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Hurricanes Harvey, Irma & Maria make it “critical” to address shortcomings of NFIP: A.M. Best

November 11, 2017 by Canadian Underwriter

The United States National Flood Insurance Program – which expires next month – “remains essential and has a purpose,” A.M. Best Company Inc. said in a recent report. But without billions in relief provided in a law passed Oct. 26,

News CatastrophesClaimsInsuranceMarkets / CoveragesReinsurance

Property Claim Services and NFIP to report aggregate flood loss estimates

October 5, 2017 by Canadian Underwriter

Property Claim Services (PCS) reported on Thursday that it will publish aggregate flood loss information supplied by the National Flood Insurance Program (NFIP), beginning with Hurricane Harvey. Historically, NFIP losses have been excluded from PCS’ industry insured loss estimates, the

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Coalition urges ‘substantive reforms’ to U.S. National Flood Insurance Program

September 11, 2017 by Canadian Underwriter

As Tropical Storm Irma moves north through Florida, a group whose members include insurers is urging American politicians to reform the National Flood Insurance Program, which expires Sept. 30. SmarterSafer announced Sept. 7 it “continues to support a reauthorization of

News ClaimsInsuranceMergers and AqcuisitionsReinsurance

Total property damage from Hurricane Harvey’s flooding estimated at between US$65-75 billion: AIR Worldwide

September 7, 2017 by Canadian Underwriter

Property losses from flooding in Texas caused by Hurricane Harvey’s record-breaking rainfall will be between US$65 billion and US$75 billion, catastrophe modelling firm AIR Worldwide estimated in a press release issued late Wednesday. The estimate includes damage to all properties

News CatastrophesInsuranceMergers and AqcuisitionsReinsurance

NFIP losses from Hurricane Harvey estimated to reach US$7-10 billion: RMS

September 5, 2017 by Canadian Underwriter

Gross losses accrued in the National Flood Insurance Program (NFIP) from Hurricane Harvey will be between US$7-10 billion, Pete Dailey, vice president of product management with Risk Management Solutions, Inc. (RMS), suggested in a blog posted on Friday. About 40%

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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 Underwriter

Insured 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

News CatastrophesInsuranceMergers and AqcuisitionsProfessional Development

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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Economic losses from Hurricane Harvey could be as high as US$70-90 billion: preliminary RMS estimate

August 31, 2017 by Canadian Underwriter

Economic losses caused by wind, storm surge and inland flood from Hurricane Harvey could be as high as US$70-90 billion, according to preliminary estimates from Risk Management Solutions, Inc. (RMS). The Newark, Calif.-based global risk modelling and analytics firm said

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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 / CoveragesReinsurance

Homeowners could see cheaper premiums with private insurance than with NFIP: report

July 11, 2017 by Canadian Underwriter

A 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

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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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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