While FEMA and its NFIP continue to face obstacles with the rollout of the new rating system, private insurers have found an opening to expand their footprint in the flood insurance market.
Tag: flood insurance
Dramatic Plan to Expand Flood Areas Could Force Millions to Buy Insurance
Aproposal by a federal advisory panel urges the government to expand the areas considered by regulators to be at high risk of flooding, according to a report by the panel that was provided to E&E News.
Impact of U.S. Government Shutdown on Insurance Industry Will Depend on Duration
A U.S. government shutdown, which would have an immediate impact on the economy, also could directly affect insurers, though the severity would largely hinge on the length of time before Congress reaches a budget agreement, according to a new AM Best commentary.
Flood Insurance Program Faces a Backlash—and a Deadline
A federal program that provides critical flood insurance is set to lapse unless renewed by the end of the month, potentially stranding new home buyers in need of coverage.
Flood Insurance Swamps U.S. Government
The National Flood Insurance Program, which covers nearly 5 million properties, needs to be reauthorized by Congress by the end of the month to avoid a housing crunch.
Private Flood Insurers Seize Opportunities to Grow Market Share
As the federally backed National Flood Insurance Program (NFIP) faces obstacles in the rollout of its new rating program that is generating premium increases for many of its policyholders, the private flood insurance market has benefited by significantly growing its market share across the U.S., according to an issues brief published today by the Insurance Information Institute (Triple-I).
GAO Issues Analysis of FEMA’s Risk Rating 2.0
The U.S. Government Accountability Office (GAO) has issued a report on the Federal Emergency Management Agency (FEMA’s) National Flood Insurance Program (NFIP), examining several objectives, including the actuarial soundness of Risk Rating 2.0; how premiums are changing; efforts to address affordability for policyholders; options for addressing the debt; and implications for the private market.
How IOT Can Save Flood Risk Issues
Floods pose significant risks to communities worldwide, causing extensive property damage and endangering lives. Recent advancements in technology have introduced innovative solutions to mitigate flood-related risks, and one technology that stands out is the Internet of Things (IoT).
Florida Joins Other States in Fight Over Flood Insurance Revamp
lorida has joined nine other states in a federal lawsuit challenging an overhaul of the National Flood Insurance Program, arguing the new system is flawed and will drive up premiums for many property owners.
Flood Insurance Costs in Florida Are About to Explode
Just as homeowners are realizing the increased risks of going without flood coverage, the Federal Emergency Management Agency has released data showing that coverage costs are exploding for properties in coastal areas most vulnerable to flooding.