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flood insurance

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Signs of progress on national flood program for Canada

January 29, 2019 by Jason Contant

Canada is making good progress on a national flood program, pending a final decision by federal, provincial and territorial (FPT) ministers responsible for emergency management. “What they are looking at is one national insurance solution to improve outcomes for high-risk

News CatastrophesInsurance

The ‘touchy topic’ in Canadian home insurance

September 6, 2018 by Greg Meckbach

Lack of flood coverage in high-risk areas raises the controversial question of whether owners of high-risk properties should have their insurance premiums subsidized. Overland flood coverage was generally unavailable on home insurance policies in Canada until 2015. Now dozens of

News CatastrophesInsuranceMarkets / Coverages

Will feds get involved in flood coverage for high-risk homes?

November 16, 2017 Greg Meckbach, Associate Editor

Despite calls from the industry for public sector involvement in covering flood risk to high-risk residential properties, the federal government has not committed to any programs that would lead to public sector involvement in flood coverage. Canadian Underwriter asked Public

News InsuranceMarkets / CoveragesMergers and Aqcuisitions

Windsor residents ‘disappointed’ with Ontario government response after August flooding: NDP

September 22, 2017 by Canadian Underwriter

Policy makers “need to look more closely” at government programs intended to help people recover from natural disasters, and these programs “may evolve” in the coming years, Ontario Municipal Affairs Minister Bill Mauro said Thursday. During question period at Queen’s

News CatastrophesInsuranceLegislation / RegulationMarkets / CoveragesMergers and Aqcuisitions

RIMS calls for reauthorization of National Flood Insurance Program, warns of consequences of expiration

August 16, 2017 by Canadian Underwriter

RIMS, the risk management society, is calling on its U.S. membership of risk management and insurance professionals to support its push for the reauthorization of the National Flood Insurance Program (NFIP). “The program’s expiration on September 30, 2017 would leave

News CatastrophesInsuranceMarkets / Coverages

Resiliency, mapping and consumer choice changes recommended for National Flood Insurance Program

May 3, 2017 by Canadian Underwriter

More focus on resiliency measures, updated mapping techniques and increased consumer choices are among the recommendations for reforms to the National Flood Insurance Program (NFIP) issued by a coalition for “environmentally responsible, fiscally sound approaches to natural catastrophe policy that

News CatastrophesInsuranceMarkets / CoveragesReinsurance

Flood insurance reform bill re-tabled in U.S. congress

March 8, 2017 by Canadian Underwriter

A bill aimed at increasing participation by the private sector in the flood insurance market in the United States was tabled Wednesday in the House of Representatives, a U.S. congressman from Florida announced. The Flood Insurance Market Parity and Modernization

Feature CatastrophesMergers and AqcuisitionsReinsurance

Flood Money

January 2, 2017 Greg Meckbach, Associate Editor

While the federal government continues to “explore options” for a national approach to flood insurance, a major reinsurer warns coverage is unaffordable to many high-risk properties.

News CatastrophesConstructionInsuranceMergers and Aqcuisitions

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

News CatastrophesConstructionInsuranceMergers and Aqcuisitions

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

News CatastrophesInsuranceLegalMergers and Aqcuisitions

Indictment: Engineering firm altered Superstorm Sandy damage reports

August 4, 2016 Michael Balsamo - THE ASSOCIATED PRESS

MINEOLA, N.Y. – An engineering firm that was hired by insurance companies to evaluate damage caused by Superstorm Sandy was charged Monday with illegally altering reports prepared by inspectors in the field. HiRise Engineering and one of the company’s project

News CatastrophesConstructionInsurance

U.S. forum urges need for disaster-exposed communities to be more resilient: A.M. Best

June 27, 2016 by Canadian Underwriter

Industry players focused on resilience experts are facing a big, but unfortunately familiar, challenge: making people aware of the critical need to ensure they are prepared for natural disasters in the event they occur. That is, at least in part,