The economic losses from the latest round of California storms will be significant, with many of these losses may not be insured because only 2% of California residents have purchased flood insurance, David Blades, associate director, industry research and analytics, …
An organization of state lawmakers is moving ahead toward adoption of a “model law” designed to encourage the sale of private flood insurance, even though insurers don’t think any new state laws are necessary and agents think the current draft …
A nudge into the market by carriers offering private flood insurance is becoming more of a shove, which might bring new opportunities for claims adjusters and maybe create a more efficient claims process along the way. An executive for Munich …
Recent hurricanes have highlighted the flood insurance gap. Hurricanes Harvey, Irma and Maria caused a record $135 billion in damages, according to Munich Re estimates. Remarkably, less than half were insured losses. “There were a lot of losses that occurred …
With the National Flood Insurance Program (NFIP) currently set to expire on February 8, and many communities still recovering from this summer’s hurricanes, it’s no surprise that the 21st Century Flood Reform Act has passed the House and moved to …
Mississippi’s top insurance regulator and its only Democratic congressman are both ready to cede some of the federal flood insurance market to private insurers. Both Republican Insurance Commissioner Mike Chaney and U.S. Rep. Bennie Thompson say they’re open to proposals …
A bill that would create a private flood insurance option has been introduced in the West Virginia Senate. The sponsor is Sen. Rocky Fitzsimmons, who said federal law changes in 2012 under the Bigger-Waters Flood insurance Reform Act have caused …