Tag: flood insurance industry

Digital flood insurance marketplace launches between Flow and INSTANDA

H. Cutner
Flood insurance marketplace - Digital Insurance

The new digital platform provides agents with a chance to compare quotes and NFIP rates. Flow Insurance has announced the launch of their new flood insurance marketplace, which it has created with the help of the INSTANDA complete digital platform. Consumers can now use the service to obtain quotes from several insurers along with NFIP. The flood insurance marketplace was developed and launched in five months as a joint effort between Flow and INSTANDA. The result is a digital platform that allows agents to obtain quotes from as many as…

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FEMA unveils NFIP Risk Rating 2.0 with potential for cheaper flood insurance

Nordstrom
NFIP Risk Rating 2.0 - Piggy Bank - Savings

The Federal Emergency Management Agency is promising reduced rates for its policyholders. The Federal Emergency Management Agency (FEMA) has unveiled its NFIP Risk Rating 2.0 pricing strategy. This is an update to the way it calculates its National Flood Insurance Program rates for its 5 million policyholders. FEMA promises that many homeowners will see a reduction in their premiums. The new NFIP Risk Rating 2.0 strategy will mean that about two out of every three older homes will see a reduction in their premiums, according to FEMA. At the same…

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

Julie Campbell
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

Julie Campbell
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

Logan B.
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

G. Turner
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

Julie Campbell
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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