Keyword
flood insurance
Which model will Canada’s national flood insurance program follow?
June 9, 2022 by Alyssa DiSabatinoAfter undergoing actuarial review, two possible flood insurance models are the “most promising” for private-public engagement within the upcoming national flood insurance program, a federal government official suggests. One model is based on a pool for high-risk homeowners, among…
Insurers seek federal grants for homeowners to improve basement flood protection
April 21, 2021 by Greg MeckbachThe industry is pushing to make federal grants available for Canadian homeowners to reduce basement flood risk. In the fall of 2020, the federal government announced its Greener Homes initiative. When the program rolls out, the plan is to provide…
Signs of progress on national flood program for Canada
January 29, 2019 by Jason ContantCanada 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…
The ‘touchy topic’ in Canadian home insurance
September 6, 2018 by Greg MeckbachLack 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…
Will feds get involved in flood coverage for high-risk homes?
November 16, 2017 Greg Meckbach, Associate EditorDespite 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…
Windsor residents ‘disappointed’ with Ontario government response after August flooding: NDP
September 22, 2017 by Canadian UnderwriterPolicy 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…
RIMS calls for reauthorization of National Flood Insurance Program, warns of consequences of expiration
August 16, 2017 by Canadian UnderwriterRIMS, 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…
Resiliency, mapping and consumer choice changes recommended for National Flood Insurance Program
May 3, 2017 by Canadian UnderwriterMore 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…
Flood insurance reform bill re-tabled in U.S. congress
March 8, 2017 by Canadian UnderwriterA 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…
Flood Money
January 2, 2017 Greg Meckbach, Associate EditorWhile 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.
West Virginia Governor calls special legislative session to address “unprecedented” June flood costs
September 19, 2016 by Canadian UnderwriterEarl 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…
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 UnderwriterNearly 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…