Keyword
NFIP
MSA calls for ‘sustainable solution for underinsurance’ in overland flood
June 27, 2017 by Canadian UnderwriterA 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…
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…
FEMA announces first-ever reinsurance agreement under NFIP
September 22, 2016 by Canadian UnderwriterThe 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…
Indictment: Engineering firm altered Superstorm Sandy damage reports
August 4, 2016 Michael Balsamo - THE ASSOCIATED PRESSMINEOLA, 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…
U.S. forum urges need for disaster-exposed communities to be more resilient: A.M. Best
June 27, 2016 by Canadian UnderwriterIndustry 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,…
Excess & surplus property insurers ‘may be first’ to enter U.S. flood market if proposed reforms passed into law: S&P
June 16, 2016 by Canadian UnderwriterWith the United States National Flood Insurance Program scheduled to expire in September, 2017 and the House of Representatives unanimously approving a bill intended to give consumers more choice in buying flood insurance, the market for flood coverage “may end…
Passage of U.S. flood insurance bill would boost development of private market: A.M. Best
May 27, 2016 by Canadian UnderwriterInsurance rating firm A.M. Best Company said on Thursday that it believes that pending legislation that would encourage more private insurers to write flood insurance in the United States would be a positive development for the current flood insurance marketplace…
Record rainfall in Texas prompts extensive flash flooding
April 19, 2016 by Canadian UnderwriterRecord rainfall prompted extensive flash flooding across parts of Texas on Monday, closing schools and city offices and overtopping levees, Impact Forecasting said in an Aon Cat Alert. Impact Forecasting, Aon Benfield’s catastrophe model development team, said in the alert…