The flood insurance industry raises over $70,000 for flooding victims in Texas

texas flood insurance insurance claims hurricane ike 2008

The central part of the state is now experiencing a drought despite the flooding only a few months ago. The central region of Texas is going through a year of very difficult extremes and the flood insurance industry is hoping to help to ease the burden of the flooding that was experienced a few months ago. At the moment, the area is under an elevated wildfire risk due to the notable drought that has moved in. It was only May when Central Texas and Austin experienced one storm system after…

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FEMA official reports insurance fraud evidence

New York power outage from Hurricane Sandy- Homeowners Insurance fraud Coverage

According to the “60 Minutes” news magazine, a top official has seen evidence suggesting wrongful settlement denials. A recent report from “60 Minutes”, the respected news magazine from CBS, a top official from the Federal Emergency Management Agency (FEMA) has stated that he has witnessed evidence of insurance fraud within the reports that were made to deny settlements to victims of superstorm Sandy. In an interview that was televised last night (Sunday), the official made it clear that the evidence does exist. Within the CBS program, the deputy associate administrator…

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West Virginia seeks to open flood insurance to the private market

flood insurance

States begin taking matters into their own hands when it comes to flood protection As U.S. federal lawmakers continue to work to find a solution to the problems facing the National Flood Insurance Program, states are beginning to take steps to address these issues on their own. Typically, homeowners can only find the flood protection they need through the federal program. The program, however, is crippled by debt that has made it nearly impossible for the program to provide coverage adequately. Because federal lawmakers have been slow to resolve the…

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UK flood insurance could cost insurers at least £500 billion

UK Flood Insurance

This expense could rapidly double if the disastrous weather conditions keep up in the country. The latest data from a Deloitte LLP partner is showing that the storms and flooding that are pounding on the country – one after the next – could cost the home, auto, and UK flood insurance industry a minimum of £500 million. That is only considered to be a starting point as the cost could end up being much higher. This amount, which is about $822 million, could double, according to the partner, James Rakow,…

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Insurance industry in Canada facing increase in water damage claims

Canada flood insurance industry

A spokesperson from a nationwide group has released a statement on behalf of insurers to encourage people to do their part. The Insurance Bureau of Canada (IBC), an organization that represents the insurance industry in the country, has made a statement through its Atlantic vice president, Amanda Dean, to help to encourage policyholders to do their part to prevent water damage in an environment that appears to be facing a rapidly growing number of claims. Severe weather appears to be on the rise and natural disasters are becoming more common…

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Flood insurance program in UK is potentially inadequate

UK Flood homeowners insurance program

According to a recent study, the new plans from the government underestimate the risk and its associated cost. Researchers have been analyzing the data from the newly created flood insurance program from the government of the United Kingdom and are predicting that it will fall short because it has underestimated the number of properties that are at risk of rising waters as a result of climate change. The study proposes that climate change will vastly increase the number of properties at risk of flooding. The research was conducted by a…

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Flood insurance gaining more attention in UK

Flood Insurance

Storms again thrust flood insurance into the limelight British insurance companies continue to clash with the government as floods throughout the United Kingdom continue to draw attention to the need for a comprehensive flood insurance plan. Insurers have been backing the Flood Re program for the some, which aims to provide coverage for some 200,000 consumers that could lose coverage if the insurance agreement currently in place is allowed to expire. Flood Re is meant to replace this agreement, but the government continues to show concern over the financial prospects…

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Consumer advocates encourage president Obama to speak out on NFIP during State of the Union address

President Obama will be delivering the annual State of the Union address this week on the 24th of January. In the past, the president has used this occasion to highlight some of the major issues that have put the nation on edge. He has also outlined plans legislators have come up with to fix a number of these problems. This year, consumer advocates from are urging the president to make a statement regarding the state of the National Flood Insurance Program (NFIP). Thousands of people get their flood insurance…

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“Superstorm” strikes Alaska – Severe damage from wind and floods expected by insurers

The National Weather Service has issued a warning to Alaska for what it is calling “The Bering Sea Superstorm” The storm made landfall in the Western parts of the state earlier today, bringing powerful waves and hurricane-force winds. The National Weather Service fears that the storm may cause extensive damage to coastal properties as well as power outages throughout the state. Alaska’s insurance industry will likely be busy for the remainder of the year as it attempts to recover from the event. According to the NWS, winds of 89mph and…

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PRESS RELEASE: Urges Congressional Supercommittee to Save Taxpayer Dollars by Reforming NFIP

WASHINGTON ‒ In a letter to Senator Patty Murray (D-WA) and Representative Jeb Hensarling (R-TX), urged the Joint Select Committee on Deficit Reduction to protect taxpayers and reduce inefficient federal spending by reforming the National Flood Insurance Program (NFIP). Murray and Hensarling are co-chairs on the committee, which is charged with finding federal deficit reduction measures. “Our diverse coalition believes that Congress could protect taxpayers and reduce inefficient federal spending by reforming NFIP,” said in the letter. “For over 40 years, the federal government, through NFIP, has provided…

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