flood insurance reform News

Want Flood? Let the Market Make it Happen.

I spent a day last week in a conference that was focused on some specific risks that make up a property insurance gap nationwide. The morning was focused on one of my favorite soap boxes, flood. You guessed it. It’s …

Federal Flood Insurance Renewed Through July But Reforms Stall

Advocates who have been pushing for renewal of the U.S. federal flood insurance programs in the wake of last year’s devastating hurricanes and floods praised Congress for extending the program through July 31. But advocates remained concerned that Congress has …

Verisk’s ISO Personal Lines Program Targets $40 Billion Private Flood Insurance Market

Things just got a bit easier for private personal lines insurance carriers wanting to enter the flood insurance market. Through its ISO subsidiary, data analytics firm Verisk has launched a new personal lines flood insurance program that is designed to …

Allstate Would Consider Selling Private Flood Insurance If Federal Program Is Revamped

Allstate Corp.’s Chief Executive Officer Tom Wilson on Tuesday called on U.S. lawmakers to overhaul a government subsidized flood insurance program, calling for a more streamlined system that does not overburden taxpayers. Allstate, the second-largest U.S. homeowners’ insurer based on …

Better Data, Models Expand Private Flood Insurance Opportunities: Actuaries

As Congress considers reauthorization of the National Flood Insurance Program (NFIP), it should take into account specific insurance market, technological advances and other developments in weighing its options, according to the nation’s actuaries. A new report, “National Flood Insurance Program: …

Why Now Is Time to Privatize Flood Insurance: a Candid Conversation with Hiscox USA CEO Walter

The private insurance industry is ready and anxious to take on flood risk, and politicians should reform the federal program now to take advantage of this interest, according to the U.S. executive of a leading specialty insurer. “I think there …

FEMA Reconsidering Private Insurers’ Role in Flood Insurance

Federal officials have agreed to consider a proposal calling for an end to the federal flood insurance model that allows private insurance carriers to write and service policies. Senator Charles E. Schumer, D-N.Y., citing alleged “widespread fraud” and “unjust denials” …

Legislators Propose Stretching Out NFIP Rate Hike Timeline to Assist Sandy Victims

A group of U.S. representatives from New York is proposing a bill that would stretch out the National Flood Insurance Program’s premium increase timeline. On Monday, U.S. Reps. Michael G. Grimm (R-N.Y.), Gregory Meeks (D-N.Y.), Charles B. Rangel (D-N.Y.), Eliot …

President Obama Signs Flood Insurance Reform Bill

President Barack Obama has signed the “Biggert-Waters Flood Insurance Reform and Modernization Act of 2012” into law. The law extends the National Flood Insurance Program (NFIP) for five years and makes reforms to the program. The Senate and House passed …

41 Senators Urge Action on Flood Insurance Reform

Forty-one U.S. senators from both parties have signed a letter urging the Senate to schedule a vote on legislation to reform and extend the federal flood insurance program “as expeditiously as possible in February or very soon thereafter.” U.S. Sen. …