Flood insurance in need of modernization in the US

Flood Insurance Report
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Report highlights the need to modernize flood insurance The U.S. National Flood Insurance Program is archaic, according to a new report from the National Research Council of the National Academy of Sciences. The report suggests that the flood insurance program is in dire need of modernization and could benefit from better risk management practices in the future. Researchers indicate that how the program manages risks associated with properties behind flood levees is one example of how outdated the program actually is. NFIP risk management seen as outdated In improving its…

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Allstate remains ahead of Geico in auto insurance market

Allstate auto insurance Geico

Gap between Allstate and Geico begins to narrow Allstate remains the second largest company in the U.S. in terms of auto insurance, but the company may soon lose its position to competitor Geico. Over the past year, the auto insurance sector has seen some volatility due to the frequency of natural disasters and the prevalence of insurance fraud. Despite this volatility, however, several auto insurance companies, such as Allstate and Geico, have managed to generate strong profits. The gap that once separated the two companies is beginning to narrow as…

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Health insurance through Florida KidCare program receives more attention

Children’s Health Insurance Program

Sacred Heart raises awareness for KidCare health insurance program Florida’s Sacred Heart Children’s Hospital has launched a new campaign to raise awareness for the Florida KidCare health insurance program. The federally-funded program offers health insurance coverage to those below the age of 19. According to Sacred Heart, the program has seen relatively low usage over the past few years due to consumers thinking that their children are not eligible for the coverage it provides. The organization is keen to see enrollment in the program grow in order to ensure that…

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Health insurance rates to soar in the US

Health Insurance rate increases

Humana CEO predicts higher health insurance rates for consumers Throughout the U.S., health insurance companies are issuing calls for consumers and businesses to prepare to pay higher rates for their coverage. Humana, one of the country’s leading health insurance companies, is the latest of these companies to become outspoken about the issue. According to Humana CEO Bruce Broussard, the implementation of the controversial Affordable Care Act will be a “bumpy road” for many and that consumers are the most likely to feel the effects that the health care law will…

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Winter Storm Nemo has mild impact on homeowners insurance

Snow Storm homeowners insurance

Homeowners insurance expected to fare well in wake of Nemo The northeastern U.S. has been suffering from a spate of natural disaster over the past few months. In October of last year, the East Coast was struck by Hurricane Sandy, which caused significant damage to homes and properties in New York and New Jersey. This month, a powerful blizzard swept across the northeast. Winter Storm Nemo, as it is called, buried much of the region in heavy snowfall, causing disruption of businesses in many states and causing further problems for…

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Flood insurance sparks anger for New Jersey Governor

Governor Chris Christie Flood Insurance

Flood insurance continues to be a problem issue after Hurricane Sandy In October of 2012, Hurricane Sandy made its way to the East Coast of the U.S. and left destruction in its wake. The storm caused widespread flooding throughout many of the East Coast’s major cities, with New York and New Jersey seeing most of the damage. Though the storm caused a grievous amount of damage, it also highlighted many of the problems that exist in the U.S. flood insurance sector, most of which are embodied by the National Flood…

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Flood insurance woes delay recovery in Long Island

Flood Insurance

Long Island homeowners have yet to receive payouts from their flood insurance policies Thousands of residents in Long Island, New York, are still waiting on their insurance payouts in the aftermath of Hurricane Sandy. The powerful storm struck the island more than three months ago, but many of its homeowners are still struggling to recover from the damage caused by the devastating storm. Most of these homeowners have been in contact with their insurance providers, but insurers have continued to delay claims payments or outright denying claims due to technicalities.…

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