Keyword
National Flood Insurance Program.
Hurricane Harvey highlights magnitude of insurance protection gap: Aon Benfield
September 12, 2017 by Canadian UnderwriterFlood losses from Hurricane Harvey have again highlighted the global insurance protection gap, Aon Benfield said in a newly released report. On Monday, Aon Benfield, the global reinsurance intermediary and capital advisor of Aon plc, released the September edition of…
Hurricane Harvey likely to be one of the costliest natural disasters on record for U.S. economy: Aon Benfield
September 8, 2017 by Canadian UnderwriterHurricane Harvey is likely to be one of the costliest natural disasters on record for the economy of the United States, with damage from the hurricane to minimally cost tens of billions of dollars, Aon Benfield has reported. Impact Forecasting,…
CoreLogic estimates insured flood loss for homes affected by Hurricane Harvey at US$6.5 billion to US$9.5 billion
September 1, 2017 by Canadian UnderwriterInsured flood loss for homes in Texas and Louisiana affected by Hurricane Harvey is estimated to be between US$6.5 billion and US$9.5 billion, according to preliminary loss estimates from CoreLogic. Irvine, Calif.-based CoreLogic, a global property information, analytics and data-enabled…
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…
Capital markets could help transfer U.S. flood risk to private market: Artemis
July 19, 2017 by Canadian UnderwriterThe “glut of reinsurance capital and interest from capital markets” could help the United States government reform its flood insurance subsidy program by making the heavily-indebted National Flood Insurance Program a “much smaller insurer of last-resort,” Artemis.bm suggested Wednesday on…
Homeowners could see cheaper premiums with private insurance than with NFIP: report
July 11, 2017 by Canadian UnderwriterA majority of single-family homes in Florida, Texas and Louisiana could see cheaper premiums with private insurance than with the National Flood Insurance Program (NFIP), according to a briefing paper from Milliman, a provider of actuarial and related products and…
National Flood Insurance Program contributes to ‘development in flood prone areas,’ NWF executive testifies
June 12, 2017 by Canadian UnderwriterPrivate 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…
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…
U.S. senate committee holding field hearing on economic impacts of extreme weather and coastal flooding
April 10, 2017 by Canadian UnderwriterThe U.S. Senate Committee on Commerce, Science & Transportation is holding a field hearing in West Palm Beach, Fl. to discuss the economic impacts of extreme weather and coastal flooding. Lead by Senator Bill Nelson (D-FL), the hearing, titled “Extreme…
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 insurance ‘must be affordable:’ IBAC
December 16, 2016 by Canadian UnderwriterResidential 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…
Total economic losses from nat, man-made disasters in 2016 at least US$158 billion: Swiss Re sigma estimate
December 15, 2016 by Canadian UnderwriterTotal 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…