Insurance Journal » Floods

Marsh Enhances Access to National Flood Insurance Program

Mon, 11 Feb 2013 17:32:11 +0000

Marsh has enhanced its Flood Service Center (FSC) facility, which is dedicated to providing clients flood coverage and includes options through the National Flood Insurance Program (NFIP). In collaboration with Homesite Insurance in a fronting capacity and Torrent Technologies, an …

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Feds Pledge $1 Million To Utah For Flood Damage

Wed, 26 Dec 2012 17:22:46 +0000

The federal government is offering more than $1 million to help cover damage caused by flooding earlier this year in Southern Utah. Officials estimate that floodwaters from a broken dike caused damages of at least $2.8 million in Santa Clara, …

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Climate is ‘Changing before our Eyes’ Says World Meteorological Organization

Thu, 29 Nov 2012 11:13:54 +0000

The fact that Arctic sea ice has melted this year to its lowest recorded level shows, along with other weather extremes, that “climate change is taking place before our eyes,” the World Meteorological Organization (WMO) said on Wednesday. The first …

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Colombia to Offer Climate Change Insurance to Coffee Farmers

Thu, 29 Nov 2012 10:59:53 +0000

Colombia is launching insurance to protect coffee plantations hit by climate change, which has damaged output in the world’s top producer of high quality Arabica beans in recent years, officials said on Wednesday. After three years of bad weather and …

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AIR Analyzes Heavy Impact of UK Floods; 2012 Losses ‘Above Average’

Wed, 28 Nov 2012 11:29:42 +0000

Catastrophe modeling firm AIR Worldwide has issued a preliminary report on the floods caused by the heavy rainfall that began lashing the British Isles on Thursday, November 22, prompting hundreds of flood warnings and alerts. “As of Tuesday, November 27 …

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As UK Floods Continue, ABI Urges Progress on Stalled Insurance Talks

Mon, 26 Nov 2012 11:40:09 +0000

The UK is currently experiencing a protracted series of floods, which have swept up the west coast of the country through Wales and into the Midlands. Two deaths have been reported, and over 800 homes and businesses have been flooded …

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Study: Minot, North Dakota Has $1B in Unmet Flood Recovery Needs

Fri, 16 Nov 2012 15:41:45 +0000

A study has concluded that Minot, N.D., has $1 billion in unmet needs as it continues to recover from historic Souris River flooding in 2011. The Minot City Council spent $125,000 of federal grant money to commission the study. The …

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Extreme Weather Hits Poor, Middle Class in U.S. the Hardest

Fri, 16 Nov 2012 13:18:53 +0000

U.S. droughts, floods and heat waves likely fueled by climate change in the last two years hit the people who can afford it the least – the poor and middle class, a report published on Friday said. In affected areas …

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Aon Benfield Launches Swiss Flood Model w/ Latest Hazard Data

Tue, 06 Nov 2012 11:50:36 +0000

Aon Benfield, Aon’s global reinsurance intermediary and capital advisor, has launched a new flood model for Switzerland and Lichtenstein to quantify financial losses caused by riverine and lake flooding. “Flooding in Switzerland over the last two decades has caused …

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Obama Approves Federal Flood Aid For Southern Utah

Mon, 05 Nov 2012 17:41:23 +0000

President Barack Obama signed a disaster declaration over the weekend for southern Utah areas hit by a severe storm and flooding in September. Obama declared a major disaster exists in the region and ordered federal aid to supplement state and …

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Update: Hurricane Sandy Could Affect 50 Million People on East Coast

Sun, 28 Oct 2012 17:02:03 +0000

Authorities shut transit systems and ordered some evacuations as tens of millions of people on the East Coast braced on Sunday for Hurricane Sandy, a gigantic storm forecast to deliver battering winds, dangerous flooding and even heavy snowfall. Sandy, expected …

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South Dakota Officials Urge Residents to Reassess Flood Damage

Mon, 15 Oct 2012 15:16:10 +0000

State emergency officials say that South Dakotans who registered with FEMA in 2011 for damage caused by Missouri River flooding may be eligible for additional assistance if further damage has been discovered. Residents of Hughes, Stanley, Charles Mix, Yankton and …

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Aon Benfield’s Monthly Cat Recap Focuses on $7.5 Billion Asian Flood Losses

Fri, 05 Oct 2012 10:46:37 +0000

Asian flood losses during the third quarter of 2012 aggregated more than $7.5 billion in economic losses, of which China was the worst hit by two separate flood events that affected several provinces. “The most costly occurred during a six-day …

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Clark County Asks Nevada For Disaster Aid After Floods

Thu, 04 Oct 2012 15:59:12 +0000

Clark County commissioners are asking the state of Nevada for disaster relief funds in the aftermath of flash floods that killed two people and caused an estimated $2.6 million in damages to government property. The request that county leaders approved …

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Lloyd’s Analyzes Repercussions of Thai Flood Losses a Year Later

Wed, 03 Oct 2012 10:07:45 +0000

Lloyd’s has published an analysis of the floods that hit Thailand in October 2011, which notes that “after weeks of slowly spreading their way through many of Thailand’s provinces, flood waters eventually reached the capital city, Bangkok. There they remained …

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Tornado Hits Fair in Spain; Flood Deaths Reach 10

