Flood Insurance News

$1.7B in Block Grants Awarded to North Carolina Governments for Helene Recovery

ASHEVILLE, N.C. (AP) — North Carolina governments are receiving over $1.65 billion in federal block grant money to help address historic levels of damage caused by Hurricane Helene in western North Carolina. The money — $1.43 billion for North Carolina …

European Central Bank Pitches Plan to Boost Insurance Coverage for Climate Losses

The European Central Bank and the region’s insurance authority proposed a two-pronged approach to increase insurance coverage for floods, storms and other weather disasters that are increasingly being fueled by climate change. One part of the plan is a voluntary …

Disaster Insurance Set to Test Italy’s Business Backbone in 2025

Italian companies are preparing to comply with a requirement to take out natural disaster insurance from next April, although some fear it will be hard to enforce and too costly. Many small and medium-sized firms, which form the backbone of …

Flood Adaptation Preferable to Post-Disaster Rebuilding – And Helps With Insurability

Economic losses caused by natural catastrophes reached an estimated US$280 billion in 2023, with US$51.6 billion of that total due to floods, according to Swiss Re Institute. As climate change intensifies extreme weather events and rapid urban sprawl increased asset …

NFIP to Begin Taking Monthly Flood Insurance Payments

The National Flood Insurance Program will soon start to accept monthly payments for flood insurance premiums, ending 55 years of requiring full payment upon application or renewal. The Federal Emergency Management Agency(FEMA), administrator of the NFIP, said the change was …

Helene-Caused IV Fluid Shortage to Affect Surgeries for Weeks

Surgery schedules around the country may be washed out for several more weeks while a crucial IV and sterile fluids factory remains shut down for hurricane-related damage. People often plan non-emergency surgeries in the fall and early-winter months when their …

Viewpoint: Role of Private Flood Insurance Has Room to Grow With NFIP Instability

Back-to-back hurricane landfalls in the span of less than two weeks have placed flood insurance in a new light for many inside and outside of the insurance industry, if not front and center. Images of flood and storm damage from …

North Carolina Calculates Helene Damage at $58B, Far More than Florence

RALEIGH, N.C. (AP) — The catastrophic flooding and destruction caused by Hurricane Helene in western North Carolina likely caused at least a record $53 billion in damages and recovery needs, Gov. Roy Cooper’s administration said Wednesday. The state budget office …

Louisiana Senator: NFIP Reform Needed to Bring Down Flood Insurance Costs

Louisiana Senator Bill Cassidy released a report Thursday critical of the National Flood Insurance Program’s adoption of Risk Rating 2.0. The report, “The Flood Insurance Crisis: A Comprehensive Breakdown of Rising Flood Insurance Premiums,” found that the average flood insurance …

Coastal Cities Have a Hidden Vulnerability to Storm Surge – Caused by Humans

Centuries ago, estuaries around the world were teeming with birds and turbulent with schools of fish, their marshlands and endless tracts of channels melting into the gray-blue horizon. Fast-forward to today, and in estuaries such as New York Harbor, San …