FEMA announced that the agency is transferring $619.5 million more of the National Flood Insurance Program’s financial risk to the private reinsurance market as part of its 2024 reinsurance placement. The 2024 reinsurance placement covers portions of NFIP losses above …
The availability of a federal flood payout in a county in a given year increased the number of flood insurance policies by 5.2% and the total insured value of the policies by 4.6% in the following year, a new study …
Real estate interests and insurance companies that administer National Flood Insurance Program policies are heaving a sigh of relief after Congress approved a last-minute deal to temporarily fund the federal government, keeping the NFIP in business – but only until …
A U.S. government shutdown, perhaps as soon as Saturday night, will force the National Flood Insurance Program to suspend issuing of new policies, potentially causing a major disruption for home buyers. The National Home Builders Association said that an estimated …
The private flood insurance market continues to expand, with a new managing general agent starting up in Florida. Titan Flood Inc., based in Tampa, is being launched by Stephanie Lee, the co-founder and chief operating officer of Neptune Flood, a …
FEMA’s National Flood Insurance Program (NFIP) substantially improved ratemaking by implementing Risk Rating 2.0 in 2021 but the program faces a potentially significant premium shortfall, a study by the U.S. Government Accountability Office (GAO) found. Published ahead of reauthorization of …
Private flood insurance accounts for over 40% of California’s entire flood market—a significantly larger share than in the other leading states, according to AM Best. A new AM Best commentary notes the ongoing flooding issues in the state will present …
Moffett, Oklahoma could soon face probation by the National Flood Insurance Problem due to deficiencies and violations with the town’s floodplain management program, FEMA announced this week. FEMA will place the town on probationary status on Nov. 26 unless Moffett …
State Farm Fire and Casualty Co. and two former claims-adjuster sisters, who more than 16 years ago filed a lawsuit claiming the insurer committed fraud against the government’s National Flood Insurance Program following Hurricane Katrina, have settled. According to documents …
Wright National Flood Insurance Co. has announced it will take over United Property & Casualty’s flood insurance book of business, starting in the third quarter of this year. The move, still subject to review by the Federal Emergency Management Agency, …
