AIR Worldwide Updates Estimates of Insured Value of U.S. Coastal Properties

BOSTON, June 3, 2013 – Catastrophe modeling firm AIR Worldwide has released an update to its “The Coastline at Risk” report. The update presents and discusses AIR’s most recent estimates of the insured value of residential and commercial properties in states along the Eastern Seaboard and Gulf Coast of the United States. While above-average sea surface temperatures in the last nearly two decades have elevated hurricane activity in the open Atlantic, there is a far more certain driver of U.S. hurricane risk that the insurance industry faces. It is the…

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As Hurricane Season Begins, Smartersafer.org urges Congress to Pass Mitigation

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MEASURES TO PREVENT HIGH COST OF BEING UNPREPARED FOR NATURAL DISASTERS WASHINGTON ‒ With the 2013 hurricane season getting underway today, SmarterSafer.org is urging Congress to begin work on a legislative strategy to promote mitigation incentives that will minimize the financial impact disasters like Sandy. “Now that hurricane season is here, we should be reminded of the terrible cost of being unprepared for severe storms,” said SmarterSafer.org.  “It’s long past time for Congress to pursue a national mitigation strategy.  These kinds of measures will help save taxpayers billions of dollars…

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Maine insurance regulators urging consumers to purchase flood insurance before the stormy season begins

The Maine Floodplain Management Program, a state-run initiative that works in tandem with the National Flood Insurance Program, is urging state residents to purchase flood insurance before the stormy season gains momentum. According to state regulators, floods in Maine are often the result of coastal storms that happen near the beginning of spring and during the hurricane season later in the year. Regulators note that while flood insurance is often very affordable, few consumers have policies because they do not think that such disasters will happen to them. March and…

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Army Corps of Engineers warns that last year’s floods could spur yet more damage along the Mississippi River this year

Last year’s record breaking floods along the Mississippi River could put a significant amount of people in danger of similar events this year, according to the Army Corps of Engineers. The events of last year have dealt a significant amount of damage to protective structures that block floods, such as levees and overflow channels. The communities that were affected by these events last year will be notified of the Army Corps of Engineers concerns in February. The Corps has identified several places where floods could be a major problem this…

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Australia Flood Insurance News: Local councils fear cost shifting for flood insurance

Australian local government has brought cost shifting to the surface once more as it looks like the federal government’s flood insurance costs will be sent to local councils. Though cities such as Canberra have supported local government decisions to remove state government cost shifting, the Australian Local Government Association (ALGA) has voiced its concerns regarding indications that the federal government is now considering putting the weight of flood risk insurance and carbon tax on local government shoulders. The ALGA has already been speaking out about its worries regarding the likely…

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SmarterSafer.org urges Senate to immediately act on NFIP reform after House passes reauthorization on an overwhelming bipartisan vote

(Washington, DC) ‒ SmarterSafer.org today urged the United States Senate to immediately act on National Flood Insurance Program (NFIP) reform without weakening the legislation’s effectiveness. The House of Representatives passed legislation to reauthorize the program until Sept. 30, 2016 on an overwhelming bipartisan vote of 406-22. The coalition said the overwhelming bipartisan vote in the House was an important and welcome first step toward bringing needed financial stability to the NFIP, but urged the Senate to pass an improved final extension that includes long-term reforms to ensure the program’s future…

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Floods this summer could break records

Forecasters have predicted that this summer could be accompanied by the worst flooding the United States has seen in its history, as rivers continue to run higher than flood levels and the soil is still saturated from the spring’s rising waters.  The last record-breaking floods were in 1993, when $25 billion in damages occurred between the months of April and August within nine states.  According to the National Weather Service, this year, the water levels haven’t receded much and the soil remains soaked so that it would take only a…

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