A Congressional deadlock over flood insurance highlights the difficulty of enacting the type of reforms urged last week in a U.S. government report on climate change — even for Democrats, who embraced the report’s findings. The heavily indebted National Flood Insurance Program, which provides subsidized coverage for homes in flood-prone areas, is scheduled to expire… Continue reading Flood Policy Standoff Tests Democrats’ Promise of Climate Action
Tag: flood insurance
Puerto Rico Approves Laws for Insurance Holders Post-Maria
The governor of Puerto Rico overhauled the U.S. territory’s insurance laws on Tuesday to help protect policy holders as thousands of claims remain unresolved more than a year after Hurricane Maria. Gov. Ricardo Rossello signed six laws into effect as he stressed that his administration was not pleased with how insurance companies handled complaints filed… Continue reading Puerto Rico Approves Laws for Insurance Holders Post-Maria
Climate Change Will Severely Affect U.S. Economy: Report
A newly released report issued by 13 federal agencies on Friday explains in great depth the potential consequences of climate change on the United States and warns that neglecting to take action could drastically impede economic growth over the next century. The report, written with the help of over 1,000 people, including about 300… Continue reading Climate Change Will Severely Affect U.S. Economy: Report
With No Permanent Flood Insurance Fix, Senators Kennedy and Cassidy Seek 6-Month Extension
The federal program that provides flood insurance of last resort for storm-prone areas, including about 500,000 homes in Louisiana, is set to lapse Nov. 30. Because officials have yet to shore up its long-term finances, Congress is being asked to consider another six-month extension. Louisiana Republican Sens. Bill Cassidy and John Kennedy are among the… Continue reading With No Permanent Flood Insurance Fix, Senators Kennedy and Cassidy Seek 6-Month Extension
Hurricane Michael Leads Allstate to $202M in Losses During October
The Allstate Corp. announced estimated catastrophe losses for the month of October 2018 of $202 million, pretax ($160 million, after-tax). Catastrophe losses occurring in October comprised eight events at an estimated cost of $174 million, pretax, plus unfavorable reserve re-estimates of prior reported catastrophe losses. Hurricane Michael, which made landfall on Oct. 10, accounted for… Continue reading Hurricane Michael Leads Allstate to $202M in Losses During October
AXIS Capital Estimates Up to $120M in Hurricane Michael Losses
Bermudian reinsurance group AXIS Capital has released a preliminary pre-tax loss estimate for losses related to Hurricane Michael in the fourth quarter, which it puts in the range of $100 million to $120 million. AXIS said that its estimate was consistent with industry insured losses of approximately $10 billion. This compares with the recent industry… Continue reading AXIS Capital Estimates Up to $120M in Hurricane Michael Losses
Hurricane Michael Expected to Leave $15Bn Financial Impact on US Economy: Aon Cat Report
Aon’s Impact Forecasting team today launches the latest edition of its monthly Global Catastrophe Recap report, which evaluates the impact of the natural disaster events that occurred worldwide during October 2018. The report reveals that Hurricane Michael killed 45 people in the United States, as it became the strongest tropical cyclone on record to strike… Continue reading Hurricane Michael Expected to Leave $15Bn Financial Impact on US Economy: Aon Cat Report
Damage from Florence in North Carolina at $17B: State Officials Report
State officials now say the damage in North Carolina from Hurricane Florence has approached $17 billion, an increase from a previous estimate. The Office of State Budget and Management said in a news release the latest figure is based on new data from the N.C. Department of Insurance. The previous figure of $13 billion was… Continue reading Damage from Florence in North Carolina at $17B: State Officials Report
Mounting Climate Worries Push ‘Location, Location, Location’ Off the Beach
Three-bedroom house. Ocean views. Steps from the water. This was once a surefire home-sales pitch. Today, some buyers fear a warmer climate will bring fiercer floodwaters, winds and hurricanes—and that has changed the math of waterfront real estate. “I can’t get anybody to come look at it,” said real-estate agent Angela Payne, describing a four-bedroom… Continue reading Mounting Climate Worries Push ‘Location, Location, Location’ Off the Beach
How Harvey Transformed House-Hunting in Houston
Katie Gibson knew exactly where she wanted to live when she moved to Houston in June: the Heights, a leafy, walkable neighborhood that had minimal damage from Hurricane Harvey in the summer of 2017. What the 33-year-old energy-company manager didn’t know was that it would take her six months and $1.4 million to buy a… Continue reading How Harvey Transformed House-Hunting in Houston