flood losses News

U.S. Farmers and Shippers Face Huge Losses From Flooding Again

For the second year in a row, much of the U.S. is primed to suffer multi-billion dollar flood losses, with farmers already steeling themselves for planting delays. Relentless storms that have marched across the Midwest and into the South this …

$1 Spent on Hurricane Protection Equals $105 in Business Property Loss Savings

Take it to the bank: Every $1 a business spends on hurricane protection in the U.S. reduces loss exposure by an average of $105. That’s based on a new analysis by FM Global, a global commercial and industrial property insurer. …

FEMA Extends Flood Insurance Claims Deadline for Jersey Sandy Victims

New Jersey residents and businesses are getting an additional six months to add losses to their National Flood Insurance Program claims after Superstorm Sandy. The decision by the Federal Emergency Management Agency was announced Wednesday by the state’s Banking and …

Multiple Billion-Dollar Flood Events Highlight Active August for Natural Catastrophes: Aon Benfield

Billion-dollar flood losses were recorded in China, Russia, Philippines and Pakistan during August, causing an initial combined estimate of $10 billion in economic losses, according to Impact Forecasting’s latest edition of its monthly Global Catastrophe Recap report, which reviews the …

Allianz Estimates Its European Flood Losses at $467M

Allianz SE, Europe’s biggest insurer, said preliminary estimates show its net losses from the flood claims in Germany, Austria and part of Central Europe are 350 million euros ($467 million). The gross impact, before reinsurance, is “probably” above 500 million …

Republican Senator Called for Swift Federal Aid After Katrina

U.S. Rep. Steven Palazzo says he voted against funding to pay the Hurricane Sandy flood insurance claims because of the deficit, but as the chief financial officer for the Biloxi Public Housing Authority in 2005, Palazzo asked for federal relief …

RMS: Hurricane Isaac Insured Losses between $1 to $2B from Wind and Surge

U.S. insured losses from Hurricane Issac’s wind and surge impacts on the U.S. Gulf Coast will fall between USD$1−2 billion, excluding rainfall driven flood losses and all National Flood Insurance Program losses, estimates catastrophe modeler Risk Management Solutions (RMS). This …