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).
Tag: flood insurance
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.
House Oversight Panel Wants FEMA to Explain High Flood Insurance Prices
The U.S. House committee charged with investigating government fraud and corruption demanded Monday that the Federal Emergency Management Agency detail just how its new flood insurance pricing system works.
Sharp Flood Insurance Hikes with Risk Rating 2.0 Across South Louisiana Detailed in New Data
The sharp increases in flood insurance rates south Louisiana communities are facing have been detailed for the first time in data released by FEMA, with one of the state’s ZIP codes projected to see the steepest hikes of any in the nation and others varying widel
ICEYE Nat CAT Solutions Support the Development of the NYC Parametric Flood Pilot Program
ICEYE, a world-leading provider of natural catastrophe solutions and insights, announced today its participation in a parametric pilot program to protect low-income communities in New York City from flooding.
FEMA Sees 36% Decline in Number of Reinsurers for 2023 NFIP Renewal
Data on the National Flood Insurance Program’s (NFIP) traditional reinsurance placement for 2023 reveals a 36% decline in the number of participants in the program when compared with the prior year.
Groundbreaking Insurtech Company FloodFlash Officially Launches in U.S.
FloodFlash is aiming to augment the flood insurance market in the U.S. by using its parametric technology to make flood insurance available to businesses that can’t get coverage anywhere else.