Flood Insurance News

Floodwaters Inundate Midwest, Where Flood Insurance is Rarely In Force

Floodwaters damaged hundreds of properties this week across parts of Nebraska, Iowa, Minnesota and South Dakota as the Midwest recovers from days of intense rainfall. Three days of torrential downpours resulted in as much as 18 inches of rainfall in …

Markets/Coverages: FloodFlash Offers Parametric Flood Product Across US

FloodFlash announced its expansion to cover all mainland US locations. The sensor-enabled parametric flood insurer provides flood coverage in excess of the National Flood Insurance Program (NFIP) where the private markets are unable to quote, particularly in real estate, sports …

Coverage Needed: Hundreds of Thousands in SE Now in Flood Zones With New Maps

Many more properties, including hundreds of thousands of homes across Florida and other parts of the Southeast, will be required to purchase flood insurance after July 31, due to revisions in federal flood maps. For some of the most exposed …

Insured Losses from Recent South Florida Floods Reaching into the Millions

Recent flooding in south Florida caused insured losses in the hundreds of millions of dollars, from auto and homeowners claims, Aon and AM Best reported. The Florida Office of Insurance Regulation is also reminding insurers to file simplified catastrophe reporting …

Austin Flood Mitigation Makes Residents Eligible for 25% Insurance Discount

Austin residents can now receive up to a 25% discount on their flood insurance thanks to the city’s upgraded Community Rating System score from the Federal Emergency Management Agency (FEMA). Last month, FEMA notified the City of Austin that it …

Increased NFIP Discounts Coming to East Baton Rouge

In Louisiana, East Baton Rouge Parish residents and business owners will be eligible for an increased discount on their flood insurance premiums this fall. According to a press release from the City of Baton Rouge, beginning Oct. 1, homeowners and …

Climate Change Concern About to Removed from Florida Energy Law

TALLAHASSEE, Fla. (AP) — Florida, perhaps the most vulnerable state to sea-level rise and extreme weather, is on the verge of repealing what’s left of a 16-year-old law that lists climate change as a priority when making energy policy decisions. …

Neptune Flood Acquires Data Science Firm to Enhance Its AI-Driven Flood Insurance

Private flood insurer Neptune Flood reported it has acquired Charles River Data, a Boston-based data science consulting group. According to Neptune, the strategic move will bolster its underwriting system through advanced data science, machine learning, and artificial intelligence capabilities. Charles …

Southeast Seas Rising Faster Than Other Regions, ‘Turbocharging’ Floods, Report Finds

From the Rio Grande to the Outer Banks, sea levels are rising faster than most other parts of the world, blocking the outflow of rivers and streams and causing inland flooding that would not have been seen just a few …

Markets/Coverages: Parametric Insurer FloodFlash Adds Business Interruption

Ahead of the 2024 Atlantic hurricane season, FloodFlash, which offers sensor-enabled parametric flood insurance, is launching a product to support business interruption (BI) coverage. U.S. Commercial Director Rich Coyle said his firm created Flood BI because many businesses and public …