USA – Housing Market Overvalued Due to Unpriced Flood Risks, Says Study
A recent study has found that the housing market in the USA is overvalued by as much as $237 billion due to unpriced flood risk. The increasing cost of flooding…
Insurance USA
Floods insurance in the USA
USA – Moody’s RMS Estimates US$5-7 Billion in Total Economic Losses From California Floods
Total US economic losses from the flooding in California in January 2023 could reach US$5-7 billion, according to Moody’s RMS®, the global catastrophe risk modelling and solutions company. Moody’s RMS also…
USA – California Floods Present a Good Test for the Private Flood Insurance Market
The catastrophic flooding in California from late December 2022 to January 2023 resent a good test for the private flood insurance market, according to credit rating agency AM Best. Private…
USA – FEMA Introduces New Rating System for National Flood Insurance Program
The Federal Emergency Management Agency (FEMA) in the USA is updating the National Flood Insurance Program’s pricing methodology, the agency announced on 01 April 2021. FEMA says the changes are…
USA – Neptune Flood Insurance Now Available in 42 States
Neptune Flood Incorporated, the first all-digital, online flood insurance company has announced it has opened for business in Arkansas, Idaho and Illinois. The 6.7 million households in these three states…
Torch, Radio, House Deeds? U.S. Readies for Hurricane Season
Clear proof of ownership, legal experts say, is the key to unlocking vital government aid after a hurricane sweeps through. WASHINGTON, July 17 (Thomson Reuters Foundation) – Torch, radio, whistle…
Why Flood Insurance Needs an Overhaul: 6 Questions Answered
Editor’s note: The Trump administration plans to significantly revamp the pricing of flood insurance. While some homeowners would see their premiums rise, others would benefit from lower rates. We asked…
USA – FEMA to Recover $1 Billion in Reinsurance
The Federal Emergency Management Agency (FEMA) announced that it is submitting a claim to recover the full $1.042 billion in reinsurance coverage under its 2017 Reinsurance Program. In November this…
Group Urges Regulators to Expand Consumer Choice for US National Flood Insurance Program
A group in the USA representing environmental, insurance, housing and disaster mitigation interests is urging regulators to implement proposal to expand consumer choice for US flood insurance program. The National…
USA – Insured Losses From Hurricane Matthew Could Reach $5 Billion
RMS, the world’s leading catastrophe risk management firm, estimates that insured losses for the U.S. from Hurricane Matthew will fall between $1.5 and $5 billion. In the Caribbean, RMS estimates…
Insured Losses From Hurricane Hermine Estimated Under $400 Million
RMS, the global catastrophe risk management firm, estimates that the insured loss associated with wind and coastal flooding from Hurricane Hermine will not exceed $400 million. This figure includes property…
USA – Thousands of Homes Keep Flooding, Yet They Keep Being Rebuilt
The U.S. National Flood Insurance Program, which holds policies for more than 5 million homes, is $23 billion in debt after a string of natural disasters this century. As climate…
Fitch Ratings Says Louisiana Floods Could Stress State’s Cash Balance
The floods that damaged a significant portion of Louisiana’s capital region last month could stress the state’s narrow cash balance, but will not likely impact US commercial mortgage-backed securities (CMBS)…
AIR Estimates Insured Losses for Louisiana Floods to Range Between $8.5 Billion and $11 Billion
Catastrophe modeling firm AIR Worldwide estimates that industry ground-up insurable losses from the flooding in Louisiana caused by excessive rainfall during August 2016 will be between USD 8.5 billion and…
USA – Louisiana Floods to Cost US Economy $10 to $15 Billion Says AON Benfield
The devastating floods that hit Louisiana in August 2016 are expected to cost the US economy between US$10 billion and US$15 billion according to Aon Benfield’s latest Global Catastrophe Recap…
Estimated 100,000 Insured Vehicles Damaged in Louisiana Floods
The National Insurance Crime Bureau (NICB) in the USA estimates that 100,000 insured vehicles were damaged during the August floods in Louisiana. NICB add that there could be many uninsured…
