Help Close Flood Insurance Coverage Gap with Launch of Residential Private Flood Insurance
Hurricane Dorian Forecast to Hit Florida Over Labor Day with 110 Mph Winds
As chances increased for a direct hit from a Category 3 Hurricane Dorian over Labor Day weekend in Florida counties Volusia and Flagle, local residents, government officials and would-be vacationers began a mad scramble Wednesday. Many residents immediately began heeding warnings to stock up, emptying store shelves of batteries and water bottles. Local cities began… Continue reading Hurricane Dorian Forecast to Hit Florida Over Labor Day with 110 Mph Winds
Reviving the Private U.S. Flood Market Could Generate $41.6B in Premiums: Verisk
Recent analysis from data analytics provider Verisk suggests that reviving the private flood insurance market in the US could generate $41.6 billion in written premiums for insurers from owner-occupied homes. The figure came as part of a study that concluded 62 million residential locations in the US could be at moderate to extreme flood risk.… Continue reading Reviving the Private U.S. Flood Market Could Generate $41.6B in Premiums: Verisk
Two Years After Hurricane Harvey, Flood Insurance Payouts Near $9B
August 25, the second anniversary of Hurricane Harvey’s landfall along the Texas coast, is a great reminder to buy or renew a policy with the National Flood Insurance Program. When Hurricane Harvey struck the Gulf Coast two years ago, it brought prolonged rain and flooding to much of southeast Texas. After the storm, about 92,000… Continue reading Two Years After Hurricane Harvey, Flood Insurance Payouts Near $9B
Verisk: 62M U.S. Residential Locations Are at Moderate to Extreme Flood Risk
62 million residential locations in the United States that are at moderate to extreme flood risk, according to a Verisk analysis released today. Verisk is a leading data analytics provider. The analysis, part of a new white paper titled Sizing the Personal Flood Insurance Market, estimates that reviving the private flood insurance market could generate… Continue reading Verisk: 62M U.S. Residential Locations Are at Moderate to Extreme Flood Risk
Flooded Mississippi River A Threat as Hurricane Season Heats Up
The river that drains much of the flood-soaked United States is still running higher than normal, menacing New Orleans in multiple ways just as the hurricane season intensifies. For months now, a massive volume of water has been pushing against the levees keeping a city mostly below sea level from being inundated. The Mississippi River… Continue reading Flooded Mississippi River A Threat as Hurricane Season Heats Up