The Federal Emergency Management Agency (FEMA) has completed a reinsurance placement with 28 private reinsurers to help the National Flood Insurance Program (NFIP) recover losses it may have to pay in 2018. Expanding on its first private reinsurance placement last …
Last week, the House of Representatives voted 237-189 to pass the 21st Century Flood Reform Act (H.R. 2874) – a package of seven bills that reauthorizes the National Flood Insurance Program (NFIP) until 2022 and introduces various reforms. The fate …
Bermuda-based reinsurer Hiscox Re, along with insurance linked securities investors (ILS), has launched a flood insurance product for personal lines insurers to sell in the U.S. The turnkey flood insurance product, named FloodXtra, is designed to take advantage of the …
President Donald Trump proposed ending federal flood insurance for new homes in areas most at risk of flooding, a change that could curtail new construction in vast parts of Florida, Louisiana and along the Eastern Seaboard. Trump’s plan would radically …
Not long after the House passed legislation that included a provision to allow private flood insurance policies to satisfy flood coverage requirements, the Senate sidetracked the flood policy measure. The flood insurance policy provision (known as Ross-Castor) was inserted in …
As Congress tries to figure out how to change the federal flood insurance program to encourage more private insurer involvement, one insurer isn’t waiting to wade deeper into the private flood insurance business. Florida-based HCI Group is looking to take …
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: …
Palomar Specialty Insurance Co. has launched Flood Guard, a private flood program in California that uses an advanced and granular proprietary rating system. Palomar used catastrophe modeling firm AIR Worldwide’s probabilistic flood model for the United States in its rate …
A U.S. flood insurance program that is drowning in billions of dollars in debt can be modernized to bolster its finances while curbing the public’s exposure to flood risks, a national coalition said in a reform proposal unveiled on Wednesday. …
Before McCarty announced his decision to leave office, he initiated dialogue with the Federal Emergency Management Agency (FEMA) over the National Flood Insurance Program’s rate making. Citing the fact that the flood insurance rates Floridians pay are the highest in …
