Right Street

Texas Sunset Commission States the Obvious: TWIA Is Financially Unsustainable

The Texas Windstorm Insurance Association (TWIA), the state-created residual market that provides windstorm insurance policies in 14 designated coastal counties, suffers from “fundamental flaws” in the agency’s design, according to a scathing report by the Texas Sunset Commission. In Texas, …

NFIP’s Florence Exposure Tops $50B, But Millions Lack Coverage

As flash flooding from Hurricane Florence continues to wreak catastrophic damage across the Carolinas from Wilmington to Asheville, the National Flood Insurance Program is exposed to $44.5 billion of insurance in-force in North and South Carolina counties already under flood …

NFIP’s $20.5B Debt to Taxpayers Could Grow After Florence

It would take a storm the size of Hurricane Katrina to deplete the more than $15 billion the National Flood Insurance Program can access to pay claims. Unfortunately, a storm the size of Hurricane Katrina might be exactly what we …

Florence Could Overwhelm NC Beach Plan’s Ability to Pay

A half-decade of growth for the North Carolina Insurance Underwriting Association could come to a catastrophic climax this week, with the impending arrival of Hurricane Florence. Packing 140 mph winds as it moves over warmer waters and heads toward a …

Jones Warns the Feds Won’t Bail Out California When the ‘Big One’ Strikes

A week and a half after a magnitude 6.2 earthquake off the coast of Oregon reminded West Coast residents of the ever-present seismic risk below their feet, The New York Times cast its gaze on California, where only about 13 …

Could the NFIP Be Heading for a Lapse?

With just 11 days until statutory authorization for the National Flood Insurance Program is set to expire, Congress has no obvious plan to extend it. While the U.S. House passed a comprehensive five-year reauthorization bill last November, making a number …

Congress Let NFIP Off Hook for $16B Debt, Despite Less Than $10B in Claims

The National Flood Insurance Program has paid about $8.6 billion in claims from Hurricane Harvey and projects all claims from the three 2017 hurricanes to total about $9.7 billion, according to a new report compiled by the Congressional Research Service. …

Trump Signals He Won’t Defer to States on Insurance Agreements

A year after the U.S. House passed legislation that would have eliminated the Federal Insurance Office entirely, not only is it still standing, but recent comments from President Donald Trump suggest it may yet have a role to play in …

Florida Legislature Will Regret Failing to Tackle AOB Abuse

For the sixth time in six years, the Florida Legislature adjourned its annual session having tried, and failed, to address the assignment-of-benefits (AOB) crisis that is driving up homeowners insurance rates across the state. Without reform, premiums are projected to …

What the 9/11 Lawsuits Can Teach Us About Arizona’s New English-Only Law

On the morning of Sept. 11, 2001, a conspiracy of 19 men hijacked four planes departing from three different cities. The two planes that departed from Boston were flown, with 17 minutes of one another, into the two towers of …

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