Travelers reported fourth quarter core income broadly in line with Wall Street forecasts despite higher cat losses and lower reserve releases as better underlying underwriting performance, higher investment income and a lower tax rate boosted the bottom line. The US insurance giant also made further steady progress in achieving rate rises on its business insurance… Continue reading Travelers Underlying Underwriting Results Help Offset Higher Cat Losses
Tag: flood insurance
PG&E: The First Climate-Change Bankruptcy, Probably Not the Last
PG&E Corp.’s bankruptcy could mark a business milestone: the first major corporate casualty of climate change. Few people expect it will be the last. California’s largest utility was overwhelmed by rapid climatic changes as a prolonged drought dried out much of the state and decimated forests, dramatically increasing the risk of fire. On Monday, PG&E… Continue reading PG&E: The First Climate-Change Bankruptcy, Probably Not the Last
Climate and Cyber Risks Top Concerns Facing the World in 2019: WEF
The failure to tackle climate change and extreme weather events are the most threatening global risks this year, according to the World Economic Forum. Inability to mitigate or adapt to climate change leapfrogged several places on the list as the second-most likely risk facing the world in 2019 after extreme weather events, the WEF said… Continue reading Climate and Cyber Risks Top Concerns Facing the World in 2019: WEF
AmWINS Group, Inc. to Acquire The Flood Insurance Agency
AmWINS Group, Inc. a global distributor of specialty insurance products and services, has reached an agreement in principle to acquire The Flood Insurance Agency (TFIA), a Florida-based managing general agency that specializes in private market flood insurance. “The addition of The Flood Insurance Agency will significantly increase our capabilities for personal lines flood products,” said… Continue reading AmWINS Group, Inc. to Acquire The Flood Insurance Agency
Early Forecast for 2019 Hurricane Season Is Out
An early outlook for the 2019 Atlantic hurricane season offers hope that the atmosphere will take a break following two frenetic years of tropical cyclone activity but notes that Mother Nature is giving no clear signal of her intent. Colorado State University’s first review of global climate patterns that could influence the 2019 hurricane season… Continue reading Early Forecast for 2019 Hurricane Season Is Out
FEMA Reverses Decision to Limit Flood Insurance Sales
The federal government said this past Friday that it will continue to sell flood insurance despite the partial government shutdown. The announcement by the Federal Emergency Management Agency (FEMA) is a reversal of the agency’s Thursday announcement that it would limit sales. The agency’s announcement spurred concern among property owners and realtors who feared a… Continue reading FEMA Reverses Decision to Limit Flood Insurance Sales
Puerto Rico’s Recovery Following Hurricanes Brings Opportunity to Improve
As 2018 ends, Puerto Rico’s transformation from hurricanes Irma and Maria has pivoted toward making the island stronger and more resilient. The island’s long-term recovery envisions enhanced infrastructure and communities more capable of withstanding events like the 2017 hurricanes. The Government of Puerto Rico and FEMA have collaborated on several recovery projects that meet these… Continue reading Puerto Rico’s Recovery Following Hurricanes Brings Opportunity to Improve
No New Flood Insurance Policies During Government Shutdown
Americans will not be able to buy new flood insurance policies as long as the ongoing federal shutdown continues, officials confirmed Wednesday. The action was confirmed in a memo David I. Maurstad, chief executive of the National Flood Insurance Program, shared with employees, members of Congress and others. Disagreement over paying for President Donald Trump’s… Continue reading No New Flood Insurance Policies During Government Shutdown
Trump Signs National Flood Insurance Program Extension Bill
Homeowners in flood-prone areas will continue to receive coverage after President Donald Trump signed the National Flood Insurance Program extension bill on Saturday. The House and Senate voted favorably on the bipartisan measure Friday, extending the program for five million recipients through May 31, 2019. The program, saddled with about $20 billion of debt, was… Continue reading Trump Signs National Flood Insurance Program Extension Bill
Flood Insurance Program Extended at Least Another Week: Long-Term Deal Remains Far Off
Congress pushed back its deadline to deal with the National Flood Insurance Program by at least a week, passing yet another short-term extension of the program late Thursday. A deadline to avoid a lapse in the federal program, which underwrites most flood insurance coverage in the country and covers a half-million Louisiana homes, had been… Continue reading Flood Insurance Program Extended at Least Another Week: Long-Term Deal Remains Far Off