NFIP News

The Lowdown: 2019 Private Flood Insurance Report

The big day is coming! I suspect by now, you’ve heard a great deal about the implementation of provisions of the Biggert-Waters Flood Insurance Reform Act of 2012, requiring regulated institutions to accept certain private flood insurance policies in addition …

A.M. Best: Insurers Equipped to Handle Hurricane Lane Losses

A.M. Best is expecting Hurricane Lane to be considered more of a flood event than a wind event. As a result, the storm that buffeted Hawaii should bring a potential triggering of the National Flood Insurance Program’s reinsurance program into …

How About a Real NFIP Renewal for Once

I wanted to write something this week about some piece of policy minutia. I had about 500 words written when I realized that it wasn’t going to happen. So, I set that aside and gave in to what was really …

I Heard There Might Be Opportunity “In-Land”

“According to CoreLogic, a leading source for flood and disaster risk data, approximately 70 percent of the flood damage from Hurricane Harvey was uninsured….” states Clearsurance in their recently released a report on results of a survey conducted to identify …

IIAV ‘Redoubling’ Hurricane Preparedness Efforts Since Following Harvey’s Texas Impact

The Independent Insurance Agents of Virginia (IIAV) is motivated to “redouble its efforts” around hurricane preparedness, particularly as it relates to flood damage, since following Hurricane Harvey’s impact in Texas, according to President and CEO Robert Bradshaw in an emailed …

California May Exit Federal Flood Program, According to Reports

After learning a lesson from what could have been the largest dam disaster U.S. history, California officials are reported to be considering withdrawing from the National Flood Insurance Program. Capital Public Radio is reporting that a proposal to exit the …

Private Flood Insurance a Focus for Pennsylvania Insurance Department in 2017

The Pennsylvania Insurance Department has a plan to continue furthering its initiatives within the private flood insurance market in 2017. This comes after the North Central part of the state of Pennsylvania saw flooding in many areas outside of identified …

NFIP Payouts to Matthew Victims Top $162M

The National Flood Insurance Program has paid out more than $162 million to victims in the five-state area hit by Hurricane Matthew—Florida, Georgia, North Carolina, South Carolina and Virginia, the Federal Emergency Management Agency (FEMA) said in a news release …

Virginia Flood Damage from Matthew Costliest Since Isabel, Officials Say

Virginia suffered only a glancing blow from Hurricane Matthew last month when unprecedented amounts of rain fell, but on Wednesday officials estimated flood damage to be hundreds of millions of dollars, making it the costliest storm since Hurricane Isabel in …

NAIC Drafts Changes for NFIP, Encourages Long-Term Reauthorization

The National Association of Insurance Commissioners (NAIC) has released its recommendations for changes to the National Flood Insurance Program (NFIP) when it goes up before Congress for reauthorization next year. The current NFIP is due to expire on Sept. 30, …