The U.S flood insurance market is slowly transitioning toward private insurers playing a much needed and more prominent role by providing additional competitive market options for those seeking coverage, according to a new AM Best report. The slow shift toward more private sector involvement comes a time when the federally operated National Flood Insurance Program… Continue reading Appetite for Flood Risk Among Private Insurers Still Small: AM Best
Tag: flood insurance
After Northeast Flooding, Insurance Woes Swamp Residents
After being pummeled by two tropical storms that submerged basements, cracked home foundations and destroyed belongings, Northeastern U.S. residents still in the throes of recovery are being hit with another unexpected blow: Thousands of families are now swamped with financial losses because they didn’t have flood insurance. Most of those caught off guard by the… Continue reading After Northeast Flooding, Insurance Woes Swamp Residents
CoreLogic Estimates $16B to $24B in Insured and Uninsured Flood Losses in the Northeast from Tropical Storm Ida
CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released additional loss estimates for Hurricane Ida, following its initial release estimating between $27 billion and $40 billion in insured and uninsured losses from wind, storm surge and inland flooding in Louisiana and Mississippi. According to this new analysis, specifically for the U.S.… Continue reading CoreLogic Estimates $16B to $24B in Insured and Uninsured Flood Losses in the Northeast from Tropical Storm Ida
Flooding, Record Rainfall Mapped Along Ida’s Path
Residual rain from Hurricane Ida hit the Northeast. Despite early forecasts suggesting 3 to 6 inches for the day, the region was walloped by the post-tropical cyclone. At least 40 people died in the region amid tornadoes, record-breaking rainfall, flash flooding and power outages. The large weather system spanned from Baltimore to Boston Wednesday, dropping… Continue reading Flooding, Record Rainfall Mapped Along Ida’s Path
FEMA Overhauls the NFIP, Accounts for Climate Change
Climate change and its devastating impact are accelerating faster than ever, according to a new report from the United Nations’ Intergovernmental Panel on Climate Change. Hurricanes are becoming stronger, rainfall heavier and flood risk higher. Yet, America’s National Flood Insurance Program hasn’t changed at all since its inception. But it is about to. Under the… Continue reading FEMA Overhauls the NFIP, Accounts for Climate Change
Flood-Prone Populations Up Nearly 25% Since 2000: Study
The number of people exposed to floods worldwide has surged almost a quarter over the last two decades, according to satellite-based data that shows an additional 86 million now live within flood-prone regions. Flooding is by far the most common of extreme weather events made more frequent and potent by rainfall patterns supercharged by climate… Continue reading Flood-Prone Populations Up Nearly 25% Since 2000: Study
NFIP Leaves Out Communities of Color, Lower-Income Americans, Report Finds
Less than 10% of the flood risk to single-family homes in America is actually insured by the national program designed to offer such protection, with communities of color and lower-income areas disproportionately less likely to be covered. That analysis, described as “a toxin sitting in the residential real estate market that will only worsen with… Continue reading NFIP Leaves Out Communities of Color, Lower-Income Americans, Report Finds
Verisk’s AIR Worldwide Estimates Insured Losses for July Floods in Germany Could Approach EUR 5 Billion
Extreme event modeling firm AIR Worldwide estimates insured losses in Germany from July flooding could approach EUR 5 billion. AIR Worldwide is a Verisk business. Low pressure system “Bernd” parked itself over central Europe and brought about significant flooding from July 13 to 18. Germany’s Rhineland-Palatinate and North Rhine-Westphalia regions were particularly affected, experiencing heavy… Continue reading Verisk’s AIR Worldwide Estimates Insured Losses for July Floods in Germany Could Approach EUR 5 Billion
Insurers Won’t Save a Heating World from Floods and Fire: Bloomberg Opinion
There’s bad news for those looking for comfort in the face of flooding that’s inundated cities in China, Germany and India and wildfires that have consumed suburbs in California, Canada, and Australia: The insurance industry isn’t planning on hanging around to bail you out. An insurance rescue mission is such a routine aspect of natural… Continue reading Insurers Won’t Save a Heating World from Floods and Fire: Bloomberg Opinion
Swiss Re Teams Up with Milliman Appleseed to Accelerate New Entrants Offering Private Flood Insurance
Milliman, Inc., a premier global consulting and actuarial firm, today announced a new flood product available through its open advisory and rating organization, Milliman Appleseed. The new simplified product offering was developed by Swiss Re, a leading global reinsurer, to provide flexible coverage for low and moderate flood risks. Using Milliman Appleseed, a new advisory… Continue reading Swiss Re Teams Up with Milliman Appleseed to Accelerate New Entrants Offering Private Flood Insurance