Mon, 01 Oct 2012 10:08:24 +0000

A tornado swept through a fairground in a Spanish town, knocking down a Ferris wheel and injuring 35 people, while the death toll from flooding in the same southern region of the country rose to 10, authorities said Saturday. Friday’s …

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Alaska Railroad: Flood Damage, Lost Revenue May Top $1M

Wed, 26 Sep 2012 23:03:49 +0000

Washouts of railroad track after heavy rains and revenue lost because of idled trains are likely to cost the Alaska Railroad more than $1 million, a spokeswoman said Monday. “We’re still tallying the costs,” said Stephenie Wheeler, corporate communications officer. …

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Cat Models – More Accurate, More Sophisticated and More Useful

Charles E. Boyle — Mon, 17 Sep 2012 10:35:52 +0000

Catastrophe models have become such an indispensable tool for re/insurers, particularly those who write P&C catastrophe coverage, that it’s hard to believe the service is only 25 years old. It was launched in 1987 under the direction of Karen Clark, who …

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Aon Benfield August Cat Report Focuses on Isaac; Insurance Cover Disparity

Fri, 07 Sep 2012 14:00:31 +0000

Aon Benfield’s latest edition of its Global Catastrophe Recap report, which reviews the natural disaster perils that occurred worldwide during August, notes that Hurricane Isaac was “the first land falling hurricane along the United States’ Gulf Coast region since 2008.” …

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Swiss Re Report Analyzes Rise in Flood Losses – $15 Billion and Counting

Thu, 06 Sep 2012 10:24:42 +0000

A new report from Swiss Re underscores the fact the “insured flood losses have increased from $1–2 billion in 1970 to $15 billion in 2011, which it describes as an “alarming rate” while posing “unique challenges for the industry” as …

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Thousands Evacuated as Isaac Floods Outside New Orleans

Fri, 31 Aug 2012 16:44:47 +0000

Isaac continued to pour unrelenting rain on Aug. 30, flooding areas north and south of New Orleans even as the city’s fortified defenses held and forcing officials to launch speedy evacuation and rescue efforts in the face of fast-rising waters. …

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Isaac Brings Relief to U.S. Drought Conditions

Fri, 31 Aug 2012 14:41:13 +0000

The remnants of Hurricane Isaac continue to cause headaches on Friday, bringing heavy rainfall and the threat of flash flooding to the lower Mississippi Valley as Gulf Coast residents get ready to start their cleanup efforts. The first hurricane to …

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Hurricane Isaac Hits Fortified New Orleans on Katrina’s Anniversary

Wed, 29 Aug 2012 12:35:28 +0000

Hurricane Isaac lashed southern Louisiana with high winds and heavy rains on Wednesday and was set for a late-morning arrival in New Orleans, seven years to the day after Hurricane Katrina devastated the city. Isaac is the first hurricane to …

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Fitch Notes Reinsurers More Risk-Focused For More Asian Catastrophes

Thu, 23 Aug 2012 11:26:32 +0000

Fitch Ratings has issued a statement which points out that the “spate of Asia-Pacific catastrophes in the past two years have prompted reinsurers to take stock of their existing portfolio and re-evaluate their underwriting approach and risk appetite.” As a …

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Ambiental Flood Experts in Partnership with Aon Benfield Research

Mon, 20 Aug 2012 10:24:43 +0000

Aon Benfield, the global reinsurance intermediary and capital advisor of Aon plc, announced that it has expanded its Aon Benfield Research academic and industry research collaboration through a partnership with Ambiental, a “Flood Risk Assessment, Surface Water Drainage and risk …

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FEMA Denies Minn. Appeal For Individual Flood Aid

Thu, 16 Aug 2012 16:21:37 +0000

The Federal Emergency Management Agency is standing by its denial of flood aid for individuals and businesses in northeastern Minnesota. Gov. Mark Dayton’s office says Dayton received word last week from FEMA that the agency has denied his appeal. In …

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New Storm Hits North Philippines; at Least 2 Dead

Thu, 16 Aug 2012 09:41:35 +0000

A second tropical storm in as many weeks battered the northern Philippines on Wednesday, killing at least two people, as forecasters warned that the still-reeling capital could see more flooding. Meanwhile, President Benigno Aquino III scrambled to avert another crisis …

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New Storm Dumps More Rain on Flood-battered Philippines

Tue, 14 Aug 2012 12:20:22 +0000

A new storm is dumping more rain in the flood-battered northern Philippines a week after nearly 100 people died in a monsoon deluge that submerged half of the sprawling capital city. Rescuers evacuated flood-prone areas in Manila’s suburban Quezon City …

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AIR Update on Typhoon Haikui, as Storm Hits China

Thu, 09 Aug 2012 09:49:27 +0000

According to catastrophe modeling firm AIR Worldwide Typhoon Haikui, the 11th typhoon of 2012 Pacific season, made landfall in Hepu Township in Xiangshan County of China’s Zhejiang Province at 3:20 am local time Wednesday, August 8. Maximum sustained winds at …

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China Braces for Another Typhoon; Japan on Alert: AIR Analysis

Wed, 08 Aug 2012 10:47:45 +0000

According to catastrophe modeling firm AIR Worldwide, residents along coastal cities in eastern China are preparing for their third typhoon in less than a week. Just last weekend, two powerful typhoons—Damrey and Saola—came ashore less than 10 hours apart, causing …

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