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U.S. P&C association calls on Congress to pass National Flood Insurance Program extension in wake of Hurricane Harvey

August 31, 2017 by Canadian Underwriter

The president and CEO of the Property Casualty Insurers Association of America (PCI) is calling on the U.S. Congress to pass at least a six-month extension of the National Flood Insurance Program (NFIP). David A. Sampson said in a press

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MSA calls for ‘sustainable solution for underinsurance’ in overland flood

June 27, 2017 by Canadian Underwriter

A potential solution to overland flood risk in Canada “could follow” the model of Britain’s Flood Re, MSA Research Inc. suggested in a report released Monday to Canadian Underwriter. Toronto-based MSA released its Quarterly Outlook Report for Q1 2017. In

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U.S. earthquakes estimated to cost US$6.1 billion annually in building stock losses

June 26, 2017 by Canadian Underwriter

Earthquakes are estimated to cost the United States US$6.1 billion annually in building stock losses, according to an updated report published last week by the Federal Emergency Management Agency (FEMA). The new loss estimate represents a 10% increase over the

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National Flood Insurance Program contributes to ‘development in flood prone areas,’ NWF executive testifies

June 12, 2017 by Canadian Underwriter

Private insurance companies in the United States are “clamouring” to write flood risk for properties while the nation’s National Flood Insurance Program encourages development in floodprone areas and needs to be “significantly reformed,” speakers recently told a committee of the

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Climate change raises new risk: Are inland bridges too low?

June 6, 2017 Scott McFetridge - THE ASSOCIATED PRESS

DES MOINES, Iowa – A century-old train trestle stands as one of the trophies of Des Moines’ push to spruce up its downtown. Bicyclists and pedestrians pose for pictures beside the brightly painted beams of the Red Bridge and gather

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Above-normal Atlantic hurricane season most likely this year: NOAA

May 26, 2017 by Canadian Underwriter

The Atlantic could see another above-normal hurricane season this year, the National Oceanic and Atmospheric Administration’s (NOAA) Climate Prediction Center predicted on Thursday. For the upcoming Atlantic hurricane season, which runs from June 1 through Nov. 30, forecasters predict a

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FEMA announces first-ever reinsurance agreement under NFIP

September 22, 2016 by Canadian Underwriter

The Federal Emergency Management Agency (FEMA) announced on Thursday its first-ever reinsurance agreement under the National Flood Insurance Program (NFIP). The agreement will allow the NFIP to share flood risk with private reinsurance companies to help defray the cost of

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Estimated insurable losses from Louisiana floods to range between US$8.5 billion and US$11 billion: AIR Worldwide

September 19, 2016 by Canadian Underwriter

AIR Worldwide is estimating that “industry ground-up insurable losses” from the flooding in Louisiana during August will be between US$8.5 billion and US$11 billion. The catastrophe modelling firm explained in a press release issued on Monday that the “industry ground-up

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West Virginia Governor calls special legislative session to address “unprecedented” June flood costs

September 19, 2016 by Canadian Underwriter

Earl Ray Tomblin, the Governor of West Virginia, announced on Friday an extraordinary session of the state legislature to address the state’s share of costs associated with flooding in late June of this year. “The June flooding was unprecedented in

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Nearly 60,000 single-family homes in New Orleans to move out of special flood hazard areas by end of September: CoreLogic

August 30, 2016 by Canadian Underwriter

Nearly 60,000 single-family homes in New Orleans with a reconstruction cost value (RCV) of more than US$12 billion will move out of Special Flood Hazard Areas (SFHAs), according to updated maps published by the Federal Emergency Management Agency (FEMA). Officially

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More than half of all properties in New Orleans removed from special flood hazard areas

April 12, 2016 by Canadian Underwriter

Due to significant improvements in drainage and flood protection, more than 53% of all properties in New Orleans were removed from special flood hazard areas and, as a result, will benefit from more affordable flood insurance, the mayor of the