The Senate Banking Committee will examine the federal government’s flood insurance program as officials seek congressional approval to do something unprecedented: drop coverage for frequently flooding properties and deny coverage for homes in the most flood-prone areas. The proposal is part of the Federal Emergency Management Agency’s plan to overhaul the National Flood Insurance Program,… Continue reading FEMA Urges Congress to Stop Writing Flood Insurance for Highest-Risk Areas
Tag: flood insurance
Cloud to Street’s Groundbreaking Flood Mapping Technology Enables the World’s First At-Scale Parametric Flood Insurance Product
Cloud to Street (C2S), a climate adaptation technology company that provides precise, near real-time intelligence on flooding and flood risk, today announced its partnership with parametric insurance platform Raincoat and Munich Re Group to roll out the world’s first at-scale parametric flood insurance program. This is the first country-level flood parametric program with local payouts… Continue reading Cloud to Street’s Groundbreaking Flood Mapping Technology Enables the World’s First At-Scale Parametric Flood Insurance Product
FEMA to Launch Initiative to Modernize Building Codes in Cat-Resiliency Effort
On this first day of the Atlantic hurricane season, federal officials are launching a new initiative to modernize building codes so that communities can be more resilient to hurricanes, flooding, wildfires, and other extreme weather events that are intensifying due to climate change. Deanne Criswell, the administrator for the Federal Emergency Management Agency (FEMA), and… Continue reading FEMA to Launch Initiative to Modernize Building Codes in Cat-Resiliency Effort
New Analysis of NFIP Data Illustrates Unsustainable Rates, More Trouble for Taxpayers
Craig Poulton, CEO of Poulton Associates, LLC, owner of CATcoverage.com, distributed a new report today with the assistance of Guidewire HazardHub demonstrating that the National Flood Insurance Program (NFIP) has not raised rates in line with Congressional directives. The analysis illustrates the NFIP’s failure to raise rates and quantifies just how far rates are from… Continue reading New Analysis of NFIP Data Illustrates Unsustainable Rates, More Trouble for Taxpayers
Redfin Report: 81% of Flood Insurance Policyholders Will See Rate Increases
When the Federal Emergency Management Agency overhauled its beleaguered National Flood Insurance Program last April, it promised that larger, more expensive homes would bear the brunt of premium increases, while nearly 90% of policyholders would see their costs remain stable or decrease. According to a new report from the real estate firm Redfin, when the… Continue reading Redfin Report: 81% of Flood Insurance Policyholders Will See Rate Increases
Extreme Flood Events Drive High Losses in 2021
Last year, global economic losses from floods amounted to $82 billion, yet insured losses stood at slightly more than $20 billion, indicating a large protection gap. In 2021, floods accounted for 31% of global economic losses from natural catastrophes, only 2% less than tropical cyclones, according to Swiss Re Institute’s latest sigma report, “Natural catastrophes… Continue reading Extreme Flood Events Drive High Losses in 2021
New Flood Insurance Rate Renewals Begin on April 1
The second phase of the transition to the Federal Emergency Management Agency’s (FEMA) Risk Rating 2.0 begins on April 1, when homeowners who currently have flood insurance will begin to see the revised rates as their policies are renewed. FEMA is transforming the way it calculates premiums for flood insurance policies that are made available… Continue reading New Flood Insurance Rate Renewals Begin on April 1
U.S. Coastline to See Up to a Foot of Sea Level Rise by 2050
The United States is expected to experience as much sea level rise by the year 2050 as it witnessed in the previous hundred years. That’s according to a NOAA-led report updating sea level rise decision-support information for the U.S. released today in partnership with half a dozen other federal agencies. The Sea Level Rise Technical… Continue reading U.S. Coastline to See Up to a Foot of Sea Level Rise by 2050
NFIP Sees Reinsurance Partnerships as Mutually Beneficial
The Federal Emergency Management Agency’s (FEMA) National Flood Insurance Program (NFIP) in the United States is eager to continue collaborating with the private sector to help close the country’s flood protection gap, and it has asked its reinsurance partners to encourage clients to investigate flood risk. “We want to continue to work with the private… Continue reading NFIP Sees Reinsurance Partnerships as Mutually Beneficial
FEMA Requests Comments on Improving Flood Insurance Program
The Federal Emergency Management Agency (FEMA) is seeking input on how to change flood insurance, a powerful program that both sets standards for resilience in building across the country and encourages repeated construction in vulnerable areas. FEMA’s open call for public comments will be open until Jan. 27, and participants will be able to write… Continue reading FEMA Requests Comments on Improving Flood Insurance Program