Canadian Underwriter

Keyword
National Flood Insurance Program.


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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

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Flood insurance ‘must be affordable:’ IBAC

December 16, 2016 by Canadian Underwriter

Residential flood insurance should be available and affordable and the government should provide a backstop without being an “insurer of first resort,” the Insurance Brokers Association of Canada said in a document released this week. Personal flood insurance “must be

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Total economic losses from nat, man-made disasters in 2016 at least US$158 billion: Swiss Re sigma estimate

December 15, 2016 by Canadian Underwriter

Total economic losses from natural and man-made disasters in 2016 were at least US$158 billion, 68% higher than the US$94 billion losses in 2015, according to preliminary Swiss Re sigma estimates released on Thursday. The US$158 billion estimate in total

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Hurricane Matthew causes up to US$15 billion impact to U.S. and Caribbean economies in October: Aon Benfield

November 9, 2016 by Canadian Underwriter

Hurricane Matthew, which swept through parts of the Caribbean and United States last month, is expected to cost up to US$15 billion to both economies, according to Aon Benfield’s latest Global Catastrophe Recap. Released on Wednesday, the report from Aon

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Estimated insured losses from Hurricane Matthew for U.S., Caribbean between US$2.8 billion and US$8.8 billion: AIR

October 13, 2016 by Canadian Underwriter

Modelled insured losses from Hurricane Matthew could range from US$2.2 billion to US$6.8 billion for the United States and US$600 million to US$2.0 billion for the Caribbean, notes an estimate issued Thursday by AIR Worldwide. Hurricane Matthew affected the Caribbean

News CatastrophesInsuranceMarkets / CoveragesReinsurance

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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Louisiana floods to cost U.S. economy between US$10-15 billion: Aon Benfield’s Impact Forecasting

September 8, 2016 by Canadian Underwriter

The recent flooding in Louisiana is expected to cost the economy of the United States between US$10 billion and US$15 billion, with public and private insured losses expected in the low-digit single billions, according to Aon Benfield’s latest Global Catastrophe

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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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Louisiana flooding “one of the most significant” natural disasters since Superstorm Sandy, 40,000-60,000 properties affected: RMS

August 19, 2016 by Canadian Underwriter

Flooding in Louisiana is “one of the most significant U.S. natural disasters, let alone flood events, since Superstorm Sandy” in 2012, Risk Management Solutions, Inc. (RMS) said on Friday. Heavy rainfall since Friday, Aug. 12 has caused widespread riverine flooding

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Louisiana, Mississippi flooding could exceed US$1.5 billion in economic damage, insured portion will be much less: Impact Forecasting

August 15, 2016 by Canadian Underwriter

Recent flooding across parts of Louisiana and southern Mississippi could approach or possibly exceed US$1.5 billion in economic damage, Impact Forecasting suggested in a cat alert issued on Sunday. “Based on the volume of river crest records that have been

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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